After 17 years, Palantir is getting more detailed and more detailed to its public debut later on this month. We have actually been covering different elements of the company’s direct listing procedure including concerns about its governance and how insiders are accelerating the sale of their shares as the public markets date looms more detailed.

Now, we have numerous major updates from the business, courtesy of a 3rd amended filing of the company’s S-1 to the SEC this afternoon.

The first news is that Palantir finally has a primary accountant. Jeffrey Buckley, who was formerly Chief Accounting Officer at video gaming giant Zynga, will sign up with the company later today in a comparable position to manage the company’s books and make sure that its processes are in order.

Concerns about Palantir’s audit quality have been percolating because the company’s board of directors has actually only just recently created the governance committee needed to handle the business’s records. As we kept in mind a few weeks ago, Palantir has confessed in its current SEC filings that it won’t have an independent board audit committee up until well after it openly trades.

When it comes to insiders and their intentions to buy and sell, it’s becoming clear that a growing number of them are heading towards the exit. In its filing this afternoon, Founders Fund has actually increased its targeted number of shares for registration by roughly 8%, or roughy 2 million shares in the business.

Furthermore, the business has actually clarified a couple of parts of its unique governance.

The company’s three founders, Alex Karp, Stephen Cohen, and Peter Thiel, will not be enabled to hedge their stakes in the company offered their active work with Palantir. Buried in an area on the voting rights of the company’s founders, Palantir added a phrase “… however, the Company has actually carried out a policy that will restrict or restrict hedging by directors, officers and staff members of the Business …” That policy has actually formerly existed, but the company’s newest filing makes it clear that the policy uses to the creators. If among the 3 were to leave though, they in theory could hedge their position, disallowing any contract signed upon their departure.

Second, Palantir has a three-class convoluted governance structure that consists of an unique “Class F” share that will give creators Karp, Cohen, and Thiel practically unilateral voting control over the company in eternity. Such an arrangement is special– most tech business going public today have 2 classes of shares, one class that holds one vote per share, and one class that holds 10 votes per share. Palantir’s Class F shares have a variable variety of votes that always offer the 3 creators 49.999999% voting power in the business.

In its amended filing this afternoon, Palantir clarified that a few of Thiel’s shares will be considered “Designated Founders’ Excluded Shares,” which will not be thought about Class F shares. That will allow Thiel to vote those shares independently, increasing his total voting power in Palantir.

Triviality possibly, but important to a company that has actually been in the limelight so much over the previous decade and is a continuous lightning rod for commentary from the commentariat. The NYSE has actually authorized Palantir’s prospectus, which suggests further changes to its files outside of prices are not most likely to be upcoming. The business is still anticipated to start trading its direct listing around September 23.

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.