Prosper Files Sixth S-1 Amendment With SEC, Corrects CEO’s Name
This is getting kind of ridiculous. Either Prosper can’t get their act together on SEC filings, or the SEC is nit-picking their filing to death as penance for going behind their back. But yesterday, July 9, Prosper filed a sixth amendment to their S-1 filing with the US Securities and Exchange Commission.
The changes are minor enough that approval seems imminent. One of the changes is that Prosper added back 61 repurchased loans to the loan volume and performance data in the S-1. Prosper repurchases loans according to their 100% Identity Theft Guarantee, although the S-1 mentions not only identity theft but also “operational issues” contributing to repurchases. No further detail is given on what those operational issues were.
The other change that looks SEC-mandated is that Prosper adds more detail about the SEC’s cease and desist judgment against the company. In previous filings, the C&D is mentioned, but not in as much detail. This looks like an attempt by the SEC to provide investors (who are superhuman if they can get through this 101-page prospectus in one sitting) full warning about Prosper’s checkered past with securities regulators.
Other changes from the previous amendment:
- Prosper’s borrower loan closing fee was changed from 3% of the loan amount to a range of 1-3%. The minimum fee was also lowered from $75 to $50.
- New Hampshire was added to the list of six states which require lenders/investors to satisfy financial suitability requirements before lending. The states are AK, CA, ID, KS, NH, and PA.
- Some added details about the damages sought by plaintiffs in a class action suit against Prosper.
- Corrected the spelling on CEO Chris Larson Larsen’s last name (ouch!)
Wow, that last one is embarrassing. It’s been in there since Amendment 2, filed back in January. Is Larsen reading his own company’s filings? The misspelling was on the signature line — is he signing them?
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[...] Friday the SEC approved P2P lending company Prosper’s sixth amendment to its offering of $500 million in person-to-person loans. The S-1 is effective as of Friday, July [...]