Exchange Act Reporting Companies
53 Milken Institute Letter.
54 Letter from E. Cartier Esham, Executive Vice President, Emerging Companies, Biotechnology Industry Organization (BIO), March 11, 2014 (“BIO Letter”); IPA Letter; Letter from Tom Quaadman, Vice President, Center for Capital Markets Competitiveness, U.S. Chamber of Commerce, March 24, 2014 (“U.S. Chamber of Commerce Letter”).
55 BIO Letter; U.S. Chamber of Commerce Letter.
56 IPA Letter.
57 BIO Letter.
A number of commenters supported allowing Exchange Act reporting companies to conduct offerings under Regulation A.58 Several of these commenters recommended allowing Exchange Act reporting companies that are current in their reporting obligations to conduct Tier 2 offerings,59 with one commenter limiting its recommendation to companies with a non-affiliate float of less than $250 million.60 Three commenters further suggested that, if Exchange Act reporting companies are permitted to conduct
offerings pursuant to Regulation A, Exchange Act reporting should satisfy any Regulation A reporting obligation.61 One such commenter further suggested that Exchange Act reporting companies should be required to be current in their Exchange Act reporting obligations in order to be eligible to rely on the exemption, in a manner that is consistent with Regulation A as it existed before 1992.62