An Alternative Public Offering (APO) is a quicker and less expensive way for a private company to start trading publicly than a traditional Initial Public Offering (IPO). It usually involves a combination of a reverse merger with an existing, publicly listed ‘shell’ company (one with no significant business) and a simultaneous Private Investment in Public Equity (PIPE) to raise capital.

However, the Securities and Exchange Commission requires reporting issuers to file a comprehensive disclosure document containing audited financial statements and significant legal disclosures. This disclosure is filed on Form 8-K immediately, after the reverse merger transaction is completed.