On 28 April 28, 2023, SEC reopened comment period to allow persons opportunity to comment on additional analysis, data contained in new staff memorandum published.

• Memo provided additional background, baseline data on Schedule 13D and 13G filings.
• Investigated effects on activism from proposed change to Schedule 13D filing deadline.
• Additional analysis of harms to certain selling shareholders under existing deadline.
• Discussion of relevant academic research as well as new quantitative analysis.
• Comments due later of 30 days after publication in federal register or 27 June 2023.