Purpose:
- Form 1-Z-W is used by issuers to withdraw a previously filed Form 1-Z, which is an exit report for companies that have terminated or completed an offering under Regulation A.
- Issuers may file this form if they decide not to proceed with the reporting requirements under Regulation A for various reasons, such as changes in business strategy or financial conditions.
Filing Requirement:
- This form is required when a company has already submitted a Form 1-Z but needs to formally notify the SEC that it intends to withdraw the exit report.
- Companies file Form 1-Z-W through the SEC's EDGAR system, and the form must be signed by an authorized company representative, certifying the withdrawal request.
Process:
- To complete the withdrawal, the issuer must provide the relevant details, including the original filing date of Form 1-Z, the reason for withdrawal, and the signature of an authorized officer.
- The withdrawal takes effect once the SEC acknowledges the form and the company is no longer obligated to continue filing reports related to the withdrawn 1-Z(SEC.gov)(SEC.gov).
Key Benefits:
- Flexibility: It allows issuers to avoid regulatory burdens if the reporting is no longer necessary.
- Regulatory Compliance: It ensures that companies remain in compliance by formally withdrawing a report, preventing any misunderstandings with regulators.