Federal Government Shutdown Averted, In The Meantime; SEC Stays Open for Company

On September 30, 2023, the U.S. Congress passed, and President Biden signed, a substitute financing expense to avoid a federal government shutdown, keeping the federal government open through November 17, 2023. While this is welcome news, there stays much work to be done to prevent a federal government shutdown after November 17, 2023. As talked about in our current Customer Alert, if Congress is not able to prevent a federal government shutdown, there are a number of possible implications for the U.S. Securities and Exchange Commission and, in turn, for those business looking for to raise capital or participate in other securities deals, or who are or prepare to send interpretive concerns, exemptive demands, or no-action demands (consisting of Guideline 14a-8 no-action demands). We are continuing to keep track of advancements.

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