An IPO, legally, is divided into 3 component parts—registration, cooling, and sales.
The securities you are selling (those in Facebook) must be registered. Ooh. That's a scary Big Brother-y word. What does "registered" mean? Well, the '33 Act just outlines the picayune elements that must be disclosed and provides criminal penalties for the courts to toss your rear in jail if you commit fraud. The registration statement is the document that is filed and disclosed to i...
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