In September 2019, the SEC adopted new Rule 163B and related Securities Act amendments, which together expand the permitted use of “testing-the-waters” communications to all companies regardless of size or reporting status. This much-anticipated move levels the playing field for issuers seeking to evaluate market interest prior to a registered public offering.
SEC Expansion of “Testing-the-Waters” Communications to All Issuers
Harvard Law School Forum on Corporate Governance and Financial Regulation