Argus offers Valuation Reports related to Regulation A public stock offerings. Regulation A refers to SEC exemptions and guidelines that help small companies with access to capital. In March 2015, the SEC updated and expanded Regulation A with the establishment of Regulation A guidelines.
Argus Valuation Reports, written by Argus Analysts, leverage Argus' Fundamental Six-Point Investment Approach to provide a robust understanding of a company's operating model, growth strategy, opportunity, industry profile, financial assumptions, valuation, investment case.
The new SEC guidelines create two tiers of securities offerings. Tier 1 consists of public offerings up to $20 million within a 12-month period, with not more than $6 million in offers by selling shareholders, while Tier II consists of public offerings up to $50 million within a 12-month period, with not more than $15 million in offers by selling shareholders. Tier II offerings are also exempt from Blue Sky laws at the state level, which enables companies to take advantage of a coordinated review program developed by NASAA, which should help reduce cost and facilitate faster time to market.
Both tiers are subject to basic requirements including issuer eligibility and disclosure. Tier II companies have a more rigorous set of requirements, including an obligation to file audited financial statements in the offering document. Tier II companies are responsible for filing audited annual financial statements. Tier II Reg A companies must file an annual report on Form 1-K; a semi-annual report on Form 1-SA; and current reports (event-driven) on Form 1-U.
Argus distributes these reports through the News & Media blog on its website, and archives the reports below.
For more information on this service, please contact Director of Business Development Steve Biggar at 212-425-7500.
Argus Regulation A Report 3/11/2016
Argus Regulation A Report 1/25/2016