Chapter 4 — Initial Public Offerings 4.1 Overview 4.2 Registrant Financial Statements 4.2.1 Age of Financial Statements 4.2.2 Recently Organized Registrant 4.2.3 Predecessor Financial Statements 4.2.4 Carve-Out Financial Statements 4.3 Public-Entity Disclosures and Transition Provisions 4.3.1 U.S. GAAP 4.3.2 SEC Rules and Regulations 4.4 Distributions to Owners 4.5 Changes in Capitalization and Other Common IPO Considerations 4.5.1 Pro Forma Information 4.5.2 Draft Audit Reports 4.6 Dilution Disclosure