Drei Experten, drei Antworten: Wie man mit widersprüchlichen Empfehlungen zu Reg A+ umgeht
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Schnelle Antwort
When three experts give you three different answers on a Regulation A+ question, there is more work to do. I dig deeper rather than treating any one answer as the verdict. Even advice that every advisor agrees on can fall behind as SEC practice evolves.
Founders and CFOs assembling an advisory team can run into conflicting guidance from securities attorneys. This article describes how I think about that situation. It is a decision process, not a legal conclusion.
What Conflicting Reg A+ Legal Advice Tells You
When you speak to three experts and you get three different answers, you have more work to do. In my experience, that happens often with securities attorneys. I have been in many situations where the advice I received was contradictory, and I have had to dig deeper.
I treat that kind of disagreement as information that the question needs more work. I do not treat it as a verdict. For context, Reg D, Reg A+, and Reg S each have nuances, and in my experience Reg A+ has the most.
Weighing conflicting advice on your Reg A+ raise? Talk to an MSC strategist.
A Case Where Long-Standing Advice Changed
Companies sometimes run a Reg D offering alongside a Reg A+ offering, or use bonus shares, to give large investors advantageous terms so that institutional investors will participate.
For many years, the best securities attorneys told me the same thing whenever a company wanted to run both offerings at the same time. If the company is selling the same security in both, they said, it should have the same share price. The SEC would not allow even the smallest share price differential
Then I saw an instance where a company ran both Reg D and Reg A+ offerings with deep discounts available for Reg D investors that invested huge amounts of capital. In the Reg A+ offering, discounts are delivered via bonus shares, which work as an effective discount - the max discount the SEC allows by this method is 20%. An institutional investor putting in millions of dollars demands a much lower share price than an investor putting in $300.
SEC practice has evolved to allow companies to follow that model of discounting for institutional investors via the Reg D. This is now common practice. Not everyone knows this.
What Evolving SEC Practice Means for Advice
The advice in that case came from the best securities attorneys, and it still fell out of step with SEC practice. SEC practices evolve.
Häufig gestellte Fragen
What does it mean when securities attorneys give different answers on Reg A+?
When I get conflicting answers from securities attorneys, I treat it as a sign that there is more work to do, and I dig deeper before making a recommendation to my customer CEO.
Why can Reg A+ advice conflict?
SEC practices can evolve, and there have been situations where long-standing advice no longer matched up-to-date practice. Some attorneys were up to date, some were not.
Fragen?
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Über den Autor
Gründer und CEO, Manhattan Street Capital
Rod Turner ist Gründer und CEO von Manhattan Street Capital, wo er die Plattform entwickelte, die Wachstumsunternehmen für die Online-Abwicklung von Regulation A+ Finanzierungsrunden nutzen.
Zuvor war er am Aufbau von Symantec/Norton, Ashton Tate, MicroPort und Knowledge Adventure beteiligt und gründete die Risikokapitalgesellschaft Irvine Ventures, die unter anderem in Unternehmen wie Bloom, Amyris, Ask Jeeves und eASIC investierte.
Die Kommentare auf dieser Seite spiegeln Rods Beobachtungen darüber wider, was im Online-Kapitalbeschaffungsmarketing tendenziell funktioniert. Es handelt sich nicht um Rechts-, Steuer- oder Anlageberatung.
Manhattan Street Capital ist keine Anwaltskanzlei, kein Bewertungsdienst, kein Emissionshaus, kein Broker-Dealer und keine Crowdfunding-Plattform gemäß Title III und übt keine Tätigkeiten aus, die eine solche Registrierung erfordern. Manhattan Street Capital bietet keine Anlageberatung an und strukturiert keine Transaktionen. Kommentare von Mitarbeitern von Manhattan Street Capital ersetzen keine Beratung durch qualifizierte Dienstleister in diesen Bereichen. Rod Turners Kommentare basieren auf seinen Beobachtungen zu erfolgreichen und weniger erfolgreichen Marketingstrategien im Online-Bereich. Er gibt keine Handlungsanweisungen, sondern lediglich Hinweise darauf, was sich am kosteneffektivsten online vermarkten lässt. Alle Entscheidungen über die Konditionen eines Angebots werden von den jeweiligen Anbietern getroffen.
