Spring so far has been full of surprises, not the least of which is the SEC’s relief for private companies with at least 500 option holders that, under Section 12(g) of the Securities Exchange Act of 1934, might have had to fulfill public company disclosure requirements, such as 10-Qs and 10-Ks. It could be extremely harmful for a private company to have to expose its books for anyone to see. The SEC’s new and more flexible guidelines let companies seek relief for stock options that are immediately exercisable, as long as they are nontransferable in most cases.
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