A spokesperson for Facebook declined to comment on the matter; this is the type of issue that the company can't discuss with the media due to being in a so-called [quiet period][3].
[Some are][4] (mis-)interpreting the rescheduling as a halt in trading for three days, something which occurred in the week preceding Facebook's registration with the Securities and Exchange Commission for a public offer.
Most likely, the postponement has to do with vacation scheduling. Next week coincides with many school's spring break, and making the previously mentioned vacation scheduling a much more feasible explanation. Vacations were the reason was given for the [three day suspension][5] of Facebook private share processing during January, which officials said wasn't caused by the final preparation of documents for submission to the SEC.
Sure, there's the possibilty that the company might announce a date for an IPO transaction next week, and with that possibly giving a price range for the starting price. Another variation on this might be that the company is preparing for its first ever public disclosure of financial information, as required to do so under the so-called [500 shareholder rule][6], the same regulation that people are pointing to as a motivator for the company to go public.
Additionally, [Facebook share][2] auctions have occurred consecutively, a new one staring the day after the prior one closes -- or at least that's been the case since the registration filing on February 1.
A copy of the email that [SharesPost][7] sent out about the matter appears below.
We are writing to advise you that the closing date for our current Facebook Auction has been changed from Monday April 2nd to this Friday March 30th at noon. All bids are due by this Friday at 12:00 p.m. noon PST.
All other terms of the auction remain the same. This auction is for units of an investment vehicle designated to hold shares of Facebook, Inc. ("Facebook") initiated by SharesPost Financial Corporation today. The number of shares contractually committed for sale at this auction is 150,000 shares of the Common Stock of Facebook. The reserve price is $38.00 per unit. Each unit held by a successful auction bidder will correspond to one share of Facebook held in the designated investment vehicle. The auction will be conducted on a sealed bid basis.
You will be required to complete a suitability certification to confirm that you qualify as an accredited investor and qualified client under U.S. securities laws and regulations prior to bidding in the auction and holding units of the designated investment vehicle. The administrator of the investment vehicle, SP Investments Management, LLC, is a wholly-owned subsidiary of SharesPost, Inc.
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[![][10]][11]
[![][12]][13] [![][14]][15] [![][16]][17]
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[1]: http://www.allfacebook.com/wordpress/wp-content/uploads/2012/03/stock.jpg (stock)
[2]: http://www.allfacebook.com/facebook-ipo-registration-2012-03
[3]: http://en.wikipedia.org/wiki/Quiet_period
[4]: http://www.bloomberg.com/news/2012-03-28/facebook-said-to-halt-secondary-market-share-trading-this-week.html
[5]: http://www.allfacebook.com/facebook-shares-2012-01
[6]: http://www.sec.gov/about/laws/sea34-12g.pdf
[7]: http://www.sharespost.com
[8]: http://feedads.g.doubleclick.net/~a/WKfc47E-e-2HIvNuam9u4qx7Uhc/0/di
[9]: http://feedads.g.doubleclick.net/~a/WKfc47E-e-2HIvNuam9u4qx7Uhc/0/da
[10]: http://feedads.g.doubleclick.net/~a/WKfc47E-e-2HIvNuam9u4qx7Uhc/1/di
[11]: http://feedads.g.doubleclick.net/~a/WKfc47E-e-2HIvNuam9u4qx7Uhc/1/da
[12]: http://feeds.feedburner.com/~ff/allfacebook?d=pnQdOprp5To
[13]: http://feeds.feedburner.com/~ff/allfacebook?a=Jpmg6wWMEUo:JhOlvlIXCtQ:pnQdOprp5To
[14]: http://feeds.feedburner.com/~ff/allfacebook?d=qj6IDK7rITs
[15]: http://feeds.feedburner.com/~ff/allfacebook?a=Jpmg6wWMEUo:JhOlvlIXCtQ:qj6IDK7rITs
[16]: http://feeds.feedburner.com/~ff/allfacebook?i=Jpmg6wWMEUo:JhOlvlIXCtQ:gIN9vFwOqvQ
[17]: http://feeds.feedburner.com/~ff/allfacebook?a=Jpmg6wWMEUo:JhOlvlIXCtQ:gIN9vFwOqvQ
[18]: http://feeds.feedburner.com/~r/allfacebook/~4/Jpmg6wWMEUo
URL: http://feedproxy.google.com/~r/allfacebook/~3/Jpmg6wWMEUo/facebook-share-auctio-2012-03
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