eligible privately held company
Defined in 1 place of the United States Code.
Eligible privately held company.—The term "eligible privately held company" means a privately held company that meets both of the following conditions:
(I) The company does not have any class of securities registered, or required to be registered, with the Commission under section 78l of this title or with respect to which the company files, or is required to file, periodic information, documents, and reports under subsection (d).
(II) In the fiscal year ending immediately before the fiscal year in which the services of the M&A broker are initially engaged with respect to the securities transaction, the company meets either or both of the following conditions (determined in accordance with the historical financial accounting records of the company):
Source
- 2022–202315 U.S.C. § 78OCommerce and Trade · Registration and regulation of brokers and dealers · under this section
The term “eligible privately held company” means a privately held company that meets both of the following conditions:
(I) The company does not have any class of securities registered, or required to be registered, with the Commission under section 78l of this title or with respect to which the company files, or is required to file, periodic information, documents, and reports under subsection (d).
(II) In the fiscal year ending immediately before the fiscal year in which the services of the M&A broker are initially engaged with respect to the securities transaction, the company meets either or both of the following conditions (determined in accordance with the historical financial accounting records of the company):
(aa) The earnings of the company before interest, taxes, depreciation, and amortization are less than $25,000,000.
(bb) The gross revenues of the company are less than $250,000,000.
Source
- 2023–present15 U.S.C. § 78OCommerce and Trade · Registration and regulation of brokers and dealers · under this section