Regulation FD — Fair Disclosure

When an issuer or person acting on its behalf discloses material nonpublic information to certain securities market professionals or shareholders who may trade on the information, the issuer must simultaneously disclose that information to the public. If the disclosure was unintentional, the issuer must promptly make public disclosure.

This regulation aims to prevent selective disclosure that gives certain investors an unfair advantage. Public disclosure may be made by filing or furnishing a Form 8-K, or by another method reasonably designed to provide broad, non-exclusionary distribution.