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...
It has taken almost 20 years, but the SEC has proposed a multi-tiered approach to allowing "finders," who are not registered with broker-dealers, to raise money for private companies without being registered. This is especially important for smaller companies that do not get the attention...
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....
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...
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...
The last few months have witnessed a number of dramatic developments for American companies seeking capital in the fast-growing cannabis industry. In total, these changes portend greater access to funding for these companies. Here is more on these notable deals. (Note: none of the companies...
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...
Last Friday, the Securities and Exchange Commission approved a new Silicon Valley-based national securities exchange, the Long Term Stock Exchange (LTSE), with a unique twist - a focus on earlier stage companies and long term investing. The idea of "venture exchanges" has been around for...
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...