Question

Class, here’s an interesting question. What is the 10-K filing deadline for accelerated filers? What are the challenges that companies typically face in meeting the deadlines?

Answer 1

Ans:

10-K filing deadline for accelerated filers is 75 days.

Note: 1.

Category of filer (public float)	Form 10-K deadline
Large accelerated filer ($ 700MM or more)	60 days
Accelerated filer ($ 75 MM or more but less than $ 700MM)	75 days
Non-accelerated filer (less than $ 75MM)	90 days

Note: 2.

Form 10-K:   Annual reports

Form 10-Q: Quarterly reports

Form 8-K:   Current reports.

Challenges that companies typically face in meeting the deadlines are the following:-

1. Company may face liability under the securities laws, including the antifraud provisions

2.Companies listed on the NYSE or NASDAQ is required to issue a press release announcing the failure to file timely a periodic report.

3.Adverse consequences include the inability to hold an annual shareholder meeting until the 10-K is filed.

4.SEC requires that firms failing to file their annual reports (10-K filing) within the specified deadlines file a Form NT 10-K within commission.

5.A late filing may affect a company’s ability to use a short term registration

Statement on Form S-3

6.Cause a company to lose its status seasoned issuer, each of which could have a significant impact on the company’s capital raising activities.

7.Affect the company’s ability to remain listed on the New York Stock Exchange or NASDAQ

8.Trigger a default under the company’s debt or other agreements.