Latest / Inside Securities Law with Frederick M. Lehrer
Regulation A-Plus: What the Mini-IPO Actually Costs You
Regulation A-plus gets described as a mini-IPO. That is fair shorthand, and like most shorthand it leaves out the part that matters.
Here is the structure. Regulation A has two tiers. Tier 1 permits up to twenty million dollars in a twelve-month period. Tier 2 permits up to seventy-five million. You register on Form 1-A, and unlike an S-1, you may test the waters — you can solicit indications of interest before you file, provided those materials are filed with the Commission.
The advantages are real. Tier 2 preempts state Blue Sky registration for sales to qualified purchasers, which removes…
The skinny
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