More on whether Posting alone on Website "material information" is considered "Public Dissemination" under Reg FD: Bottom line...it would be if it meets the guidelines below, but "better practice" is filing 8k and posting on website.
Also...just announcing at ASM alone would not be = "public notice"...which is why nothing nothing "materially new" was announced on Saturday at ASM.
I would expect XXII to file an 8k and to post on Website that 8k has been filed. = public notice
Press Releases would be icing on the cake and have more PR value, and not mandatory.
WHAT DID THE 2008 GUIDANCE SAY REGARDING THE USE OF COMPANY WEBSITES?
In 2008, the SEC provided three considerations for determining whether information posted on a corporate
website is considered “public”:
• Is an issuer’s website a “recognized channel of distribution”?
• Is information posted in a manner calculated to reach investors?
• Is information posted for a reasonable period of time so that it has been absorbed by investors?
In determining whether a company’s website is a recognized channel of distribution, the analysis focuses on what
the company has done to notify investors and the market of its website and disclosure policy. The SEC indicated
that steps a company can take to establish its website as a recognized channel for disclosing information include:
• listing a company’s website address on periodic reports and press releases;
• establishing a pattern of posting important information on its website; and
• informing investors that they can find important information about the company on its website.
In evaluating whether the posting of information on a company website disseminates the information in a manner
that makes it available to the public in general, the SEC indicated that companies should focus on the manner in
3
Selective Disclosure and Insider Trading, Release No. 34-43154 (August 15, 2000).
