The SEC has declared its intent to “return[] to its narrow mission to facilitate capital formation, while protecting investors and maintaining fair, orderly, and efficient markets.” The new accommodations will allow any company to make an initial submission for a follow-on offering on a confidential basis, thereby improving the ability to calibrate the announcements of potential offerings with market conditions.
Source: Can You Keep A Secret? SEC Expands Availability of Confidential Submissions of Draft Registration Statements