Assume CF issuer has less than $10M in assets and filed its first Form C-AR after the offering. At that time the issuer did had not engaged a registered transfer agent and had more than 300 holders of record of the CF securities at the time of the first filing.
If issuer subsequently engages a registered transfer agent to reduce the holders of record of the CF securities to less than 300, is this an event that triggers the 5 business day filing period for Form C-TR? Or must the issuer file a new Form C-AR for this year and then use that at the 5 business day trigger date (assuming that the transfer agent is in place)?
CF says: "An issuer eligible to terminate its obligation to file annual reports with the Commission pursuant to § 227.202(b) must file with the Commission, within five business days from the date on which the issuer becomes eligible to terminate its reporting obligation,"
I think that as soon as you no longer have 300 holders of record that the issuer becomes eligible to terminate its reporting obligation but cannot find a lot of clarity on this point.