July 16, 2025
Mr. Steil introduced the following bill; which was referred to the Committee on Financial Services
To lower the aggregate market value of voting and non-voting common equity necessary for an issuer to qualify as a well-known seasoned issuer.
Section 1. Definition of well-known seasoned issuer
For purposes of the Federal securities laws, and regulations issued thereunder, an issuer shall be a well-known seasoned issuer
if—
(1)
the aggregate market value of the voting and non-voting common equity held by non-affiliates of the issuer is $75,000,000 or more (as determined under Form S–3 general instruction I.B.1. as in effect on the date of enactment of this Act); and
(2)
the issuer otherwise satisfies the requirements of the definition of well-known seasoned issuer
contained in section 230.405 of title 17, Code of Federal Regulations (as in effect on the date of enactment of this Act) without reference to any requirement in such definition relating to minimum worldwide market value of outstanding voting and non-voting common equity held by non-affiliates.