First IPOs by Emerging Growth Companies Price | Practical Law

First IPOs by Emerging Growth Companies Price | Practical Law

Proofpoint, Inc., Splunk, Inc., Midstates Petroleum Company, Inc. and Infoblox Inc. became the first companies self-identifying as emerging growth companies under the Jumpstart Our Business Startups Act (JOBS Act) to price their initial public offerings.

First IPOs by Emerging Growth Companies Price

Practical Law Legal Update 6-519-0681 (Approx. 3 pages)

First IPOs by Emerging Growth Companies Price

by PLC Corporate & Securities
Published on 23 Apr 2012 • USA (National/Federal)
Proofpoint, Inc., Splunk, Inc., Midstates Petroleum Company, Inc. and Infoblox Inc. became the first companies self-identifying as emerging growth companies under the Jumpstart Our Business Startups Act (JOBS Act) to price their initial public offerings.
Last week, Proofpoint, Inc., Splunk, Inc., Midstates Petroleum Company, Inc. and Infoblox Inc. became the first companies self-identifying as emerging growth companies (EGCs) under the Jumpstart Our Business Startups Act (JOBS Act) to price their initial public offerings (IPOs).
See our What's Market summaries of the IPOs of Proofpoint, Inc., Splunk, Inc., Midstates Petroleum Company, Inc. and Infoblox Inc. for more information on these offerings.
The IPO on-ramp provisions in Title I of the JOBS Act permit scaled disclosure for emerging growth companies, including, among other things:
  • Two years of audited financial statements in an IPO registration statement instead of three.
  • The smaller reporting company version of the executive compensation disclosure required by Item 402 of Regulation S-K.
  • Exemption from the Sarbanes-Oxley Act Section 404(b) auditor attestations of internal control over financial reporting.
Title I of the JOBS Act also liberalizes the use of research reports on emerging growth companies.
For a detailed discussion of the on-ramp provisions of the JOBS Act, see Practice Note, JOBS Act: On-ramp to the Capital Markets for Emerging Growth Companies Summary.