Today, we learned that SolarCity has filed for an IPO. In the past, when this happened, companies filed at S-1 which gaves us our first real look at the numbers that underly their business. How much revenue? How much profit? How much do they pay their executives? Who owns how many shares?
Alas, now that Congress has passed the JOBS Act and President Obama signed it, we know zip. That’s because the JOBS Act allows companies that have less than $1 billion in revenue to file non-public drafts with the U.S. Securities and Exchange Commission. The SEC will review and advise on necessary changes. Once it’s tidied up, just a few weeks before the company actually starts selling shares, we’ll get a peak.
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