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Prosper S-1 Registration Statement Filed

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Today Prosper filed a Form S-1 Registration Statement with the Securities and Exchange Commission. While this Registration Statement is processed, we are still in a quiet period.

We posted an announcement regarding our quiet period on October 16th, 2008. An extract of that announcement is below:

Prosper has started a process to register, with the appropriate securities authorities, promissory notes that may be offered and sold to lenders through our site in the future. A successful registration can take several months, but we assure you we will do our best to move forward as quickly as possible. Until this process is complete, we’re required to be in a quiet period and will be unable to respond to press, blogger or other inquiries about Prosper or the registration filing until it becomes effective.

As we continue to work closely with the securities authorities, we will be unable to respond to your questions and posts until our registration becomes effective.

novice - founder
23 posts

Form S-1 is an SEC filing used by public companies to register their securities with the U.S. Securities and Exchange Commission (SEC). The S-1 contains the basic business and financial information on an issuer with respect to a specific securities offering. Investors may use the prospectus to consider the merits of an offering and make educated investment decisions. A prospectus is one of the main documents used by an investor to research a company prior to an initial public offering (IPO).

novice - founder
23 posts

SCP Prosper, Investing, And Finance Forums Has some current information on Lending Club and how a simular SEC filing has affected them.

Also Investar, a Prosper lender Has been following Prosper's situation and Here are the highlights from a recent newsletter.

THE "QUIET" PERIOD
• October 15, 2008; Prosper shut down the marketplace.
• November 24, 2008; The Securities and Exchange Commission (SEC) stated the loans were actually securities and they weren't licensed to sell them.
• December 5, 2008; Prosper filed a new proposal to sell regulated securities with the SEC, similar to LendingClub's previous proposal.
• January 15, 2009; 90 days in the dark of a "Quiet" period. It took LendingClub six months to trek through thier filing. Prosper should have an easier time. SEC's due process is 60 days minimum so it'll be atleast another 45 days.
Following SEC approval each state must respond to Prosper's filing, a simultaneous application for approval in all 50 states. Each state has its own final say in lending and borrowing through Prosper for it's residents.

 

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