News & Analysis as of September 19, 2024

Startups

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General Solicitation typically refers to the soliciting of investors to purchase securities. Prior to the passage of the JOBS Act in 2012, general solicitation was banned in connection with privately offered unregistered securities. Issuers were only permitted to offer such securities to investors with whom they had a pre-existing substantive relationship. Section 201(a) of the JOBS Act lifted the ban on general solicitation, but only with respect to accredited investors. less -

SEC Changes Rules to Improve Deal Flow for Private Companies and Investors

Sullivan & Worcester on 12/15/2020

In a 3-2 vote held in November 2020, the SEC approved new rules and amendments to existing rules that are intended to harmonize, simplify and improve the private placement regime that start-ups and other issuers, small and...more

SEC Proposes Rule Changes to Pave the Way for Intrastate and Regional Offerings

Morrison & Foerster LLP on 11/6/2015

At the same time the Securities and Exchange Commission (the “SEC”) adopted rules implementing Regulation Crowdfunding pursuant to Title III of the Jumpstart Our Business Startups Act (the “JOBS Act”), the agency proposed...more

Crowdfunding in Texas – When?

Winstead PC on 6/4/2014

The Texas intrastate crowdfunding rules were adopted in April and the Texas Securities Board will consider comments to the rules through the end of June (even though the official deadline for comments is June 8th). The...more

Small Business Securities Bulletin: By Popular Demand - SEC Proposes Crowdfunding Rules

Baker Donelson on 11/13/2013

By way of background, pursuant to Section 5 of the Securities Act of 1933 (Securities Act) and state securities laws, any offer and sale of a security must be registered with the Securities and Exchange Commission (SEC) and...more

SEC Issues Proposed Rules on Crowdfunding Capital Markets

Akin Gump Strauss Hauer & Feld LLP on 10/25/2013

Yesterday, the SEC proposed rules to permit companies to offer and sell securities through crowdfunding, as required by the Jumpstart Our Business Startups Act of 2012. Crowdfunding, which has become popular in recent years...more

SEC to Vote on Crowdfunding Proposal to Ease Investor Verification Requirements

Winstead PC on 10/22/2013

On October 23, 2013, the United States Securities and Exchange Commission (the “SEC”) is expected to vote on a SEC proposal that would ease investor verification requirements under the crowdfunding rule. The crowdfunding...more

Crowdfunding And JOBS Act News Roundup – October 1, 2013

Stinson - Corporate & Securities Law Blog on 10/2/2013

This article talks about how someone “raised $250K in 53 minutes . . . But the server for my site crashed and was exceptionally slow for about 20 minutes … I have no doubt that, for a growth round … I could raise a couple...more

Crowdfunding Not Quite As Open As Recent Reports May Suggest

Gray Reed on 4/3/2013

My friends in the start-up community are excited about recent headlines suggesting the SEC has greenlighted crowdfunding. Leave it to the lawyer in the crowd to suggest they temper their excitement. As lawyers, we are used...more

SEC Says Crowdfunding VC Site Not A Broker-Dealer

Stinson - Corporate & Securities Law Blog on 3/28/2013

Thefundersclub.com operates a really cool website. The publicly available page advertises “The best way to invest in startups. Insider access to pre-vetted startups. Low minimum investment sizes. Free membership. Join...more

JOBS Act Means New Funding Opportunities for Start-Ups and Other Small Businesses

Foley & Lardner LLP on 4/9/2012

On April 5, 2012, President Obama signed the Jumpstart Our Business Startups (JOBS) Act into law. The JOBS Act seeks to reduce securities law burdens on start-ups and small businesses to make capital more accessible. In a...more

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