Define: Large Accelerated Filer

A Large Accelerated Filer is a term used by the U.S. Securities and Exchange Commission (SEC) to categorize companies based on their market capitalization and filing status. It refers to companies with a public float of $700 million or more and that have been filing annual reports with the SEC for at least 12 months.

Large Accelerated Filers are required to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K with the SEC. They must also comply with other reporting obligations, such as proxy statements and registration statements for securities offerings.

Yes, Large Accelerated Filers have specific deadlines for filing their reports. For example, the annual report on Form 10-K must be filed within 60 days after the end of the fiscal year, while quarterly reports on Form 10-Q must be filed within 40 days after the end of each fiscal quarter.

Yes, a company can lose its Large Accelerated Filer status if its public float falls below $500 million or if it fails to meet the filing requirements for two consecutive years. In such cases, the company may be reclassified as an Accelerated Filer or a Non-Accelerated Filer, depending on its market capitalization.

Being a Large Accelerated Filer provides certain benefits, such as extended filing deadlines for annual and quarterly reports, reduced disclosure requirements, and exemptions from certain internal control attestation requirements under the Sarbanes-Oxley Act.

While there are advantages, there are also additional responsibilities for Large Accelerated Filers. These include enhanced internal control requirements, increased scrutiny from investors and regulators, and potential liability for non-compliance with reporting obligations.

Yes, a company can voluntarily choose to become a Large Accelerated Filer if it meets the eligibility criteria. This decision is often made to take advantage of the benefits associated with the status.

Failure to meet the filing requirements as a Large Accelerated Filer can result in penalties, fines, and legal consequences. It may also damage the company’s reputation and investor confidence.

Yes, a company can regain its Large Accelerated Filer status if it meets the eligibility criteria again. This typically involves increasing its public float to $700 million or more and meeting the filing requirements for two consecutive years.

Large Accelerated Filers are subject to various regulations and laws, including the Securities Exchange Act of 1934, the Sarbanes-Oxley Act, and the rules and regulations of the SEC. Compliance with these laws is essential to maintain the status and avoid legal issues.