On October 9, 2025, the Securities and Exchange Commission (the “SEC”) Division of Corporation Finance updated Q&As addressing the implications of the government shutdown to help facilitate IPOs that companies seek to price during the government shutdown.
Rule 430A allows companies to omit pricing and price-dependent information from the form of prospectus filed as part of a registration statement that is “declared effective” by the SEC. The updated Q&As provide that companies seeking to conduct an IPO during the government shutdown may continue to rely on Rule 430A, providing flexibility to launch and price IPOs during the shutdown period.