October 13, 2005
I support the majority of the proposed changes to the filing deadlines. As a small company with a market cap of approximately 250 million, it will be a near impossible task to meet the 60 day filing deadline. A quality filing takes time to be properly vetted through the various business functions and shortening the deadlines even further would only put this at risk. Given the 8-K rules anything of material substance to an investor would have already been communicated to the public.
There are only two areas in the proposal that I believe should be re-evaluated:1 The 75 million limit is extremely low and puts a hardship on small thinly staffed organizations, I believe the limit should be over 500 million for accelerated filers and 1 billion for large acclerated filers, 2the limits on when a company would change filing status between large acclerated filer, accelerated filer and non-accelerated filer should also be reevaluated. For industries where the stock prices of companies can be highly volatile I believe the same bright-line for public float limits should apply at all times and that the SEC should pick a specific date, either July 31st, or September 30th as the determination of filing status based on those limits. If a company starts as large accelerated filer then has their market cap fall dramatically, most likely the would have downsized their organization. To have the change of status triggered by the low end of the range would be extremely difficult. Regards,