The Securities and Exchange Commission (SEC) has adopted Rule 163B (“Rule 163B”) under the Securities Act of 1933 (the “Securities Act”), which expands the availability of “testing-the-waters” communications to all issuers. Testing-the-waters communications are solicitations by an issuer (or person authorized to act on an issuer’s behalf) of nonbinding indications of interest from certain investors before or after the issuer files a registration statement with the SEC. Continue reading >