Expands Confidential Review for Companies

Encouraging Public Offerings Act of 2025This bill provides statutory authority for all issuers of securities to use certain offering procedures that are available to emerging growth companies. Specifically, the bill allows under statute issuers of securities to communicate with potential investors to ascertain interest in a contemplated securities offering, either before or after the filing of a registration statement (i. e., test the waters). Additionally, issuers are allowed under statute to submit to the Securities and Exchange Commission, with respect to an initial public offering, initial registration, or follow-on offering, a confidential draft registration statement for review prior to public filing.