Reliance Global Group Inc (RELI)

[shanak10]

this is a public company. for you to state the RELI cannot issue any pr's during this S-1 process is untrue

Guidelines for IPOs
During the time the registration remains confidential at the SEC, any hint of an imminent IPO by the filing company or underwriter can be considered “gun-jumping.” Although this term is not formally defined, it includes any action taken by the company or underwriters that may improperly stimulate demand for the IPO. The most frequent action taken as a result of a gun-jumping violation is delaying the IPO timeline to allow for a “cooling off period.” In some cases, companies and underwriters receive harsh fines and sanctions. Historically, gun-jumping violations included communications such as formal investor meetings, press releases, and interviews, but in the age of the Internet, things such as social media posts, unusual website updates, and spontaneous increases in advertising can be considered gun-jumping.

During the waiting period when the IPO is public information, management teams should remain cautious and avoid giving interviews. This will prevent hyping up demand before pricing. In the final two weeks, the company will meet with potential investors on a roadshow but must be very careful to not disclose information that is not in the S-1. Similarly, in the post-pricing quiet period, conversations with investors are limited to contents in the S-1. Saying anything outside of what’s disclosed in the S-1 during this time will require an amended version to be filed. Sell-side analysts from the underwriting banks are also restricted from issuing research reports on the company during this time.

While violations are generally focused on company-issued communications, it is important to note that sharing third-party materials can also be considered a violation. This goes for sharing on company-related social media accounts and employees’ personal accounts.

Guidelines for Public Companies
Although the rules and guidelines for public companies are a little grayer, the goal remains the same for these quiet periods: avoid selective disclosure of material information. Determining a good time to begin your quarterly quiet period depends on when your finance and accounting departments have finalized or nearly finalized the quarterly results, and given management a good idea where business performance will land.

It is important to take your quiet period into consideration when planning non-deal roadshows or scheduling investor calls because management will be limited in the information they can share. Investor events are much more productive when hosted shortly after an earnings call because management has more leeway to answer investor questions.

https://gilmartinir.com/what-is-a-quiet-period/#:~:text=A%20quiet%20period%20is%20the,and%20Exchange%20Commission%20(SEC).