A more thorough explanation:

Periodic reports are documents that public companies must file with the Securities and Exchange Commission (SEC) on a regular basis. These reports provide important updates on the company's business operations and financial performance.

There are three situations in which a company may be required to file periodic reports:

1. When a company is listed on an exchange, as required by Section 12(a) of the Exchange Act.
2. When a company has more than 2,000 shareholders and more than $10 million in assets, as required by Section 12(g) of the Exchange Act.
3. When a company conducts a public offering, as required by Section 15(d) of the Exchange Act.

Once a company becomes subject to the periodic report requirements, they must file:

• An annual report on a Form 10-K
• A quarterly report on a Form 10-Q
• A current report on a Form 8-K

For example, if a company goes public and conducts an initial public offering (IPO), they will be required to file periodic reports with the SEC. These reports will provide updates on the company's financial performance, including revenue, expenses, and profits. Investors and analysts can use this information to make informed decisions about whether to buy or sell the company's stock.