RE:RE:RE:RE:Upfront Fee Material Information?biorun wrote: yes, many of us know the "at some point" because we use google and look at the quarterly dates required for disclosure and then work from there.
thanks bio for getting back to me. i wasn't asking about whether a significant upront payment (let's take the 5-20 million from prc partners) would be disclosed in the quarterly numbers, but whether the RECEIPT of such a payment would be a disclosable event.
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2. Disclosures of Material Nonpublic Information
The final regulation, like the proposal, applies to disclosures of "material nonpublic" information about the issuer or its securities. The regulation does not define the terms "material" and "nonpublic," but relies on existing definitions of these terms established in the case law. Information is material if "there is a substantial likelihood that a reasonable shareholder would consider it important" in making an investment decision.38 To fulfill the materiality requirement, there must be a substantial likelihood that a fact "would have been viewed by the reasonable investor as having significantly altered the 'total mix' of information made available."39 Information is nonpublic if it has not been disseminated in a manner making it available to investors generally.40
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https://www.sec.gov/rules/final/33-7881.htm