Years of Financial Statements*

  • 36 of 49 (73%) EGCs included two years of audited financial statements.
  • 29 of 49 (59%) EGCs included two years of selected financial statements.

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  • 42 of 49 (86%) EGCs included two years of audited financial statements in the initial DRS.

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Confidential Submission***

  • All 52 EGCs elected to submit confidentially under the JOBS Act.
  • Additionally, two FPIs that were not EGCs submitted confidentially.


*The JOBS Act provides scaled financial disclosure requirements for EGCs, requiring only two years of audited financial statements and two years of selected financial statement data. Non-EGCs are required to include three years of audited financial statements and five years of selected financial statements. Non-EGCs are excluded as well as three EGCs that provided financial statements since inception (i.e., the period of time since inception of the company, which may be less than two years).
**Pursuant to FAST Act, issuers are permitted to omit audited financial statements in initial submissions for prior year(s) that would not be required in the prospectus at pricing.
***The JOBS Act permits an EGC to submit a registration statement for review by the SEC on a confidential basis.

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