After a successful offering, an issuing company must file an annual amendment to the Form C that was filed with SEC and included in the offering statement.
The annual filing – Form C-U – is to include financial statements and material changes to the business for the most recent fiscal year.
Companies must continue to file annual reports until the first of the following occurs:
- A least one annual report has been filed and has fewer than 300 shareholders.
- The company has filed for IPO
- At least three annual reports have been filed that shows the company’s total assets do not exceed $10 million.
- The company liquidates or dissolves.
- The company or other party buys or re-buys all of the securities issued under crowdfunding offerings, including the payment of debt securities or complete redemption of redeemable securities.