Permitted Communications Memorandum
(IPO)


Summary

This memorandum may be used by a company that is considering an initial public offering (IPO) to inform their board of directors and senior management of the rules applicable to dissemination of information during the IPO process. This memorandum may be adapted for a public company contemplating a follow-on offering as well. This template includes practical guidance and drafting notes. This memorandum covers the rules relating to permitted communications from the time a company is deemed to be in registration until expiration of the prospectus delivery period following completion of the IPO, including a discussion of the application of these rules to information posted on the company's website and disseminated by social media. The memorandum also addresses communications to test the waters pursuant to provisions of the Securities Act of 1933, as amended (Securities Act). Testing the waters was initially added for emerging growth companies in 2012 by the Jumpstart Our Business Startups ...