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Rod Turner
Rod Turner is the founder and CEO of Manhattan Street Capital, the #1 Growth Capital service for mature startups and mid-sized companies to raise capital using Regulation A+. Turner has played a key role in building successful companies including Symantec/Norton (SYMC), Ashton Tate, MicroPort, Knowledge Adventure, and more. He is an experienced investor who has built a Venture Capital business (Irvine Ventures) and has made angel and mezzanine investments in companies such as Bloom, Amyris (AMRS), Ask Jeeves, and eASIC.
www.ManhattanStreetCapital.com
Manhattan Street Capital, 5694 Mission Center Rd, Suite 602-468, San Diego, CA 92108.
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A big change in Reg A+, though, as it affects broker-dealers, is that three years ago, two years ago, it was a pain getting into Texas and Florida and a couple of other states, but Texas and Florida in particular.
So, in theory, our clients could file with Texas and Florida as their own broker for their own offering and get permission and do the Reg A+, without having any broker-dealer involvement.
But, it was slow and difficult and time-consuming, and Florida had a... they didn't like Reg A+, and they had a shortage of staff in their securities department.
So, it was a pain. That was the most cost-effective method. Most companies... It to add a broker dealer just to get into Texas and Florida and a few other states that made it difficult where you could still work with them and get through relatively easily.
Lots of people invest from Texas and Florida. So that was the case. And I have on my platform, on my company's platform, we've got FAQs talking about this issue and informing companies about the problem states and how to solve that problem.
Two things, two big things have changed, actually more than two, but the biggest ones are Texas has become much more proactive about stock offerings and stock exchanges.
They're enticing the NASDAQ and the NYSE to open exchanges in Texas. And I presume that's the reason they've made it easier now, where they still require you to file, but you can file immediately.
On the same day you file your Reg A Plus with the SEC, you can file that day and they'll typically get you approved within four weeks in Texas.
So that's become a beautiful, smooth journey. And Florida changed their regulations. Where you no longer need to get their permission and file as your own broker-dealer, you no longer need a broker-dealer to raise money in Florida, so you save an immense amount of money, you don't have to pay the FINRA fee on filing, where that's dependent on how much you're raising, I think it's a 1% fee, you don't have to pay that, you don't have to pay upfront fees to a broker-dealer, you don't have to pay commissions of 2%, 3%, 4% to broker-dealers that aren't raising money for you.
So, it's a part, I'm getting distracted by stuff being posted in the chat section, so now it's much easier to raise money in a REG A+, with no broker-dealer involvement, save the FINRA fee, save the broker fees and commissions.
THIS TEXT TRANSCRIPT HAS ERRORS IN IT THAT WERE CAUSED BY THE SPEECH TO TEXT CONVERSION SOFTWARE WE USED. DO NOT DEPEND ON THE TEXT TO BE ACCURATE. WATCH THE RELEVANT PARTS OF THE VIDEO TO MAKE SURE YOU ARE PROPERLY INFORMED. DO NOT DEPEND ON THIS TEXT TRANSCRIPTION TO BE ACCURATE OR REFLECTIVE OF THE STATEMENTS OR INTENT OF THE PRESENTERS.
