If the objective of your company is to be public and you are not large enough to attract a big-time Wall Street underwriter for a traditional IPO, you need to consider the significant benefits of a direct filing with the SEC as an IPO alternative. Often referred to as a “self-filing” or a “direct public offering”, when you file directly with the SEC (either on Form 10 or Form S-1) your company becomes a fully-reporting public company. If you choose a Form S-1 filing, shares of the company and its shareholders can be registered for resale. In contrast, a Form 10 filing subjects the company to the SEC’s public information reporting requirements only, without any registration of shares. A Form S-1 would have to be filed following a Form 10 if you want to register shares for investors and others to enable a trading market beyond any non-restricted shares held by shareholders at the time. This article will focus primarily on reverse mergers with companies that are (or have ever been) public shell companies vs. filing a Form S-1 for your company directly with the SEC, referred to by some as “going public through the front door.
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