SEC Tips and the Dodd Frank Act l Ask Securities Lawyer 101
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Securities Lawyer 101 Blog
The Securities and Exchange Commission (“SEC”) frequently receives tips from whistlblowers. SEC tips from whistleblowers are provided in a variety of ways. The SEC tips are primarily received through the SEC’s online TCR form located at http://www.sec.gov/complaint.shtml or through direct contact with employees and staff at the SEC’s offices.
Upon receipt of what’s called a Form TCR, SEC tips are reviewed by the SEC’s staff for reliability, detail and potential violations of the federal securities laws. Read More
Filing Requirements for Publicly Traded Companies-Go Public
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An issuer with a class of securities registered under Section 12 or subject to Section 15(d) of the Securities Exchange Act of 1934 must file periodic reports with the Securities and Exchange Commission pursuant to Section 13(a) and Section 15(d). The SEC requires a review of an issuer’s periodic reports at least once every three years and may review an issuer’s reports more often if it files a registration statement under the Securities Act, as a part of a review of the registration statement. Read More
What Are Form D’s Requirements? Going Public Lawyers
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The most common exemptions used by companies to sell stock prior to going public are those promulgated under Section 4(2) of the Securities Act and Regulation D of the Securities Act. Many issuers who go public do not realize that a filing with the Securities and Exchange Commission (“SEC”) is required. While failure to file a Form D will not necessarily disqualify an issuer from relying upon Regulation D, the failure to file can increase the probability of comments to the issuer’s S-1 registration statement or Form 211.
A Form D filing is required by most states in order to comply with their own exemptions from registration. As such, any company conducting a Regulation D offering should consult with a securities attorney prior to accepting investor funds.
What Is a Form D?
Form D is a notice of an exempt offering of securities in reliance upon Regulation D (or Section 4(6) of the Securities Act).
What Does a Form D Require?
Form D requires specific information about the issuer and the offering it is conducting. The required information includes (i) the issuer’s identity, (ii) its principal place of business and contact information, (iii) state of domicile (iv) the names and addresses of its executive officers and directors, (v) the specific exemption claimed under the Securities Act, and (v) the identity and contact information of any broker-dealer, finder or other person receiving any commission or other similar compensation relating to the sale of securities in the offering.
Where Do I File the Form D?
The completed Form D must be filed with (i) the Securities and Exchange Commission (the “SEC”) if the issuer is relying on Rule 506 of Regulation D. Additionally, state blue sky laws may require the filing of the Form D along with a filing fee.
How Do I File the Form D with the SEC?
The SEC requires the electronic filing of Forms D through the SEC’s Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”). To use EDGAR, the issuer must have its own filer identification number (called a “Central Index Key” or “CIK” number) and a set of access codes.
An issuer obtains a CIK number and EDGAR access codes by submitting basic information to the SEC online at its Filer Management page along with a copy of a notarized paper document containing the same information found on the Form D. The paper document is called an “authenticating document,” which can be submitted either (i) by scanning and uploading it to the online submission in PDF format or (ii) by faxing it to the SEC at (202) 504-2474 or (703) 914-4240.
There is currently no electronic filing with the States and where required, the issuer must file the Form D with an applicable State securities commission in hard copy.
When Must the Form D be Filed?
The Form D must be filed with the SEC no later than 15 calendar days after the “date of first sale” of securities sold based on a claim of exemption under Rule 504, 505 or 506 of Regulation D or Section 4(6) of the Securities Act. For this purpose, the “date of first sale” is the “date on which the first purchaser is irrevocably contractually committed to purchase the securities.” If the date on which the Form D is required to be filed falls on a Saturday, Sunday or holiday, the applicable due date is the first business day following.
Is the Information in a Form D Publicly Available?
Yes, all Forms D filed through EDGAR will be available for public viewing in an interactive and searchable format on the SEC’s website immediately upon filing.
Does the Form D Have To Be Amended?
The Form D must be amended (i) to correct a material mistake of disclosure, as soon as practicable after the discovery of the mistake; (ii) to reflect a change in certain reported information (including any change in the issuer’s directors or officers), as soon as practicable after the change; or (iii) “annually, on or before the first anniversary of the most recent previously filed notice, if the offering is continuing at that time.”
The Form D need not be amended to reflect a change that occurs after the offering terminates. Moreover, certain changes in reported information are deemed not to trigger an amendment, including (i) changes in the issuer’s revenues or aggregate net asset value; (ii) changes in the amount of securities sold in the offering (or the amount remaining to be sold); or (iii) changes in the total number of investors who have participated in the offering.
For further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956, by email at [email protected] or visit www.securitieslawyer101.com. This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal advice on any specific matter, nor does this message create an attorney-client relationship. Please note that the prior results discussed herein do not guarantee similar outcomes.
Hamilton & Associates | Securities Lawyers
Brenda Hamilton, Securities Attorney
101 Plaza Real South, Suite 202 North
Boca Raton, Florida 33432
Telephone: (561) 416-8956
Facsimile: (561) 416-2855
www.SecuritiesLawyer101.com
Rule 504 Q & A l Securities Lawyer 101
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What Is Rule 504?
Rule 504 of Regulation D is an exemption from the registration requirements of the Securities Act of 1933, as amended (the “1933 Act”) for certain companies when they offer and sell securities.
How Much Money Can I Raise From Investors In A 504 Offering?
The aggregate amount raised for an offering of securities under Rule 504 cannot exceed $1,000,000, less the aggregate offering price for all securities sold within the twelve months before the start of and during the offering of securities under this Rule 504, in reliance on any exemption under section 3(b), or in violation of section 5(a) of the Securities Act. The issuer can, however, issue as much stock as he likes for that $1 million: 10 shares or 10 billion; it makes no difference. Read More
SEC Registration & the Emerging Growth Company
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The JOBS Act makes it easier for issuers who qualify as an emerging growth company to go public direct by exempting them from certain federal securities regulations, by reducing certain SEC reporting requirements. The JOBS Act creates a new category of “emerging growth company” which is defined as a company with annual gross revenues of less than $1 billion during its most recently fiscal year.
The SEC Issues Alert For Reverse Mergers
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On June 9, 2011, the Securities and Exchange Commission (the “SEC”) issued an Investor Bulletin (the “Bulletin”) cautioning the public about risks associated with issuers that enter U.S. markets through reverse mergers with public shell companies.
In the news release announcing the Bulletin, Lori J. Schock, the Director of the SEC’s Office of Investor Education and Advocacy was quoted as saying, “Given the potential risks, Read More
The Securities Exchange Act of 1934 – Securities Lawyers 101
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The Securities Exchange Act of 1934 (the “Exchange Act”) grants broad authority to the Securities and Exchange Commission (“SEC”) to oversee the securities industry. The SEC’s authority includes the power to register, regulate, and overseebrokerage firms, transfer agents, and clearing agencies; as well as securities self regulatory organizations (SROs), including the Financial Industry Regulatory Authority (“FINRA”). Read More
Securities Lawyers Gone Wild l Cameron Linton
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On September 14, 2012, the Securities and Exchange (SEC) announced today that the United States District Court for the Middle District of Florida entered final judgments against Christel S. Scucci (“Scucci”), her mother Karen S. Beach (“Beach”), their companies Protégé Enterprises, LLC (“Protégé”) and Capital Edge Enterprises, LLC (“Capital Edge”), and their attorney Cameron Linton, Esq. (“Linton”). According to the SEC Charges, Linton was involved in a scheme to unlawfully acquire and sell shares of penny stock that were never registered for sale to the public, in violation of Section 5 of the Securities Act of 1933 (“Securities Act”).
FINRA Rule 6490 – Going Public Attorneys
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Significant changes to FINRA Rule 6490 were enacted in September 2010. Though FINRA’s principal mandate is to regulate broker-dealers, historically it has always exercised some oversight of the over-the-counter markets. Part of that oversight involves processing corporate action requests from issuers of equity and debt securities not listed on national securities exchanges. In the past, these requests were always granted, even when inappropriate or submitted late. These changes to Rule 6490 have put an end to that: a nominal fee is charged for all requests, and issuers who are later to notify will be fined. In certain specific circumstances processing of notices under Rule 6490 may be denied altogether.
The actions of which FINRA must be notified are: name changes, forward stock splits, reverse stock splits, distributions of cash or securities, reinstatement of dormant public shell companies, spin-offs and other actions, and rights and subscription offerings. In the text of the new rule, FINRA notes that the SEC is concerned that “certain parties” may attempt to use corporate action requests to further fraudulent activities.
Issuers that file timely notice of a corporate action pursuant to Rule 6490 pay a fee of $200. Filing late can, however, have considerable impact on small issuers, resulting in a fee of up to $5,000 for a notification after an effective date. Read More
Are Rule 504 Shares Free Trading? Securities Lawyer 101
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Rule 504 (“Rule 504”) of Regulation D of the Securities Act of 1933, as amended (the “Securities Act”) provides an exemption from the registration requirements of the federal securities laws which allows issuers to offer and sell up to $1,000,000 of their securities in any 12-month period. Rule 504 is frequently misused to create illegal free trading shares.
As discussed below, fraudsters attempt to make an “end run” around Rule 504 requirements by improperly relying upon state statutes in Delaware, Wyoming, New York and Texas which have been the subject of various SEC enforcement actions. The abuses surrounding Rule 504 are so widespread that the SEC has brought numerous enforcement actions against attorneys rendering legal opinions. Read More
SEC Proposes New Rules Regarding General Solicitation and Advertising in Rule 506 Offerings
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On August 12, 2012, the SEC proposed amendments to Rule 506 of Regulation D of the Securities Act of 1933, as amended (“Regulation D”) that would allow issuers to use general solicitation and advertising in certain private securities offerings. The proposals were mandated by the JOBS Act, and will allow the use of general solicitation and advertising in offerings made pursuant to Rule 506, as long as all purchasers of securities in the offering are accredited investors as defined in Rule 501(a) of Regulation D of the Securities Act.About Rule 506 Offerings. Read More
Regulation FD and Social Media l Securities Lawyer 101 l Blog
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On May of 2012, Francesca’s Holdings Corporation announced the termination of its Chief Financial Officer after an internal investigation concluded he had improperly communicated non-public company information over Twitter, which included a tweet that said “Board meeting. Good numbers = Happy Board” during the quiet period prior to the company’s contemplated earnings release.
What Causes a DTC Chill? Going Public Lawyers
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The Depository Trust and Clearing Corporation (“DTCC”), through its subsidiaries, provides clearing, settlement and information services for securities. DTCC’s subsidiary, the Depository Trust Company (“DTC”) was created to improve efficiencies and reduce risk in the clearance and settlement of securities transactions. Not all securities are eligible to be settled through DTC and issuers must satisfy the criteria set by DTCC to be settled through DTC. All public companies- SEC reporters and non-reporters alike- are subject to these rules. Once they qualify, they must continue to meet DTC standards in order to maintain eligibility. Read More
What Is a Transfer Agent ? Going Public Lawyers
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A shareholder of any company can own securities and transfer the ownership of those securities. Their ownership is reflected on the issuer’s shareholder list. A transfer agent’s role is to issue and cancel certificates to reflect changes in ownership of securities and to act as an intermediary for the company. A registrar’s job is to maintain the issuer’s register for each issuance, transfer or cancellation. A registrar records the name, address and tax identification or social security number of each individual and entity holder. Typically the transfer agent and registrar are the same entity. Read More
Securities Attorney Kelly Rogers Indicted for Role in Oil and Gas Scam
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Securities Lawyers Gone Wild Series
In May 2012, Kelly Rogers, a Texas attorney specializing in oil and gas, was indicted by the state for stealing $2.8 million from people he persuaded to invest in a company called Falcon Energy. He was charged with money laundering, theft of property, and securities fraud. This was not Kelly Rogers’ first rodeo. He was earlier sued for fraud in connection with a Louisiana gas and oil scam; in 2007 he was sanctioned by the SEC for his role in a Ponzi scheme involving high-yield bank debentures that would supposedly yield 25% a month interest. At that time, Rogers was a managing member of a company called Level Par Investments, which was also a target of the SEC enforcement action. Ironically, his fellow managers forced him to resign for stealing money from them as well as from investors. Read More
SEC Trading Suspensions 101 l Securities Lawyer 101
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Over a year ago, the Securities and Exchange Commission (“SEC”) in an initiative known as Operation Shell-Expel, the Securities and Exchange Commission (“SEC”) suspended the trading in 379 shell companies in an effort to prevent the companies from being hijacked by fraudsters and used in reverse mergers scams. Over the last few weeks, the SEC has suspended an additional 75 issuers. The trading suspensions sent brief shock waves through reverse merger Pennyland. Read More
Using Form S-1 and F-1 Registration Statements When Going Public
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Using a Registration Statement to Go Public: Form S-1 and Form F-1 Explained
Securities Law | Nasdaq | NYSE | OTC Markets Listings & Compliance
Introduction – How a Registration Statement Works When Going Public
Private companies seeking to access the U.S. capital markets often do so by filing a registration statement under the Securities Act of 1933, as amended (the “Securities Act”). The registration statement is the foundation of every public offering and provides investors with critical disclosures about the company’s business, management, risk factors, financial condition, and the securities being sold.
The U.S. Securities and Exchange Commission (SEC) reviews registration statements to ensure compliance with federal disclosure standards. The SEC’s review focuses on the adequacy and accuracy of the disclosures—not the quality of the company’s business, operations, or prospects. Once the SEC declares the registration statement effective, the securities may be offered and sold to the public.
Understanding Form S-1 and Form F-1 Registration Statements
Form S-1 – Domestic Issuers
Form S-1 is the most common registration statement used by U.S. domestic issuers that are “going public.” It may be used for both:
- Initial Public Offerings (IPOs) – when securities are sold to the public for the first time; and
- Direct Public Offerings (DPOs) – when the company sells shares directly to investors without an underwriter.
Key features of a Form S-1 include comprehensive disclosure about the issuer’s business operations, management, and financial condition;
Audited financial statements prepared by a PCAOB-registered auditor;
- Risk factors, plan of distribution, use of proceeds, and related-party transactions; and
- Detailed descriptions of the securities offered.
Form S-1 may also be used for resale registration statements, where the company registers shares previously sold in a private placement (e.g., a Regulation D offering) so that selling shareholders can resell those securities to the public.
Form F-1 – Foreign Private Issuers
Foreign companies that qualify as foreign private issuers (FPIs) under SEC rules generally use Form F-1 instead of Form S-1. The structure and purpose are similar, but Form F-1 accommodates foreign accounting standards, home-country governance practices, and disclosure conventions.
Key distinctions include:
- Financial statements may be prepared in accordance with IFRS as issued by the IASB (rather than U.S. GAAP);
- Fewer executive-compensation disclosures than Form S-1;
- Annual reporting on Form 20-F instead of Form 10-K; and
- Flexible timelines for interim filings.
Foreign issuers commonly use Form F-1 when seeking to list American Depositary Shares (ADSs) on the Nasdaq or NYSE, or when conducting cross-border offerings into the U.S.
SEC Review and Comment Process
After submission via the SEC’s EDGAR system, the Division of Corporation Finance typically issues comment letters addressing deficiencies, inconsistencies, or requests for clarification.
The company’s securities counsel must respond comprehensively and often amend the registration statement several times before the SEC issues a Notice of Effectiveness. This iterative process ensures that all required disclosures under the Securities Act and Regulation S-K are complete and accurate.
Going Public Options: IPO, DPO, and Selling Shareholder Registrations
1. Initial Public Offering (IPO)
In an IPO, a registered underwriter or broker-dealer sells securities to the public—typically for companies seeking a national exchange listing such as Nasdaq or the New York Stock Exchange (NYSE). Exchange-listed companies must meet strict corporate-governance, financial, and shareholder-distribution standards.
2. Direct Public Offering (DPO)
A DPO allows the company to sell shares directly to investors without using an underwriter. This approach is often used by smaller or emerging growth companies that do not yet meet Nasdaq or NYSE listing thresholds but wish to achieve public-company status and create liquidity for shareholders.
3. Selling Shareholder Offering
A company may also file a registration statement to permit existing shareholders to resell shares previously issued in private placements. These filings help establish public float and improve trading liquidity, especially for OTC Markets issuers.
After Effectiveness: Exchange and Market Listings
Once the SEC declares the registration statement effective, the issuer must determine where its securities will trade:
Nasdaq and NYSE Listings
Companies meeting the quantitative and qualitative requirements of Nasdaq (Global Select, Global, or Capital Market tiers) or the NYSE may apply for a national exchange listing. These exchanges require:
- Minimum share price and market-capitalization thresholds;
- At least 300 to 400 round-lot shareholders;
- Independent boards, audit committees, and internal-control systems; and
- Compliance with SEC and exchange-specific corporate-governance rules.
Exchange-listed companies are subject to Regulation FD, proxy disclosure obligations, and continuing listing standards to maintain investor confidence and market integrity.
OTC Markets Quotation
Companies that do not yet qualify for an exchange may seek quotation on one of the OTC Markets Group tiers: OTCQX, OTCQB, or the OTC Expert Market.
To obtain an OTC quotation, a sponsoring market maker must file a Form 211 with FINRA under SEC Rule 15c2-11. FINRA reviews corporate disclosures, financial statements, and due-diligence materials before assigning a trading symbol.
This process is critical for creating secondary-market liquidity for investors and enabling public price discovery.
Ongoing Reporting Obligations Under the Exchange Act
After effectiveness, the company becomes subject to the reporting requirements of the Securities Exchange Act of 1934, including:
- Form 10-K or 20-F (annual reports) – audited financial statements by PCAOB-registered auditors;
- Form 10-Q (quarterly reports) – interim financials reviewed by PCAOB auditors; and
- Form 8-K (current reports) – for material events such as mergers, control changes, or director resignations.
Timely filings are essential to maintain good standing with the SEC, FINRA, and any listing venue. Late filings may trigger trading suspensions, delisting, or enforcement actions.
Securities Lawyer’s Role in Registration and Compliance
Navigating SEC registration and exchange compliance is complex. Experienced securities counsel assists with:
- Drafting and filing Form S-1 or Form F-1 registration statements;
- Coordinating with auditors, underwriters, and transfer agents;
- Managing SEC and FINRA comment responses;
- Advising on Nasdaq, NYSE, and OTC Markets listing standards; and
- Ensuring ongoing Exchange Act compliance and Rule 144 resales.
Brenda Hamilton, Securities Attorney, and Hamilton & Associates Law Group, P.A. have guided domestic and foreign issuers through SEC registration, reporting compliance, and listings across all U.S. markets.
Conclusion: Choosing the Right Path to the Public Markets
Using a registration statement—on Form S-1 for U.S. companies or Form F-1 for foreign issuers—is a crucial step toward becoming a publicly traded company. Whether targeting a Nasdaq or NYSE listing or an OTC Markets quotation, success depends on transparency, regulatory compliance, and strategic planning.
Properly executed, the registration process can expand access to capital, enhance corporate visibility, and provide liquidity for investors.
Contact Information
Hamilton & Associates Law Group, P.A.
Brenda Hamilton, Securities Attorney
101 Plaza Real South, Suite 202 North
Boca Raton, Florida 33432
Telephone: (561) 416-8956
Facsimile: (561) 416-2855
Email: [email protected]
Website: www.SecuritiesLawyer101.com
This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group, P.A. It should not be construed as legal advice. Prior results do not guarantee similar outcomes. Reading this post does not create an attorney-client relationship.
For further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956, by email at [email protected] or visit www.securitieslawyer101.com. This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal and compliance advice on any specific matter, nor does this message create an attorney-client relationship. Please note that the prior results discussed herein do not guarantee similar outcomes.
Hamilton & Associates | Securities Lawyers
Brenda Hamilton, Securities Attorney
200 E. Palmetto Park Rd, Suite 103
Boca Raton, Florida 33432
Telephone: (561) 416-8956
Facsimile: (561) 416-2855
www.SecuritiesLawyer101.com
What Is a Form 144 Notice Of Sales? Rule 144 Requirements
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Rule 144 requires that a “Notice of Sale” on Form 144 be filed by any person for whose account the securities are being sold if the person is an affiliate at the time of sale, or was an affiliate during the 90 days preceding the sale, and is selling more than 5,000 shares or the shares being sold have an aggregate sale price of more than $50,000.
Public Availability of the Form 144 Notice Filing
Form 144 is publicly available upon filing through the SEC’s EDGAR database. Read More
SEC Registration Statements In Going Public Transactions
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Going public is a big step for any company. The process of “going public” is complex and at times precarious. While going public offers many benefits it also comes with risks and quantities of regulations with which issuers must become familiar. Despite the risks even in a down economy, the U.S. markets remain an attractive source of capital for both domestic and foreign issuers.
Going public is a complicated & intricate procedure, and it is important to have an experienced securities attorney to help your company navigate through the process and deal with the Securities & Exchange Commission the (“SEC”), Financial Regulatory Authority (“FINRA”) & Depository Trust Company (“DTC”). Read More
The Regulation D Exemption l Rule 506 l Going Public Lawyers
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To offer and sell securities in the United States, an issuer must comply with the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), or must offer and sell the securities pursuant to an exemption from the registration statement requirements. A commonly used private offering exemption is Rule 506 of Regulation D. Rule 506 is a non-exclusive “safe harbor” for the statutory exemption provided by Section 4(2) of the Securities Act. The Rule 506 exemption is often used by issuers who engage in go public direct transactions and conduct underwritten and direct public offerings. Read More
What Is The Section 4(1) Exemption? Securities Lawyer 101
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Rule 144 (“SEC Rule 144”) under the Securities Act of 1933 (“Securities Act”) provides a safe harbor from the registration provisions of the Securities Act for resales of restricted and control securities by persons other than the issuer if all conditions of the rule are complied with. Section 4(1) of the Securities Act provides an exemption for a transaction “by a person other than an issuer, underwriter, or dealer.”
If the requirements of Rule 144 are met, the seller will not be deemed an underwriter and will be entitled to rely upon the safe harbor of Rule 144 to resell their securities.
Section 4(1) is often referred to as the “ordinary trading” exemption. The main obstacle to the use of Section 4(1) is whether the seller is an underwriter under Section 2(11) of the Securities Act and whether the resale involves a distribution of securities.
Restricted Securities Read More
Filing and Amending Form D under Regulation D
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Form D is used to file a notice of an exempt offering of securities with the Securities and Exchange Commission (“SEC”) for offerings made under Rule 504, 505 or 506 of Regulation D. Federal securities laws require that a Form D be filed with the SEC within 15 days after the first sale of securities in the offering. In addition to filing the Form D with the SEC, issuers must comply with state law filing requirements. Most states require issuers to file a Form D or comparable form with their state securities commission.
Form D and Form D amendments must be filed with the SEC online using EDGAR (electronic gathering, analysis and retrieval) system. In order to do so, the issuer must obtain its own filer identification number (called a “Central Index Key” or “CIK” number) and access codes. Read More
What is a Form S-8 Registration Statement?
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Registration of securities on Form S-8 (“Form S-8”) is a short-form registration statement under the Securities Act of 1933, as amended (the “Securities Act”), providing significant benefits to small issuers. Form S-8 is available to register securities offered to employees and consultants under benefit plans under limited circumstances. Because a registration statement on Form S-8 is effective upon filing it offers benefits to SEC reporting companies, most significantly that an S-8 registration statement becomes effective upon filing and the shares registered may be issued without a restrictive legend. Read More
How FINRA Rule 6490 Impacts Reverse Mergers
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FINRA Rule 6490, recently enacted in September 2010, requires issuers of securities not listed on exchanges to provide timely notice to FINRA of certain corporate actions including reverse mergers. Rule 6490 corporate actions include name changes, forward stock splits, reverse stock splits, distributions of cash or securities such as dividends, stock splits and other actions, and rights and subscription offerings.
Rule 6490 codifies Rule 10b-17 of the Securities Exchange Act. The new rule will impact both SEC reporting and non-reporting issuers if they enact corporate changes including issuers who go public direct and conduct underwritten or direct public offerings and those who pursue reverse mergers with public shells. Complying with this criteria is often an unexpected legal and compliance cost for many issuers not familiar with the rule. This is particularly true for issuers who engage in reverse mergers with public shells. Read More
