SEC Releases Update to CFIs on Securities Act Forms

The SEC’s Division of Corporation Finance (the “Division”) has updated its interpretations (CFIs) related to the Securities Act forms. Specifically, the Division released new Question 116.26, which addresses whether a company that previously met the requirements to offer and sell securities under General Instruction I.B.1 would remain eligible “to offer and sell the full amount of securities” if it no longer meets the instruction’s $75 million public float requirement when it is next required to file its updated prospectus supplement under Securities Act Section 10(a)(3).