Comment on CLL-16: IPO Modernization Submitted by: Neil P. Osnato Founder, Persistence Analytics Group LLC National Security & Infrastructure Risk Analytics Demand Durability | Grid Stress | Load Integrity I support the Commission’s focus on modernizing offering and filer status frameworks around the cornerstone principle of financial materiality. As public and private markets finance increasingly infrastructure-dependent business models, materiality analysis should also account for the assumptions underlying physical infrastructure access, power availability, grid deliverability, data-center expansion, AI-related load growth, interconnection timing, transmission constraints, and public-cost exposure. For issuers whose growth narratives depend on large-scale power, compute, manufacturing, electrification, energy infrastructure, or grid access, investors need clearer disclosure around the assumptions beneath those growth claims. Projected demand is not the same as durable demand. Available power is not the same as deliverable power. A planned interconnection is not the same as operational capacity. A growth story is not complete without the obligation underneath it. In particular, infrastructure-dependent issuers and offering participants should consider whether the following risks are financially material: 1. whether projected load or customer demand is contracted, staged, financeable, durable, and locationally credible; 2. whether power, transmission, interconnection, water, land, permitting, equipment, or supply-chain dependencies could constrain execution; 3. whether infrastructure costs may be borne by the issuer, utility customers, public agencies, or other counterparties; 4. whether delays, curtailment, congestion, interconnection backlogs, or grid constraints could affect revenue timing, valuation, or capital needs; 5. whether public-cost allocation, ratepayer exposure, or regulatory opposition could affect project viability; 6. whether assumptions embedded in offering materials are stress-tested against downside scenarios. The Commission does not need to regulate energy planning to recognize that infrastructure assumptions can become financially material. As AI infrastructure, data centers, electrification, domestic manufacturing, clean energy, transmission, and utility capital programs expand, investors will increasingly need decision-useful disclosure about the durability of the assumptions behind infrastructure-dependent growth. Persistence Analytics Group refers to this risk layer as demand durability, grid stress, load integrity, public-cost exposure, and infrastructure commitment risk. IPO modernization should preserve capital formation while ensuring that investors can distinguish between projected growth and durable, deliverable, infrastructure-supported growth. Respectfully submitted, Neil P. Osnato Founder Persistence Analytics Group LLC neil@persistenceanalyticsgroup.com https : / / persistenceanalyticsgroup . com /