NEW YORK, NY--(Marketwired - Oct 9, 2013) - Twitter (PrivCo Private Company Ticker TWITINP) -- revealed a likely IPO date of November 15, 2013 in revisions to its SEC Form S-1 prospectus, PrivCo analysis uncovers. Twitter released a number of revisions as it iterated with lawyers at the SEC's Division of Corporation Finance. Aside from some interesting shifts in the way the company is positioning itself, certain risk factors also appear to get more play under subsequent revisions.
PrivCo Analysis: http://bit.ly/1c15XSJ
On Twitter's Inadvertent Revealing of its IPO Date:
The typical lock-up period for employees to sell restricted stock to cover tax obligations due upon vesting is typically 90 days after an IPO. In an earlier version of the S-1, Twitter's IPO advisors slipped up and inadvertently revealed the end-date for the lock-up period as the fixed date of FEBRUARY 15, 2014 (rather than leaving the date blank as most filings do until right before the final pre-Roadshow S-1 amendment, when the IPO date is announced).
The accidental date reveals for the first time that Twitter plans to IPO on November 15, 2013 (counting back 90 days from the February 15th Employee RSU Tax Sale 3-month lockup). The revelation was an accident, and reveals November 15th as the IPO date. PrivCo sources -- confirmed by the US JOBS ACT regulatory timetable for IPO dates following the first non-confidential public S-1 release -- indicate that as of mid-July, they intended to go public three months prior to February 15. This suggests that Twitter has set a November 15 target as its IPO date.
PrivCo CEO and IPO Lawyer Sam Hamadeh, Esq., stated, "Twitter's inadvertent error in releasing the planned IPO date is symptomatic of how rushed Twitter's IPO timing is."
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Topics: Twitter, #TwitterIPO, Twitter IPO, IPO, JOBS Act, Social Media