Shopify includes U.S. website in SEC filing for the first time to match industry competitors

Shopify Inc. recently undertook a significant change in its regulatory filing with the United States Securities and Exchange Commission. For the first time, Shopify has listed a U.S. address alongside its established Canadian headquarters in its annual regulatory filing with the SEC. The strategic alignment named both the Lafayette Street offices in New York and the O’Connor Street location in Ottawa as the “principal executive offices.”

This new filing observed by TD Cowen analyst, Peter Haynes, in mid-February, reveals a noteworthy shift from past filings. Unlike preceding years’ filings, which exclusively listed the Ottawa location, this year’s filing included a U.S. employment identification code. Previous annual filings under the 40-F designation as a foreign issuer have now shifted fundamentally to the domestic issuer 10-K classification in this filing.

In addition to the geographical change, Shopify adapted the company’s data reporting structure to a more U.S.-focused perspective. Haynes highlighted an alteration in how the company reports its assets, now predominantly labeled as U.S. assets. This adjustment signifies a marked departure from prior filings predominantly showcasing Canadian assets.

While speculation arose that Shopify’s goal in this undertaking is geared towards qualifying for admission to specific US indexes, Alex Lyons, a Shopify spokesperson, presented it differently. Lyons positioned this change as a voluntary and strategic effort to align with the disclosures of its contemporaries in the software industry, rather than a play for index inclusion.

The decision to present a U.S. address alongside the Ottawa headquarters in its SEC filing marks a significant evolution in Shopify’s reporting structure. This move signifies a strategic evolution in how the company communicates its business operations and underscores Shopify’s commitment to transparency and conformity with industry standards.