SEC Adopts Rule 163B Expanding “Test-the-Waters” Communications to All Issuers

Name: Cahill
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October 4, 2019

On September 25, 2019, the Securities and Exchange Commission (the “SEC”) adopted Rule 163B under the Securities Act of 1933, as amended (the “Act”), to expand the use of “test-the-waters” (“TTW”) communications, which were previously available only to emerging growth companies (“EGCs”), to all issuers (or any person authorized to act on their behalf).