Regulation A+: 기업가가 알아야 할 사항

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+ 이해

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: 최대 $20 million까지 제공

Tier 2: 최대 $50 million까지.

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 A는 5천만 달러까지의 증권 제공 및 판매에 대해 증권법의 등록 요건으로부터 면제를 제공합니다.”

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

기업가를 위한 장점

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+ 성공 사례

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: 2015년에 Elio Motors는 Regulation A+를 활용해 미니-IPO를 진행했으며, $17 million를 성공적으로 조달했습니다. 이 조치는 공공 자금 조달에서 Regulation A+의 효능을 입증했습니다.
• Myomo Inc.: 의료 로봇 기업인 Myomo Inc.는 Regulation A+를 활용해 상장했습니다. 상당한 자금을 조달했으며, Regulation A+가 소규모 기업이 공개 시장에 진입하는 실현 가능한 경로가 될 수 있음을 보여줍니다.
• Chicken Soup for the Soul Entertainment: 이 미디어 기업은 Regulation A+를 효과적으로 활용해 자본을 조달했으며, 전통적인 기술 스타트업 분야를 넘어 규제의 유용성을 보여줍니다.

Regulation A+와 다른 규제 비교

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

Meanwhile, unlike crowdfunding, which often has lower capital limits, Regulation A+ allows for larger fundraising efforts.

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

결론

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.

핵심 요점

• Innovative Funding Path: Regulation A+는 중소기업에게 최대 $50 million까지 조달할 수 있는 대안을 제공하며, 크라우드펀딩과 IPO 사이의 격차를 메웁니다.
• Tier System: 기업가는 Tier 1과 Tier 2의 차이를 이해해야 하며, 각각 고유한 혜택과 의무를 가지고 있습니다.
• Diverse Implementations: Elio Motors, Myomo Inc., Chicken Soup for the Soul Entertainment와 같은 성공 사례는 다양한 산업에서 Regulation A+의 다재다능함과 잠재력을 보여줍니다.
• Compliance and Costs: 상당한 장점을 제공하지만, Regulation A+는 재무 보고 및 지속적인 SEC 요구사항에 대한 철저한 컴플라이언스와 전문 법률·회계 서비스가 필요합니다.
• Comparison with Other Regulations: Regulation A+는 Regulation D, 크라우드펀딩, 전통적인 IPO와 같은 다른 자금 옵션과 비교하여, 기업의 특정 요구와 역량을 고려해 평가해야 합니다.