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...
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...
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...
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...
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...
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,...
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...
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...
The Regulation A+ rules adopted by the SEC in 2015 included scaled reporting obligations to assist in reducing issuers' offering costs as against a traditional IPO. However, if a company is seeking to become a full Securities Exchange Act reporting company, which is required if...
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...