The S-1: the route without a shelf

01Who has to use an S-1

The shelf route runs on Form S-3, and S-3 requires 12 months of reports filed on time. A company without that record registers the deal itself on a Form S-1.

02The path of an S-1

An S-1 is public from the day it is filed. The details fill in, step by step, before any share is sold.

03Why a pending S-1 weighs on the price

Anyone can read the S-1, so the market knows new shares are coming. Buyers can wait for the deal instead of paying up now.

04Where it shows up: FILINGS

S-1s and their EFFECT notices land in FILINGS with the rest. PNDA’s only S-1, effective 38 days ago, is a resale, not an offering.

053 checks for any S-1

1. 1An S-1 or S-1/A in FILINGS? An offering may be on the way.Filings
2. 2Offering or resale? Read what the S-1 registers.EFFECT row
3. 3A shelf in place? Then it can sell without an S-1.Shelf row