In a very big pre-Election Day surprise, the Securities and Exchange Commission today took a few significant steps to enhance access to capital for smaller companies, with the stated intention to "harmonize, simplify, and improve the multilayer and overly complex exempt offering framework." The new...
After years of endless discussion, the Securities and Exchange Commission just announced an expansion of the definition of "accredited investor" under SEC rules and Regulation D in particular. Many companies, both public and private, who seek private investments limit their offering to accrediteds primarily because...
Get the holiday theme? It hit me on the way to work. There seem to be two camps with views on how Regulation A+ is doing now that it has been over two years since the dismissal of two states' attempt to stop the new...
I recently reviewed data from OTC Markets Group, Inc. noting that nine community banks with market capitalizations below $100 million have successfully completed Regulation A+ IPOs. All are trading on the platforms of OTC Markets, including OTCQX, OTCQB and Pink Current. Even better news: the...
Tomorrow night at a panel here at Duane Morris, we will hit official pre-launch on my latest book, Regulation A+ and Other Alternatives to a Traditional IPO (John Wiley & Sons). Here's info from Amazon about this guide to the new streamlined IPO process through...
Purveyors of initial coin offerings (ICOs) received a strong lashing from the SEC yesterday in declaring that one particular ICO was a securities offering that should have been fully registered with the SEC or met with an exemption from registration. A very new and exploding...
Update August 1, 2017: The Financial Services Committee approved this bill on July 25, 2017 in a rare 59-0 vote. it now heads to the full House of Representatives. The House Financial Services Committee is considering a bill that would permit full SEC reporting companies to...
IPO alternatives appear to be alive and well as we learn from press reports that unicorn music service Spotify may go public through a "self-filing." In my first book, over 10 years ago, I talked at length about the potential value of this very straightforward...
Got your attention? No it's not April 1 anymore so this is serious. But actually no big deal. Last Friday the SEC adopted some rules mandated by the Jumpstart Our Business Startups (JOBS) Act of 2012. Among them: implementing the use of the term "emerging...
Believe it or not the Jumpstart Our Business Startups (JOBS) Act was signed into law on April 5, 2012. A great example of how the legislators, working with an administrative agency, can bring meaningful and substantive positive change. Enacted in the heat of a Congressional...