For private companies issuing public shares for the first time (IPO), the quiet period begins once management and the underwriters reach an agreement and file a registration statement (S-1) with the SEC <Received January 30,2020> . Once the SEC completes their review process, the S-1 becomes available to the public, marking the beginning of the “waiting period.” The waiting period starts when the S-1 becomes publicly available and ends on the day the price is set for the issued securities. Once the pricing is complete, the company enters the final phase of the quiet period. The goal of this phase is to allow stock to trade without influence from new information. The length of this phase is determined by the underwriting banks and can last anywhere from 10–25 days.
For publicly traded companies, the quiet period refers to the time between the end of a financial quarter and the company announcing financial results. Public companies also enter into quiet periods during financings when securities (stock or bonds) are issued to the public. During a financing, the quiet period timeline mimics that of an IPO, while the quiet period at the end of each financial quarter varies from company to company. The formal quarter-end quiet period begins at the close of each financial quarter and extends until the company’s earnings call; but depending on the management team, this quiet period can also include the days leading up to the close of the quarter.
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