Updates to the SEC's filing extension
The SEC has announced an additional 45-day extension on filings through July 1, here: https://www.sec.gov/news/press-release/2020-73. Though this so far not being well used, there has been some questions about it. In general, you should reach out to your legal counsel to confirm, but here's our overall interpretation.
- To make use of this 45-day extension, you would want to file either a Form 8-K (or Form 6-K, if applicable) to request it.
- In said filing, you should add:
- a reference that you're relying on the Order,
- why the current situations are making it so you can't meet your deadline,
- the estimated date by which you expect to file, and;
- if material, a risk factor describing the impacts on your business - If you can not make this 45-day deadline, then you would need to file a Form NT-10Q (12B-25)
***UPDATE: In addition to filing the Form 8-K, the registrant is also required to disclose within the delayed filing (e.g., your Form 10-Q) that it is relying on the Order, and the reasons why it could not file the report on a timely basis. There are reports that the SEC is issuing comment letters related to this.***
That being said, we are curious how many have already or plan to utilize these extra measures in the wake of the COVID-19 pandemic, and are be willing to share any tips or experiences?
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I have a tip to share.
In addition to filing the Form 8-K as described in Mike's comment above, the registrant is also required to disclose within the delayed filing (e.g., 10-Q) that it is relying on the Order, and the reasons why it could not file the report on a timely basis. The SEC is issuing comment letters on this.
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Good catch Andrea Wear! I've updated the above post to reflect this as well. Many thanks and keep staying awesome!
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