Public Float Tagging Errors

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Public Float Tagging Errors

The cover page of a Form 10-K requires the disclosure of the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity (i.e., public float) as of the last business day of a filer's most recently completed second fiscal quarter. Staff in the Commission's Division of Economic and Risk Analysis had observed scaling errors in the tagged public float data and published a data quality reminder in 2019 to remind filers to review their tagged data to ensure scaling accuracy.

Staff recently conducted an assessment on the public float data in Forms 10-K for the fiscal year ending in 2024. Staff has continued to observe scaling errors in certain filings. For example, one filer reported a public float of $78 million in its HTML filing, but reported a public float of $78 in its XBRL data. Staff also observed inconsistencies in the date information between the HTML filing and the tagged data. For example, certain filers disclosed the public float date in the HTML filing as the last business day of the most recently completed second fiscal quarter but tagged the public float value with the fiscal year end date.

Filers should carefully review their public float data to ensure accuracy and consistency. For more data quality reminders, see Staff Observations and Guidance.

Last Reviewed or Updated: July 21, 2025