As we reported in November, just before the election, the then Republican-controlled SEC approved, in a 3-2 vote, increases in the maximum a company can raise under Regulation Crowdfunding (to $5 million) and Regulation A+ (from $50 to $75 million). The increases were due to...
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...
On August 26, 2020, the Securities and Exchange Commission approved allowing the New York Stock Exchange to permit "direct listings" of newly public companies. The Nasdaq has had this ability for several years- companies like Spotify took advantage of this alternative method of going public....
Originally pioneered in the 1990s, special purpose acquisition companies, or SPACs, have gone in and out of Wall Street favor since. Currently enjoying a renaissance, SPACs are public companies that raise money then seek a private business that wishes to go public and access the...
Last month, the Nasdaq quietly submitted a proposal to the SEC regarding Regulation A+. It is simple enough to quote: "Any Company listing on Nasdaq in connection with an offering under Regulation A of the Securities Act of 1933 must, at the time of approval...
The SEC just announced that it has adopted final rules that will permit full SEC reporting companies to conduct public offerings utilizing the modern crowdfunding capabilities with Regulation A+. We are still awaiting the details of the new rules, but they will become effective immediately...
Reporting from the Practising Law Institute's Annual Institute on Securities Regulation here in NYC. I was honored to serve on a panel next to Jennifer Zepralka, head of the SEC's Office of Small Business Policy. Jennifer provided a very positive report on Regulation A+. Here...
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...
The SEC Commissioners voted unanimously last month to expand the definition of “smaller reporting company.” This change has been requested as a key recommendation for a number of years at the annual SEC small business conference. Companies with SRC status have somewhat relaxed disclosure and...
The President today signed the Economic Growth, Regulatory Relief and Consumer Protection Act. Most of the bill is centered around easing some Dodd-Frank restrictions as they apply to smaller banks. But buried in Section 508, called "Improving Access to Capital," Congress adopted a major change...