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

(91 Ratings)

Produced on: September 15, 2017

Course Format On Demand Audio

Taught by

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Course Description

Time 60 minutes
Difficulty Advanced

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


Faculty

David N. Feldman

Duane Morris LLP

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, entrepreneurs, investors, 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 is also a member of the firm's Cuba Business Group.

Mr. Feldman has authored three books on finance and entrepreneurship, and contributed to three other books. His popular blog at http://www.davidfeldmanblog.com/, 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 writes a column for SmartCEO magazine called “The Uncut Entrepreneur.”

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.  



Reviews

HL
Hubert L.

very clear.

GB
Gilbert B.

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

JC
Jennifer C.

Great class - excellent presentation.

ER
Eugene R.

Good.

MP
Marc P.

Liked it

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