1. Going Public Dissecting IPO Form S-1 / Prospectus (last updated 12 Feb 13)

2. Info Price Market forces ECMH Intermediaries Regulation Ex ante disclosure Ex post enforcement

3. Regulation of public offering Securities Act of 1933 Section 5 (a) Unless a registration statement is in effect as to a security, it shall be unlawful for a person, directly or indirectly-- (1)... to sell such security... (b) It shall be unlawful for any person, directly or indirectly-- (2) to [have delivered]... such security... unless accompanied or preceded by a prospectus that meets the requirements of section 10(a). (c) It shall be unlawful for any person,... to offer to sell [a security]... unless a registration statement has been filed as to such security,...

4. Public Offering - Regulation Prospectus disclosure –Issuer’s business, risks –Management –MD&A –Financial statements –Plans for proceeds –Nature of offering –Principal shareholders Signed by issuer and corporate insiders

5. Public Offering - Regulation Registration system Controlled disclosure –no marketing until RS filed –no sales until RS effective SEC review Liability for misrepresentations –Issuer (strict liability) –Top executives –Directors –Underwriters –Experts (accountants)

6. ’33 Act Registration Statutory Who signed? §6(d)§6(d) Filing fee? § 6(b)§ 6(b) Effective date? § 8 / Rule 473§ 8Rule 473 How disseminate? §5(b)§5(b) What info? §7§7 SEC disclaimer? §23§23 Regulatory What disclose? Form S-1 [description of forms]Form S-1description of forms Itemized? Reg S-KReg S-K Red herring? Rule 430Rule 430 Final prospectus? –Rule 424Rule 424 –Rule 430ARule 430A

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8. Registration Statement Cover Page: Terms of IPO –Info to SEC –Who contact? Fees? Part I: Prospectus –Info to investor –Company story –Audited financials Part II: Additional info –How much IPO cost –Indemnification –Sales of unregistered stock –Signatures Exhibits –Treasure trove –Can be filed confidentially EDGAR Form S-1/A Rule 424(b)

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