In December 2013, the Securities and Exchange Commission voted to propose rules updating the framework to the existing Regulation A offering. As mandated by Title IV of the JOBS Act, the SEC’s proposed rules would raise the Reg A offering threshold from $5 million to $50 million in any 12-month period. In its proposal, the SEC created two tiers of Regulation A offerings: Tier 1 for offerings of up to $5 million and Tier 2 for offerings of up to $50 million.
The SEC also took a surprising stance on blue-sky preemption – essentially assuming the position that all investors in a Tier 2 offering are “qualified purchasers”. This would suggest that Tier 2 issuers could offer shares to both accredited as well as unaccredited investors and still be exempt from state blue sky review. Even more unexpectedly, the SEC requested comments on whether Tier 1 should also be pre-empted from all blue sky review.
While the proposed Reg A+ rules certainly represent a game-changer, they are futile without devoted shareholders and flourishing secondary markets. Fortunately, innovative marketing platforms are emerging to help Reg A+ issuers and their underwriters attract a mounting breed of loyal shareholders known as crowd-investors. Additionally, new trading rules are being tested to enhance small cap secondary exchanges. Combined, these initiatives could inspire a new generation of crowdfinanced offerings that would revive the small cap IPO of yesteryear.
Join us on October 21st in New York City where key architects of the JOBS Act: Congressman Patrick McHenry and David Weild IV will join recognized crowdfinance legal and marketing experts to underscore how new Reg A Crowdfinanced Offerings can play a critical role in facilitating capital formation.
430pm to 5pm – Registration / Networking
5pm to 645pm – Presentations and panels. Specific topics covered will include:
- The intent of Title IV and insight into JOBS Act 2.0
- The case for state blue sky preemption
- Structuring Reg A Crowdfinanced Offerings
- Attracting the crowd: Marketing innovations for Reg A+ and other small cap offerings
- Enhancing aftermarket support and fostering a robust secondary market for Reg A offerings
645pm to 830pm – Cocktails and extensive networking
- Congressman Patrick McHenry (R-NC)
- David Weild IV, Chairman of IssuWorks
- Brian Korn, Co-Head of Crowdfunding and P2P at Pepper Hamilton
- Samuel Guzik, Partner of Guzik & Associates
- Louis Taubman, Partner of Hunter Taubman Weiss LLP
- Doug Ellenoff, Partner at Ellenoff Grossman & Schole LLP
- Sara Hanks, Founder of Crowdcheck
- Steven Dresner, CEO of Dealflow
- Gene Massey, CEO of MediaShares
Attendees will be comprised of a very select audience of Wall Street veterans including analysts, underwriters and fund managers as well as issuers and accredited investors.
Special thanks to our sponsors who work tirelessly to drive the industry forward:
Seating is limited and tickets are available on a first-come first-serve basis.