Tag Archives: Form 20-F attorney

SEC Exchange Act Filings for Foreign Private Issuers After Going Public in the US

A Foreign Private Issuer (“FPI”) that has registered securities under Section 12(b) or 12(g) of the Securities Exchange Act of 1934 (“Exchange Act”) or is required to file under Section 15(d) of the Exchange Act after completing its F-1 Registration Statement is required to file the following reports with the SEC:

Annual Report for Foreign Issuers on SEC Form 20‐F

SEC Form 20‐F is only filed by foreign issuers and can be used as an Annual Report, just like a Form 10‐K would be filed by domestic United States domiciled issuers. The information required to be disclosed in an SEC Form 20‐F includes the same information that would be found in a 10-K for a United States domestic issuer:

  1. operating results;
  2. liquidity and capital resources;
  3. trend information;
  4. off‐balance sheet arrangements;
  5. consolidated statements and other financial information;
  6. significant business changes;
  7. selected financial data;
  8. risk factors;
  9. history and development of the issuer;
  10. business overview; and
  11. organizational structure.

Foreign Issuers Filing SEC Reports on Form 6‐K

In addition to an Annual Report on Form 20-F, an FPI must also file Form 6‐K with the SEC. Form 6‐K generally takes the place of both the 10‐Q and the 8-K that US domestic issuers are required to file with the SEC.   When filed in order to provide the information contained in a 10-Q, Form 6-K will include financials. In other instances, the Form 6-K will include timely disclosure of material events, which would be filed in an 8-K by US domestic issuers.

However, unlike in an 10‐Q or 8‐K, there are no specific disclosures required by Form 6‐K for foreign issuers. Instead, an FPI must file a 6‐K with the SEC promptly whenever the following occurs:

  1. The foreign issuer makes information public pursuant to the laws of its home domicile or the laws in the jurisdiction in which it is incorporated; or
  2. The foreign issuer is required to file information with a stock exchange on which its securities are traded and which was made public by that exchange; or
  3. The foreign issuer is required to distribute information to its shareholders.

US Securities Lawyer for Foreign Companies Going Public in the United States

Foreign companies going public on the OTC Bulletin Board or OTC Markets in the United States, or those seeking to dual list their securities in the US markets like the NASDAQ can contact securities attorney Matt Stout for a no cost consultation at (410) 429-7076 or mstout@otclawyers.com.

Matheau J. W. Stout, Esq. works with foreign management of US companies and foreign domiciled corporations to help them go pubic in the US via F-1 Registration Statement and filing the Form 20-F.

What is SEC Form 20-F?

A Form 20‐F is filed by non-United States domiciled companies known as foreign issuers and serves many purposes, from registration statement to annual report.

Why Do Foreign Companies File SEC Form 20-F?

Form 20-F Subjects a Foreign Issuer to Exchange Act Reporting Requirements

Foreign companies file SEC Form 20-F  in order to become subject to the reporting requirements under the Securities Exchange Act of 1934 in the same way that a domestic US issuer could file the Form 10.

Form 20-F is Mandatory When the Threshold Number of Shareholders is Reached

In some instances, the foreign issuer is required to file the 20-F, such as when it reaches the holder of record threshold under Section 12(g) of the Exchange Act, and there is no other exemption available.

Foreign Companies Can File Form 20-F After an F-1 is Declared Effective

In other instances, the foreign issuer will choose to file the Form 20-F in order to become a “fully reporting SEC filer” such as after its F-1 Registration Statement is declared Effective.   An F-1 is similar to the S-1 Registration Statement filed by US domestic companies going public in the United States.   In that respect, when filed after an F-1 becomes Effective, the Form 20-F serves essentially the same purposes as a Form 8A for a domestic US issuer.

Form 20-F is also the Annual Report for Foreign Issuers

A Form 20-F is also the Annual Report pursuant to Section 13 or 15(d) of the Exchange Act, and thus also serves essentially the same purpose as a 10-K would for a US domestic issuer.

Securities Attorney for Foreign Issuers Going Public in the United States

OTC Bulletin Board and Pink Sheets securities lawyer Matt Stout represents foreign private issuers seeking going public in the United States by filing F-1 Registration Statements.

Likewise, foreign management of US domiciled companies work with Matt Stout to go public via S-1 Registration Statement following private placements under Regulation S.

Foreign companies which are planning to “go public” on the OTC Markets or OTC Bulletin Board in the US by filing an F-1 Registration Statement can also work with an experienced securities attorney such as Matheau J. W. Stout, Esq. in order to prepare the SEC Form 20-F for filing once the F-1 is declared Effective.  Matt Stout can be reach at (410) 429-7076 or mstout@otclawyers.com.