Fortune, Quartz and the Wall Street Journal report that Twitter plans on making its "secret IPO" filings public as soon as this week. If everything goes according to schedule, Twitter could be trading before Thanksgiving.
By filing secretly, Twitter took advantage of a provision in the JOBS Act that let companies with revenue of less than $1 billion privately submit a draft of their S-1 filing. But when it goes public, Twitter will also reveal any previous drafts of the S-1 submitted to the SEC, although the JOBS Act makes the section on "executive compensation" optional.
Once Twitter files its S-1, it has to wait at least three weeks before it can begin a “road show,” which is when a company going public typically markets itself to potential large investors. As we’ve reported previously, Twitter’s road show has already begun, in a sense, because the JOBS Act loosens regulations around talking to investors. The company intends to keep its official road show short and sweet.
The upshot is that investors, journalists, and onlookers will have 21 days—and not much longer—to assess whatever Twitter reveals in its S-1.
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