Legal Definitions - accelerated filer

An accelerated filer is a type of company that has to meet shorter deadlines to file their periodic reports. The Securities and Exchange Commission (SEC) has established specific requirements that a company must meet to qualify as an accelerated filer.

According to SEC Rule 12b-2, a company must have a public float of between $75 million and $700 million, have been filing periodic reports for at least 12 months, have previously filed at least one annual report (such as Form 10-K), and not be a smaller reporting company.

Once a company meets these requirements, they have 75 days to file their Form 10-K and 40 days to file their Form 10-Q.

Company XYZ has a public float of $500 million and has been filing periodic reports for the past 18 months. They have previously filed their annual report (Form 10-K) and are not considered a smaller reporting company. Therefore, they meet the requirements to be classified as an accelerated filer.

As an accelerated filer, Company XYZ must file their Form 10-K within 75 days of the end of their fiscal year and their Form 10-Q within 40 days of the end of each fiscal quarter.

This example illustrates how a company can qualify as an accelerated filer and the specific deadlines they must meet for filing their periodic reports.