What is Form 8-K?

Form 8-K is one of the most common forms filed with the Securities and Exchange Commission (SEC) Securities and Exchange Commission (SEC) The US Securities and Exchange Commission, or SEC, is an independent agency of the US federal government that is responsible for implementing federal securities laws and proposing securities rules. It is also in charge of maintaining the securities industry and stock and options exchanges to broadly notify investors about important events or information that may affect shareholders. According to the Securities Exchange Act of 1943, all public (publicly-traded) companies must submit the form when appropriate.

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Form 8-K is typically used as a form of notification for major events, such as a company filing for bankruptcy Bankruptcy Bankruptcy is the legal status of a human or a non-human entity (a firm or a government agency) that is unable to repay its outstanding debts to creditors. , making changes to company personnel – such as the removal/retirement of a chief executive officer (CEO) – or other similar events. The form must be filled out and filed with the SEC within four days of the occurrence of an event that triggers the need for a company to submit an 8-K. Timely filing of form 8-K makes it easier to transfer the information contained in the 8-K to quarterly reports that are submitted on forms such as Form 10-K 10-K Form 10-K is a detailed annual report that is required to be submitted to the U.S. Securities and Exchange Commission (SEC). The filing provides a comprehensive summary of a company’s performance for the year. It is more detailed than the annual report that is sent to shareholders and Form 10-Q Form 10-Q Form 10-Q is a report – required by the Securities and Exchange Commission (SEC) – that must be filed quarterly by all public companies. The form is similar to Form 10-K; however, it typically contains fewer details and the financial statements included are typically unaudited. Three quarterly Forms 10-Q must be filed each year .

When to Use Form 8-K

Again, Form 8-K must be filled out and filed by a public company any time a “material” – i.e., significant – event occurs. However, there may be some question as to what exactly constitutes a significant event? The significance of some events – for example, the departure of an executive with a lofty job title but who, in fact, isn’t all that critical to the company’s operations – may be debatable. Most companies err on the side of caution, and may sometimes file an 8-K form for events that wouldn’t necessarily require it.

In some situations, the need to make an 8-K filing is unquestionable. As previously mentioned, a company forced into bankruptcy definitely must submit an 8-K to inform investors of the situation. Other possible filing triggers include:

• Signing new agreements or making amendments to previously established agreements
• Changes to fundamental business policies or practices
• Being removed from a securities exchange (delisted)
• Changes to shareholders’ rights
• The election, dismissal, or departure of key personnel, e.g., company executives
• Changes to the period specified as the company’s fiscal year
• New or modified financial statements or other financial documentation

As an investor, it is important to read through any Form 8-K filed by companies you’ve invested in, or may be considering making an investment in. Information contained in the form may substantially impact your investment decisions.

Reading a Form 8-K

Reading a Form 8-K for information depends a lot on the reason for which a company files the form. There are, again, a number of reasons why a company must file the form. To get a better understanding of how reading an 8-K form can be helpful to investors, consider the following:

1. In the event that a company files for bankruptcy, the Form 8-K should provide an outline for how the company intends to reorganize itself under Chapter 11 Chapter 11 Bankruptcy Chapter 11 is a legal process that involves reorganization of a debtor’s debts and assets. It is available to individuals, partnerships, corporations or Chapter 7 (bankruptcy or liquidation). This is important for investors because it must include pertinent information about the company’s stock and when it plans to come out from under bankruptcy, if at all.
2. No caso de uma empresa ser retirada da bolsa, um Formulário 8-K é necessário como forma de notificação aos investidores. Em muitos casos, esse evento ocorre porque as ações da empresa foram consistentemente negociadas abaixo do preço mínimo exigido da bolsa por um longo período de tempo. O formulário identifica os detalhes do motivo pelo qual uma empresa não está em conformidade com os requisitos de listagem de bolsa. A maioria das empresas recebe um período de carência para voltar a estar em conformidade com todos os requisitos de câmbio antes de serem totalmente removidos.

Resumo:

• O Formulário 8-K é exigido de todas as empresas de capital aberto quando passam por um evento “material” que pode moldar as decisões dos investidores em relação à empresa.
• O Formulário 8-K foi projetado para ser um sistema de notificação “imediato” para investidores e analistas. Portanto, deve ser preenchido e arquivado em até quatro dias úteis a partir de qualquer evento relevante.
• Os eventos que se qualificam como “materiais” incluem o pedido de falência, o descumprimento dos requisitos de cotação em bolsa (e, portanto, a exclusão da bolsa de negociação) e alterações no pessoal da grande empresa (nomeadamente, a diretoria executiva).

Mais recursos

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• EDGAR US - EDGAR EDGAR é um banco de dados em que as empresas públicas dos EUA arquivam documentos regulamentares, como relatórios anuais, relatórios trimestrais, 10-k, 10-q, prospectos e muito mais. EDGAR significa Electronic Data Gathering, Analysis & Retrieval e é um banco de dados pesquisável de documentos arquivados para empresas dos EUA.
• Valor de liquidação Valor de liquidação O valor de liquidação é uma estimativa do valor final que será recebido pelo titular de instrumentos financeiros quando um ativo for vendido ou liquidado
• Processo de Fusões e Aquisições Fusões Aquisições Processo de Fusões e Aquisições Este guia o conduz por todas as etapas do processo de Fusões e Aquisições. Saiba como fusões, aquisições e negócios são concluídos. Neste guia, descreveremos o processo de aquisição do início ao fim, os vários tipos de adquirentes (compras estratégicas vs. financeiras), a importância das sinergias e os custos de transação
• Código de Falências dos EUA Código de Falências dos EUA O Código de Falências dos EUA também é referido como Título 11 do Código dos Estados Unidos e rege o procedimento que empresas e indivíduos seguem