- When can Microsoft close the deal and sell to the underwriters, who will then begin to distribute the securities?
- Must Microsoft make any further filings? Remember that the registration statement does not yet reflect the price negotiated for the offering.
- Microsoft’s stock is traded on NASDAQ. Assume that a few days after the offering Microsoft’s stock price begins to fall. Bill Gates worries that if the stock price falls below $21, it would tarnish the company’s reputation. Can he buy to prop up the price?
The SEC suggests some nit-picking changes to the registration statement: disclosure that Gates does not have an employment contract, clearer accounting of returned merchandise, and greater disclosure on a pending IRS investigation of the company. Microsoft amends its registration statement to make the changes. The SEC reviewers are happy with the changes, and the agency is ready to accelerate effectiveness.
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