The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Mon, 13 Apr 2026 18:42:00 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png The JOBS Act: Lessons from the First Nine Months – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 The JOBS Act: Lessons from the First Nine Months https://corpgov.law.harvard.edu/2013/02/18/the-jobs-act-lessons-from-the-first-nine-months/?utm_source=rss&utm_medium=rss&utm_campaign=the-jobs-act-lessons-from-the-first-nine-months https://corpgov.law.harvard.edu/2013/02/18/the-jobs-act-lessons-from-the-first-nine-months/#comments Mon, 18 Feb 2013 14:30:09 +0000 http://blogs.law.harvard.edu/corpgov/?p=40381?d=20150113110900EST Posted by Noam Noked, co-editor, HLS Forum on Corporate Governance and Financial Regulation, on Monday, February 18, 2013
Editor's Note:

The following post comes to us from David J. Goldschmidt, partner in the corporate finance department at Skadden, Arps, Slate, Meagher & Flom LLP, and is based on a Skadden alert; the full text, including footnotes, is available here.

Nine months have passed since the Jumpstart Our Business Startups Act (the JOBS Act), a package of legislative measures intended to ease regulatory burdens on smaller companies and facilitate public and private capital formation, was signed into law. While certain portions of the JOBS Act have yet to be implemented pending SEC rulemaking, the provisions related to IPOs have been effective since enactment. These provisions seek to encourage companies with less than $1 billion in annual revenue to pursue an IPO by codifying a number of changes to the IPO process and establishing a transitional “on-ramp” that provides for scaled-down public disclosures for a new category of issuers termed emerging growth companies (EGCs).

Using nine-month data from the final prospectuses of 53 EGCs that successfully completed underwritten IPOs with gross proceeds of at least $75 million between April 5, 2012, and December 15, 2012, below is a summary of a number of developing market practices for EGC IPOs and certain related interpretative guidance issued by the staff of the U.S. Securities and Exchange Commission (Staff and SEC, respectively).

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