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Simple English definitions for legal terms
non-accelerated filer
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A quick definition of non-accelerated filer:
Non-accelerated filer: A type of company that is not considered a large or accelerated filer, or a smaller reporting company. This means they have more time to file their financial reports with the Securities and Exchange Commission (SEC). Even if they are a new company going public, they will still be considered a non-accelerated filer. They have 90 days to file their annual report (Form 10-K) and 45 days to file their quarterly report (Form 10-Q).
A more thorough explanation:
A non-accelerated filer is a type of company that is not classified as a large accelerated filer, an accelerated filer, or a smaller reporting company. When a company goes public, it is initially classified as a non-accelerated filer, regardless of whether it meets the requirements to be classified as a large accelerated filer, accelerated filer, or smaller reporting company.
Non-accelerated filers have a longer period of time to file their financial reports with the Securities and Exchange Commission (SEC). They have 90 days to file their annual report (Form 10-K) and 45 days to file their quarterly report (Form 10-Q).
For example, if a company goes public and does not meet the requirements to be classified as a large accelerated filer, accelerated filer, or smaller reporting company, it will be classified as a non-accelerated filer. This means that the company will have more time to file its financial reports with the SEC.