ELEVATE Act of 2025

Summary

Amends the Securities Exchange Act of 1934 to let an "emerging growth company" use up to the two preceding years of prior-year information when referencing a prior period in a registration statement. The amendment also appends an extra paragraph to the amended provision, but the text of that inserted paragraph was not provided in the supplied material.

• Allows an emerging growth company to reference no more than the two preceding years for the specified prior‑year item in registration statements.
• Changes a technical disclosure rule in the Securities Exchange Act of 1934 rather than creating a new program or funding.
• Includes an additional paragraph insertion whose text was not provided, leaving some effects unspecified until the final text is available.
• Likely reduces some disclosure burden for emerging growth companies and may modestly speed up or simplify registration filings.
• May slightly reduce historical information available in registration statements, with modest implications for investor comparability and due diligence.
• Affects corporate legal teams, auditors, SEC filing processes, and market participants involved in public offerings.
• No explicit tax, appropriations, or emergency spending provisions are included.