Vericel Corp. (VCEL)

[commoncentsinvestor]

"Why do issuers typically seek confidential treatment?
An issuer typically seeks confidential treatment in its
CTR on the basis that disclosure of the subject
information will cause it substantial competitive harm.
In fact, the Staff requires the registrant to include this
statement as one of its representations in the CTR, along
with a representation by the registrant that the
disclosure of the confidential information is not
necessary for the protection of investors.4
In addition, an issuer needs to support its request for
confidential treatment by citing one of the exemptions
under The Freedom of Information Act (the “FOIA”).5

The FOIA specifies nine categories of information that
may be exempted from the FOIA’s general requirement
to make information available to the general public.
Usually, companies that are publicly held or that are
registering their securities with the SEC for public sale
would rely on subsection (b)(4) of the FOIA, which
exempts from the broad public disclosure requirements
of the FOIA “trade secrets and commercial or financial
information obtained from a person and privileged or
confidential.” Hence, an issuer can request confidential
treatment with respect to trade secrets or privileged or
confidential commercial or financial information
obtained from another person."