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led condential submissions must be led as an exhibit to the publicly
led registration statement. Accordingly, even condential submissions must
be drafted with an eye toward eventual public disclosure (assuming the
IPO is pursued).
11.8.3 Relaxed Restrictions on Investor Communications
The JOBS Act also eases restrictions on communications with investors
before and after the registration statement becomes effective.
Generally, the solicitation of orders to buy securities before a registra-
tion statement becomes effective (sometimes referred to as “gun-jumping”) is
prohibited under the Securities Act. However, under the JOBS Act, EGCs and
their authorized representatives will be permitted to communicate orally or