A Roadmap update is not “reporting”. An annual report (either SEC filing or alternative reporter disclosure) is reporting. A “roadmap” is not a required part of either which is why the lawyer probably suggested to hold it and I was only commenting on why that might make sense.
But getting back to the primary point…which is simple. The company does not have to, nor should they, delay an annual report for a quiet period which they seem to suggest. That is definitely not covered.
And I agree 100%, many stinkie pinkies misuse the term, or use it so their silence sounds “official”.
But an S-1 registration statement is a perfectly legitimate reason to invoke a “quiet period”.
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