Some US States don't allow companies without a Broker-Dealer to raise capital. Which are they and how much will we lose?
The so-called "Problem States" are these: Texas, Florida, Washington, New Jersey, Nevada, Arizona and North Dakota. As a group they account for ~20% of the US investing market with Texas (6%) and Florida (4%) in the numbers one and two positions. Of course, all investors from outside the USA are allowed to invest even when you do not have a Broker-Dealer.
Using a Broker-Dealer in a Regulation A+ offering is optional. If you use a national FINRA approved Broker-Dealer, then you automatically are allowed to raise capital from all US States. FINRA sometimes introduces significant delay in getting the Reg A+ Qualified to go live. This schedule uncertainty has caused some companies to avoid using a Broker-Dealer.