Reverse Mergers, Regulation A+ and IPO Alternatives

SEC Conferees Recommend Reg A+ Improvements

Last November, the SEC held its annual conference focused on small business in Austin, TX. Most of the conference consists of participants developing recommendations to the SEC. Those recommendations are then ranked by the participants and published, which they have recently done. The recommendations from these conferences are sometimes taken up by the SEC and

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House Passes Regulation A+ Limit Increase

The US House of Representatives yesterday passed the Regulation A+ Improvement Act of 2017 (although Congress.gov reports it as the “Regulation At Improvement Act”). This bill would increase the cap on amounts to be raised under Regulation A from $50 to $75 million. If the Senate approves, most believe the President will sign this bill,

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My New Reg A+ Book Launches!

  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 Reg A+: From the Inside Flap From David Feldman

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Direct Stock Listings Approved for NYSE

Following interest from companies like Spotify, the New York Stock Exchange last week received SEC approval to list companies on the Exchange even if they are not conducting an IPO. These direct listings, sometimes known as self-filings, already are permitted on the Nasdaq. The Exchange had filed their original request back in June. Following some

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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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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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