**Strong investor opposition and record public comments against the SEC’s May 2026 proposal to permit optional semiannual reporting on a new Form 10-S continue to anchor the 83.5% market-implied probability that the quarterly requirement will not be removed.** The proposal, aimed at reducing compliance costs and short-term pressures while preserving voluntary quarterly disclosures, drew over 280,000 comments by October 2026, the vast majority opposing reduced interim transparency. The SEC’s Investor Advisory Committee highlighted risks to timely information, efficient capital allocation, and informed decision-making. Although Chair Paul Atkins has signaled intent to proceed, the volume of pushback and lack of a final rule as of early October leave adoption uncertain, with any changes likely delayed into 2027 or later.