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`SEC Filings: Forms You Need To Know
`* Yin
`
`By ADAM HAYES Updated Jan 18, 2021
`
`OC) PF TABLE OF CONTENTS
`
`The Securities and Exchange Commission (SEC) requires public companies, certain
`companyinsiders, and broker-dealersto file periodic financial statements and other
`disclosures. Finance professionals and investors rely on SECfilings to make informed
`decisions when evaluating whetherto invest in a company. SECfilings can be accessed for
`
`free at EDGAR, the commission's online database.
`
`The SEC wascreated through the Securities Exchange Act of 1934, which wassignedinto
`law by President Franklin D. Roosevelt.’ The act was intendedto help restore investor
`confidence following the stock market crash of 1929. The SEC is an independent
`government agencytasked with protecting investors, maintaining a fair and orderly market,
`and facilitating capital formation.
`
`The SECselectively reviews the information it receives to monitor and enhance
`compliance. * Investors study thesefilings to form a view of a company's performance and
`activities. Here are some of the most commonforms that companies are required to submit
`to the SEC. Understanding how to read SECfilings can be beneficial to investors as they
`perform their due diligence. In this article, we'll discuss thesefilings in greater detail.
`
`KEY TAKEAWAYS
`
`e SECfilings are important regulatory documents required of all public companiesto
`provide keyinformation to investors or potential investors.
`e The public can review SECfilings by visiting the commission's online database,
`EDGAR.
`
`e Registration statements are required when a companyinitially sells shares to the
`public.4
`
`https://www.investopedia.com/articles/fundamental-analysis/08/sec-forms.asp
`
`1/10
`
`CELLTRION - EXHIBIT 1081
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`CELLTRION - EXHIBIT 1081
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`In addition to the quantitative approach to fundamental analysis, readers of a 10-K should
`also pay attention to its "Item 1", which explains what the company does, whoits customers
`are, and the primary industry in whichit operates.® Then, lookforrisk factors such as legal
`proceedings or statements indicating future chargesorvolatility.
`
`Also, pay attention to any footnotes that are included in the report. These noteswill tell you
`which accounting method a companyusesand howit comparesto the generally accepted
`accounting method and industry standards.This information can flag potentially shady
`accounting practices. Other details mentionedin the footnotes include errors in previous
`accounting statements, looming legal cases in which the companyis involved, and details of
`any synthetic leases. These disclosures foundin the footnotes are of the utmost importance
`to investors with an interest in the company's operations.
`
`Asan investor, pay special attention to any footnotes in Form 10-K, as they can
`help you flag any questionable accounting practices in the company you are
`considering.
`
`1/20/2021
`SEC Filings: Forms You Need To Know
`Chairman or CEO, and a summary overviewofthe financials. The 10-K is a longer, more
`thorough technical documentthat will have all of the company's financial statements
`available for fundamental analysis. Fundamental analysis is a common wayto evaluate a
`
`firm by constructing ratios and other metrics by extracting information from the balance
`sheet, income statement, and statementof cash flows. For stocks, fundamental analysis
`looks to revenues, earnings, future growth, return on equity (ROE), profit margins, and equity
`multiples to determine a company's underlying value and potential for future growth. For
`corporate bonds,liquidity, leverage, and solvency ratios would be appropriate.
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`Form 10-Q
`Form 10-Q is a truncated version of Form 10-K thatis filed quarterly. The form provides a
`view of the company's ongoing financial condition throughout the year. The Form 10-Q must
`be filed for the first three quarters of the company's fiscal year. The deadlineto file is within
`40 days from the end of the quarter. Unlike Form 10-K, the financial statements in Form 10-Q
`are unaudited, and the information required is less detailed. °
`
`Why Form 10-Q Is Important to Investors
`The 10-Q is important sinceit is updated quarterly, while the more comprehensive 10-K is
`only filed once a year. This allows investors to update their valuation metrics and financial
`ratios without as much of a lag. Investors can use the 10-Q to observe any changesthat may
`be taking place within the corporation even beforeit files its annual report.
`
`Someareas ofinterest to investors that are commonlyvisible in the 10-Q include changesto
`working capital and/or accounts receivables, factors affecting a company's inventory, share
`buybacks, and even anylegal risks that a company faces. You can use a close competitor's
`10-Q as a comparison companyto put side-by-side the company you are considering to see
`
`https://www.investopedia.com/articles/fundamental-analysis/08/sec-forms.asp
`
`4/10
`
`

`

`1/20/2021
`SEC Filings: Forms You Need To Know
`how it's performing on a relative basis. This will give you a broader idea of whether your
`investmentis a strong choice, where its weaknessesare, and howit could stand to improve.
`
`Form 8-K
`The Form 8-K is what a companyusesto disclose major developments that occur between
`filings of the Form 10-K or Form 10-Q. Major company events that would necessitate the
`filing of a Form 8-K include bankruptcies or receiverships, material impairments, completion
`of acquisition or disposition of assets, or departures or appointments of executives. 1°
`
`Why Form 8-KIs Important to Investors
`Form 8-K providesinvestors with timely notification of significant changes at a company.
`Manyof these changesare defined explicitly by the SEC (such as a mergeror acquisition),
`while others are simply events that firms considerto be sufficiently noteworthyforits
`shareholders (such as a new product release or upgrade). Either way, the 8-K provides a
`wayforfirms to communicate directly with investors in a waythatis notfiltered or altered by
`media organizationsorsell-side analysts.
`
`Form 8-K also provides a valuable record for financial research and analysis. For example,
`an analyst may wonderwhatinfluence certain corporate events have on stockprices.It is
`possible to estimate the impact of these events using statistical techniques like regressions,
`but researchers needreliable data. Because 8-K disclosuresare legally standardized and
`must be honest and accurate, they provide a complete record and prevent sample selection
`bias.
`
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`
`Whya Proxy Statement is Important to Investors
`Public companies hold annual meetings where shareholders conveneto vote on various
`corporate actions or for new membersto the board of directors. Owning commonstock in a
`companygives youa vote (usually one vote pershare), butit is not typically feasible to
`attend the annual meeting. The proxy statement allows you to cast your votes using a
`designated person, who will aggregate votes and cast them on your behalf. This person is
`knownas a proxy and will cast a proxy votein line with the shareholder's directions as
`written on their proxy card. Proxy votes may be cast by mail, phone, or online before the
`cutoff time. This deadline is usually 24 hours before the shareholder meeting commences.
`Vote responseswill typically include "For," "Against," "Abstain," or "Not Voted."
`
`Proxy Statement
`In the proxy statement, investors can view the salaries of the management of a company and
`any other perks that a company's managementis eligible for. The proxy statementis
`presented prior to the shareholder meeting and mustbefiled with the SEC before soliciting a
`shareholdervote on the election of directors and approval of other corporate actions. ®
`
`The proxy statementwill therefore present the items that will be voted on and allow you to
`
`return a form to the companyto inform your proxy how your votes should be cast.
`
`https://www.investopedia.com/articles/fundamental-analysis/08/sec-forms.asp
`
`5/10
`
`

`

`SEC Filings: Forms You Need To Know
`
`1/20/2021
`Forms 3, 4, and 5
`Corporate insiders mustfile Forms 3, 4, and 5. The SEC defines a corporate insider as "a
`company's officers and directors, and any beneficial owners of more than ten percentof a
`class of the company's equity securities registered under Section 12 of the Securities
`Exchange Act of 1934." These forms are meantto reveal more information about the
`securities that company insiders own. "4
`
`e Form3is theinitial filing and discloses ownership amounts.
`e Form4identifies changes in ownership.
`e Form 5 is an annual summary of Form 4 and includes any information that should have
`been reported. "'
`
`Why Forms3, 4, and 5 Are Important to Investors
`If you're an investor, it pays to know what the company's owners and mostimportant
`shareholders(i.e., insiders) are doing. By watching the trading activity of
`corporateinsiders and large institutional investors, it's easier to get a sense of a stock's
`prospects. While insiderorinstitutional ownership on its own is not necessarily a buyorsell
`signal, it certainly offers a handyfirst screen in the search for a good investment. Since
`insider ownership and trading can impact share prices, Forms 3, 4, and 5 are useful
`disclosures
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`By paying close attention to whatinsiders do with their company shares, savvy investors can
`make the reasonable assumption they know a lot more about their company's prospects than
`the rest of us outsiders. So,if insiders are buying sharesin their own companies, they might
`know something that normal investors do not. The insider might buy because they see great
`
`potential, the possibility for mergeror acquisition in the future, or simply because they think
`their stock is undervalued.
`
`Oneof the greatest investors ofall time, Peter Lynch, oncesaid, "insiders mightsell their
`shares for any numberof reasons, but they buy them for only one: they think the price will
`rise." Note that insiders are usually prevented from buying andselling their company stock
`within a six-month period following a corporate event or newissue; therefore, insiders tend to
`buy stocks when theyfeel the companywill perform well over the long-term.
`
`You can also have too muchinsider ownership. When insiders gain corporate
`control, management maynot feel responsible to shareholders and instead try to
`enrich only themselves.
`
`Schedule 13D
`The Schedule 13D is also knownasthe "beneficial ownership report" and is required when
`any owner acquires 5% or more of the voting shares in a company. The report mustbefiled
`within 10 days of reaching the 5% threshold. It provides the following information:
`
`https://www.investopedia.com/articles/fundamental-analysis/08/sec-forms.asp
`
`6/10
`
`

`

`1/20/2021
`SEC Filings: Forms You Need To Know
`The acquirer's name, address, and other background information
`Type of relationship this owner has with the company
`Whether the person has been convicted of a crime in the past five years
`An explanation of whythe transaction is taking place
`The type and class of the security
`¢ Theorigin of funds used for purchases‘ 2
`
`Why Schedule 13D is Important to Investors
`Section 13D was addedto the Securities Exchange Act of 1934 as part of a 1968
`amendment knownasthe Williams Act. This addition responded to the increasing use
`of tenderoffers as part of corporate takeovers. Schedule 13D was designed to give
`individual investors warning of impending changesto corporate control that could impact the
`future of the company, which would result from the consolidation of voting power
`by corporate raiders.
`
`Investors use Schedule 13D to both detect red flags in the consolidation of insider ownership
`that can be potentially harmful to individual shareholders, but also as a possible harbingerof
`a company being acquired or bought out, which could benefit shareholders.
`
`Form 144
`Form 144 is required whencorporate insiders want to dispose of company stock. Form 144
`
`is a notice of the intent to sell restricted stock, typically acquired by insidersoraffiliates in a
`transaction not involving a public offering. The stockis restricted because it must meet
`certain conditions before becoming transferable. The transaction, or at least part ofit, is
`madewithin 90 daysoffiling. Form 144 is required when the amountsold during any three-
`month period exceeds 5,000 shares or $50,000. 12
`
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`
`Why Form 144 Is Important to Investors
`While investors can look to Forms3, 4, and 5 for changesin insider ownership, Form 144is
`useful for Knowing how manypotential shares will be offered for sale on the open market
`after the lock-up period for a new issue, such as an IPO, expires. Form 144 can indicate how
`mucha stock price might suffer if a flood of new sale orders enter the market whenthelock-
`up ends.
`
`Underwriters and regulators require that a company's executives, managers, employees,
`andearly investors (such as venture capitalists) sign lock-up agreements surrounding a
`company’s initial public offering (IPO) to encourage an elementof stability in the stock's price
`in the first few months of trading. The lock-up agreementis a legally binding contract
`between company underwriters and insiders that prohibits insiders from selling any shares of
`stock for a specified period of time. Lock-up periods typically last 180 days but can on
`occasionlastfor aslittle as 120 days or as long as 365 days.
`
`Foreign Investment Disclosures
`https://www.investopedia.com/articles/fundamental-analysis/08/sec-forms.asp
`
`7/10
`
`

`

`1/20/2021
`SEC Filings: Forms You Need To Know
`In 2008, the SEC updated disclosure requirements f

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