2020 saw a significant increase in business participation, and crowd investor participation in Regulation A.
- SEC Division of Economic and Risk Analysis (DERA) 2020 Regulation A summary information:
- 623 Billion capital raise sought across 354 issuers
- Average of $18.7 million
- SEC examination of capital formation in the Regulation A market since the 2015 amendments, capital raised and the number of issuances and amounts sought, as of December 31, 2019 were reported as follows across the previous 4 years:
- $2.446 billion reported raised by 183 issuers in ongoing and closed offerings
- average of $13.4 million
- $9.095 billion sought across 382 qualified offerings
- average of $23.8 million
- $11.170 billion sought across 487 filed offerings
- average of $22.9 million
- excluding withdrawn and abandoned offerings
Sources:
- SEC EDGAR/ DERA Data Q4-2020
- SEC Report to the Commission: Regulation A Lookback Study and Offering Limit Review Analysis, Mar-4-2020.
- Tables from SEC Office of the Advocate for Small Business Capital Formation (OASB)Annual Report; tables excerpted.