What is Material Non-Public Information (MNPI)?
Material non-public information is any information about a public company that has not been disclosed to the market and would likely affect a reasonable investor's decision to buy, hold, or sell the security. Trading on MNPI is the foundation of insider-trading liability under Rule 10b-5.
Why Material Non-Public Information (MNPI) matters
MNPI handling determines whether routine IR communications can proceed. Selective disclosure to analysts or large shareholders without simultaneous public disclosure violates Reg FD. Pre-publication review of earnings releases and material 8-Ks must control MNPI access tightly. Modern IR firms — including AxonIR — implement MNPI walls, restricted-distribution lists, and audit logs to demonstrate Reg FD compliance.
How AxonIR measures it
AxonIR's pre-publication NLP scoring runs entirely under MNPI confidentiality. Draft press releases and filings are scored in our isolated environment, scoring outputs are returned to the issuer, and no draft content is retained beyond the scoring window. This architecture is documented in every client MSA and is a precondition for AxonIR being trusted with pre-wire material. Compare this to traditional IR firms where draft circulation is often by email with limited access controls.
A common MNPI mistake among small-caps is sharing draft press releases with non-employee advisors (paid promoters, sponsored research firms, social media managers) without proper confidentiality agreements. AxonIR's onboarding includes an MNPI policy review and a recommendation list for tightening pre-disclosure information flow.
For SPAC sponsors, MNPI handling becomes especially complex during the search phase because target-identity rumors can themselves become MNPI. AxonIR's SPAC clients use a dedicated MNPI workflow with restricted-access content approval routing.
See your company's material non-public information (mnpi) score
Free for any NYSE/NASDAQ ticker. 5-business-day delivery.
Get Free Algo Score