The Securities and Exchange Commission has issued guidance on disclosure obligations with respect to cybersecurity risks and cyber incidents. Disclosure may be required if: (i) the risk of cyber incidents if these issues are among the most significant factors that make an investment in the company speculative or risky; (ii) the costs or other consequences associated with one or more known incidents or the risk of potential incidents represent a material event, trend, or uncertainty that is reasonably likely to have a material effect on the registrant’s results of operations, liquidity, or financial condition or would cause reported financial information not to be necessarily indicative of future operating results or financial condition; (iii) one or more cyber incidents materially affect a registrant’s products, services, relationships with customers or suppliers, or competitive conditions; and (iv) if a material pending legal proceeding to which a registrant or any of its subsidiaries is a party involves a cyber incident.