Update: SEC Provides Conditional Deadline Extensions

This post is following up on our previous post on February 27, 2019, “SEC Guidance on Coronavirus Disclosures,” found here.

On March 4, 2020, the SEC issued an order which would provide publicly traded companies with an additional 45 days to file certain disclosure reports that were due between March 1 and April 30, 2020. To receive the extension, companies must submit a current report on either a Form 8-K or Form 6-K summarizing why the company needs that relief by March 16 or the original filing deadline for the report. The SEC reminded companies that they should provide investors with an ongoing assessment of a company’s response to the coronavirus outbreak and any material risks it poses to the company’s business and operations, to the extent practicable. The order can be found here.

Companies are still permitted to rely on a Rule 12b-25 extension, even if they do not request the 45 day extension. Companies that obtain the extension pursuant to the order will also be able to rely on a Rule 12b-25 extension. The reports of those companies receiving the extension will be deemed to have a due date 45 days after the filing deadline for the report. The SEC press release can be found here.

Currently, many personnel at the SEC’s headquarters are working remotely due to the coronavirus outbreak. The SEC intends to continue to conduct normal business functions and currently anticipates being able to maintain normal time frames. However, there could be delays in response time and companies may want to be vigilant about filing deadlines. A link to the announcement of the SEC’s operating status can be found here.

Visit our COVID-19 Resource Center often for up-to-date information to help you stay informed of the legal issues related to COVID-19.

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