Newly public companies must grapple with a host of requirements under securities laws and listing rules. These include annual, quarterly, and current SEC reporting obligations and preparing proxy statements in connection with the company's annual meeting, as well as complying with securities exchange rules, including corporate governance requirements. However, they also entail many responsibilities and processes that are not visible to the public but are still crucial in ensuring a smooth transition to being a public company.

For example, if a domestic issuer discloses material nonpublic information, it must comply with the requirements of Regulation FD, which prohibits selective disclosure of material nonpublic information. To do so effectively, however, the issuer must have an internal compliance framework in place that includes adequate training for the relevant representatives of the issuer. Companies that have a class of securities listed on a national securities exchange are also subject to the material nonpublic information disclosure requirements of the applicable exchange, including requirements relating to the timing and method of the disclosure.

Another area that new public companies must consider is how to handle their earnings communications and investor communications generally. Considerations may include the timing of earnings releases versus the corresponding Exchange Act reports, how much detail to provide, what measures or metrics to disclose, and whether (and how often) to provide guidance.

This Toolkit includes links to selected resources designed to assist newly listed domestic issuers and their counsel in complying with their reporting requirements and other obligations, as well as resources intended to frame the work done and the considerations assessed in the background to help support life as a public company.