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.
AGENDA
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
THE SPEAKERS
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
THE ATTENDEES
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.
Book Recommendation:
“Dresner leads the crowdfunding revolution with this comprehensive book to help understand how to raise money or invest money on the Internet. Dive in and learn to run with the crowds!” —Tim Draper, Founding Partner, Draper Fisher Jurvetson
“If you’re a company looking to raise money or if you’re an investor, crowdfunding can be a powerful force. Steven is helping to explain how you can benefit from the disruptive power of crowdfunding.” —Ryan Caldbeck, CEO, CircleUp
“This book is an informative collection of stories from finance leaders and a colorful read for those who wish to better understand the dynamic universe of crowdfunding.” —Congressman Patrick McHenry
“Written by some of the leading crowdfunding experts, this book is sure to be an indispensable resource for entrepreneurs.” —Amy Cortese, author, Locavesting
