Regulation A

Tier 1

  • General solicitation allowed
  • Raise up to $20 million
    in any 12-month period, including no more than $6 million on behalf of selling securityholders that are affiliates of the issuer
  • Requires qualification by SEC and state securities regulators

Tier 2

  • General solicitation allowed
  • Raise up to $75 million
    in any 12-month period, including no more than $22.5 million on behalf of selling securityholders that are affiliates of the issuer
  • Requires qualification by SEC only (not state)
  • Investors must be accredited, or are limited to to no more than 10% of annual income or net worth
  • Additional reporting required (annual and semi-annual)
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