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3320 Prohibition on Assuming Offering Proceeds
us SEC - Financial Reporting Manual
3320.1 Pro forma financial statements may not reflect the receipt or application of offering proceeds, except as follows:
a. To the extent of a firm commitment from underwriter;
b. To the extent of the minimum in a best-efforts minimum/maximum offering;
c. In a best-efforts all-or-none offering; and
d. Certain exceptions for savings and loan conversions.
3320.2 A similar prohibition applies to pro forma capitalization tables, although the staff has allowed the following:
a. In a minimum/maximum offering, presentation of both minimum and maximum; and
b. In a rights offering or offerings of securities upon the exercise of outstanding warrants, may reflect proceeds to the extent exercise is likely in view of the current market price.
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