Entrepreneurship

Regulation A+ Offerings Have Raised Over $600 Million

Today, Sebastian Abero, the head of the SEC’s Office of Small Business Policy, had some very positive news for those interested in the new Regulation A+. He revealed that, since the Reg A+ rules were adopted by the SEC in June 2015, through September 2017, there have been 69 completed Reg A+ offerings raising a

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Flash: SEC Chair Clayton Comments on ICOs

At today’s Practising Law Institute’s Annual Institute on Securities Regulation, SEC Chairman Jay Clayton commented, among other things, on initial coin offerings, or ICOs. As we know, this year alone billions of dollars have been raised in ICOs, where cryptocurrency in the form of a “token” or coin is sold to investors to raise money

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Remembering (the Second) Black Monday

Thirty years ago today, October 19, 1987, the Dow Jones Industrial Average crashed with a whopping 22.6% decline in prices, the second biggest one day drop in the market (the biggest was in 1914). I was a young lawyer working at a large law firm at the time. Young enough that I had no real

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SEC Small Business Advisory Committee Wraps Up Work

Last week the SEC’s Advisory Committee on Small and Emerging Companies finished its work. The Committee is anticipated to be succeeded by the new Small Business Capital Formation Advisory Committee mandated by statute. A few highlights of their final recommendations to the Commission (all good to me!): Private placement brokers – a more than 10

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House Overwhelmingly Passes Bill to Allow Reporting Companies to Use Reg A+

HR 2864, the “Improving Access to Capital Act,” passed the US House of Representatives on September 5, 2017 with a lopsided bipartisan vote of 403-3. The short bill directs the SEC to permit full Securities Exchange Act reporting companies to use Regulation A+ for a public offering. Previously, only non-reporting companies could utilize the new

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Cannabis Company Buying Entire Town for Tourism

Phoenix based American Green Inc. is buying the entire town of Nipton, CA, all 120 acres of it. They want to turn the town into a cannabis tourism destination. Nipton, population 20, is a mere 60 miles from Las Vegas and about 3 hours from Los Angeles or, as the current owner described it as

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SEC Says ICOs May Be Securities Offerings

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 technique, in ICOs companies issue digital tokens through blockchain technology

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June 2017: The Month That Reg A+ Arrived

What a month this has been for those of us involved with the Reg A+ movement going back all the way to 2010. Although dozens of Reg A+ deals, raising hundreds of millions of dollars, had closed before this month, virtually none were trading their stock. In the span of a month, however, we now

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Almost Every SEC Form Changes

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 growth company”  (EGC) throughout its registration and periodic reporting forms.

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JOBS Act Turns Five

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 election year, the bill passed the House by a whopping

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