
Companies that don't meet the emerging growth criteria must release their IPO filings, usually with pages of detail about their financial condition, risk factors and ownership and management structure, months before they sell their shares. This gives investors, financial analysts and journalists a lot longer to analyze the company's prospects.
Twitter and other emerging growth companies can delay the release until 21 days before a roadshow to investors. The roadshow precedes the offering of shares by a few weeks. The JOBS Act was intended to help startups test the regulatory process for an IPO without worrying about bad publicity if they decide to withdraw their offering.