Regulation A+: 起業家が知っておくべきこと

Within the United States, Regulation A+ has become an essential element in the funding landscape for small and medium businesses (SMBs) and entrepreneurs.  This regulatory framework offers a novel pathway for capital formation.  As an amendment to the original Regulation A, it is particularly relevant for businesses exploring alternatives to traditional funding methods such as venture capital or private equity.

Regulation A+の理解

Originating from the JOBS Act of 2012, Regulation A+ allows smaller companies to offer and sell up to $50 million of securities in a 12-month period. This provision, which comes with specific eligibility, disclosure, and reporting requirements, serves as a hybrid between crowdfunding and the traditional Initial Public Offering (IPO) process.  Notably, Regulation A+ is divided into two tiers:

Tier 1: 20百万ドルまでのオファリング向け

Tier 2: 50百万ドルまでのオファリング向け。

The latter requires audited financial statements and ongoing reporting obligations, but offers exemption from state securities law registration and qualification requirements.
A key aspect of Regulation A+ is its focus on streamlined securities offerings. As the regulation states,

“Regulation Aは、5,000万ドルまでの証券のオファーおよび販売に対する証券法の登録要件からの免除を提供します。”

This highlights the intent of Regulation A+ to simplify the capital-raising process for smaller businesses.

起業家へのメリット

The result of streamlined capital formation process for entrepreneurs and SMBs are various benefits.  These include not only access to significant capital without the complexities of a full IPO, but also increased public exposure and the ability to attract a diverse investor base including non-accredited investors.
With that being said, those raising capital under Regulation A+ must be prepared for the financial reporting and ongoing reporting requirements, particularly if they fall under Tier 2. Additionally, the costs associated with legal and accounting services for compliance can be substantial.

Regulation A+の成功事例

To date, there have been scores of successful examples of SMBs leveraging Regulation A+ in an attempt to raise capital.  The following are a few examples of these.

• Elio Motors: 2015年、Elio MotorsはRegulation A+をミニIPOに利用し、1,700万ドルの調達に成功しました。この取り組みは、Regulation A+が公共の資金調達において有効であることを示しました。
• Myomo Inc. (MYO ) : 医療ロボティクス企業のMyomo Inc.はRegulation A+を活用して上場しました。大規模な資金を調達し、Regulation A+が小規模企業にとって上場への実行可能な道筋となり得ることを示しました。
• Chicken Soup for the Soul Entertainment: このメディア企業はRegulation A+を効果的に活用して資金を調達し、規制が従来のテックスタートアップ領域を超えて有用であることを示しました。

Regulation A+と他の規制との比較

Regulation A+ stands in contrast to other funding regulations like Regulation D, which is typically used for private placements.

一方、資金上限が低いことが多いクラウドファンディングとは異なり、Regulation A+はより大規模な資金調達を可能にします。

Compared to traditional IPOs, Regulation A+ is a more streamlined and cost-effective approach for smaller companies.

結論

Depending on the goals of an entrepreneur or SMB, Regulation A+ may represent a significant opportunity to access capital markets with a lower barrier to entry.  However, it requires a careful consideration of compliance requirements and associated costs.
The decision to utilize Regulation A+ should be made with a clear understanding of the company’s financial and strategic position.

重要ポイント

• 革新的な資金調達パス: Regulation A+は中小企業に対し、最大5,000万ドルを調達できる代替ルートを提供し、クラウドファンディングとIPOの間のギャップを埋めます。
• ティアシステム: 起業家はTier 1とTier 2の違いを理解する必要があり、それぞれに独自のメリットと義務があります。
• 多様な実装例: Elio Motors、Myomo Inc.、Chicken Soup for the Soul Entertainmentといった成功事例は、さまざまな業界でRegulation A+の汎用性と可能性を示しています。
• コンプライアンスとコスト: 大きな利点を提供する一方で、Regulation A+は財務報告や継続的なSEC要件への厳格なコンプライアンス、さらに専門的な法務・会計サービスの必要性を求めます。
• 他の規制との比較: Regulation A+は、Regulation D、クラウドファンディング、従来のIPOなど他の資金調達オプションと比較検討し、事業の具体的なニーズと能力を考慮すべきです。