Well, that was quick.

This morning, I analyzed Palantir’s newly released fifth change of its S-1 filing with the SEC as it pursues a public direct listing on the NYSE. I called the business “not a democracy” after it added brand-new arrangements to produce an unique mechanism called “Stockholder Party Omitted Shares” that would, in the language of Palantir, allow the company’s trio of creators to “unilaterally change their total ballot power” at will, now and into the future.

Well, Palantir has now submitted a sixth amendment with the SEC just a couple of hours after it submitted its previous amendment, and the business has actually eliminated all recommendations to this special system from its SEC filing.

The 19 mentions of “Investor Celebration Excluded Shares” and numerous sections where the mechanism were discussed and explained have actually now been entirely excised. In addition, the company’s line about its creators having the ability to “unilaterally change their total ballot power” has actually likewise been likewise removed.

Beyond those modifications, the two different variations of the business’s S-1 filing are basically similar. And for those keeping rating from today, in this tenth rendition of the company’s public offering documents including its previous draft registration statements, the latest filing consists of 168 discusses of “voting power”– identical to the number this morning. Here’s an updated chart:

It’s a fast about-face for the business software application company, which has invested weeks prepping for its direct listing, initially set up for September 23 and which has because been moved back to September 29. While corporate governance has certainly gotten weaker over the past couple of years, Palantir’s recently introduced language this morning extended the definition of shareholder governance rather frankly to its snapping point. Strolling back those modifications was the right call.

There’s no informing whether the SEC, NYSE, possible investors in the direct listing, experts or executives pushed for these modifications. Business hardly ever make such rapid modifications with their SEC filings (then again, I’ve never seen an IPO with so lots of modifications in the first location, so we are in uncharted territory). Palantir stays in an SEC-mandated peaceful duration.

We’ll continue to keep track of developments as Palantir heads to the general public markets, probably next week.

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.