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On Demand Audio

The SEC Reopens the Front Door: An Update on Regulation A+ IPOs

(177 reviews)

Produced on September 15, 2017

Taught by
$ 59 Banking Law and Business, Corporate, & Securities Law In Stock

Course Information

Time 60 minutes
Difficulty Advanced

Course Description

Many are hailing the recent success of IPOs under Regulation A, which was recently amended as required by the Jumpstart Our Business Startups (JOBS) Act, as portending the return of an active IPO market for smaller companies. As reverse mergers, or “back door listings,” have moved mostly out of favor, the SEC has strongly encouraged companies to utilize Regulation A+, as most now call it, to complete a faster, more cost-effective and less burdensome IPO and post-offering reporting process and the ability to add active crowdfunding to the transactions. Well over 30 companies have completed Reg A+ IPOs raising over $300 million, and the first three Reg A+ IPOs to trade on national exchanges were completed in June 2017.

David Feldman, a Partner with Duane Morris in New York, is considered one of the earliest and strongest proponents of Reg A+ and in fact is credited with coining the term “Reg A+” at an SEC conference in 2010. He has worked on a number of Reg A+ deals (including the first to list on a national exchange) and is completing a book on the subject which is expected to be released early next year. In this program, he will provide an overview of Reg A+, including a history of Reg A prior to the JOBS Act, JOBS Act changes, the SEC rules adopted in 2015 to implement the changes, the new scaled disclosure and “light” reporting obligations available under Reg A+, the unique ability of Reg A issuers to “test the waters” with any investor, the differences between a Reg A+ IPO and a traditional Form S-1, and will also review of the first few years since the rules were released and suggestions for further improvement.

Learning Objectives:

  1. Understand the history of Reg A, the JOBS Act, and the evolution of Reg A+ in this landscape
  2. Discuss the new scaled disclosure and “light” reporting obligations under Reg A+
  3. Review current trends and predictions for future developments of Reg A+ in action


David N. Feldman concentrates his practice on corporate and securities law and mergers and acquisitions, as well as general representation of public and private companies, entrepreneursinvestors, and private equity and venture capital firms. Mr. Feldman also advises emerging growth companies with regard to alternatives to traditional financing through initial public offerings. He is also considered an authority on public offerings through the recently implemented SEC Regulation A+. Mr. Feldman also represents investors, social media sites, public and private issuers and applicants for grow and dispensary licenses in the emerging cannabis industry.

Mr. Feldman has authored four books on finance and entrepreneurship, and contributed to three other books. His latest book, Regulation A+ and Other Alternatives to a Traditional IPO (John Wiley & Sons), was published in March 2018. His popular blog at, focusing on entrepreneurship and the regulatory environment, has been recognized by LexisNexis as a Top 25 corporate law blog, and his videos appear on his YouTube channel, The Entrepreneur’s Advocate. He also pens a monthly column on cannabis regulation for Honeysuckle magazine.

Mr. Feldman is a graduate of the University of Pennsylvania Law School, and of the Wharton School of the University of Pennsylvania. He has served as chair of the board of Wharton’s global alumni association. Mr. Feldman discusses his practice in this featured video

Mr. Feldman discusses the Duane Morris Cannabis Industry Group in a video from Cannabrunch 2018.


John S.

A very able presenter with first rate knowledge of the subject.

Michael L.

Excellent presentation.

Linda B.

Succinct presentation. Great.

Leslie F.

It was good

Hubert L.

very clear.

Gilbert B.

This guy was the best lecturer I’ve had so far.

Jennifer C.

Great class - excellent presentation.

Eugene R.


Marc P.

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