It's official: The bedbugs are biting07.03.18
Sometimes we wonder who is reading our Capital Markets and Securities blog. Other times, we wonder why every public company CEO isn’t reading this blog. Case in point, last month, we blogged about SEC’s Division of Corporation Finance’s (“CorpFin”) announcement that it has decided to make public all “bedbug” letters it issues. Well, lo and behold, CorpFin has published its first “bedbug” letter on EDGAR.
Interestingly, the letter from the staff of CorpFin concerns another topic we blog about regularly – a securities offering involving cryptocurrency tokens. Rather than engage with the crypto issuer in question, Monster Products, Inc., about its proposed token offering, CorpFin issued its form bedbug letter that states that Monster’s Registration Statement on Form S-1 contains so many serious deficiencies that CorpFin will not perform a detailed examination of the filing.
At present, SEC staff comment letters are released on EDGAR no earlier than 20 business days following the completion of the filing review process. By contrast, bedbug letters will be available on EDGAR within 10 calendar days after they are issued to a company.