Strictly Business

A Business Law Blog for Entrepreneurs, Startups, Venture Capital, and the Private Fund Industry.

IPO Archives

The JOBS Act, a Year Later – Part 7: Titles V and VI and Concluding Thoughts

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This post is the seventh and final in a series examining the impact of the Jumpstart Our Business Startups Act (or JOBS Act) one year after its passage and focuses on Titles V and VI of the law and provides some final concluding thoughts.

Titles V and VI of the JOBS Act are closely related in that they both pertain to when private companies must register their securities under the Securities Exchange Act of 1934. Typically, after a startup has gone through multiple rounds of financing and has provided equity compensation to a large number of employees, it finds itself in a position where the number of shareholders it has triggers the requirement to register its securities and begin periodic public reporting of material information, in effect making it a public company. But this transition is not always desired by the company’s management or controlling shareholders. [Read more…]

The JOBS Act, a Year Later – Part 2.5: The IPO On-Ramp (the Other Side of the Coin)

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Last week, I commented on the IPO On-Ramp provisions of the JOBS Act. Generally, my thoughts are that the IPO On-Ramp has been a modest success. That said, there are those that disagree. Here’s a post by Zachary Seward presenting the other side of the story: The JOBS Act turns one, and let’s be honest, it’s a failure. [Read more…]

The JOBS Act, a Year Later – Part 2: The IPO On-Ramp

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This post is the second in a series examining the impact of the JOBS Act one year after its passage.  The post focuses on the IPO On-Ramp.

In my previous post, I discussed the disappointment experienced by many proponents of loosened securities regulations with implementation of the Jumpstart Our Business Startups Act (or JOBS Act).  While some provisions of the JOBS Act went into effect immediately, implementation of many of the core provisions of the law has been excruciatingly slow while the SEC goes through the rulemaking process.  In this second post, we’ll look at the first set of provisions of the JOBS Act: “the IPO On-Ramp.” [Read more…]

The JOBS Act, a Year Later – Part 1: Introduction

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It’s been almost a year since Congress passed the Jumpstart Our Business Startups Act (or JOBS Act). At the time, the passage of this bill was greeted with significant enthusiasm from the start-up community. Among other things, it provided for a crowdfunding exemption from securities registration requirements and a repeal of the prohibition on general solicitation of investors in connection with certain private offerings. A year later, how do things stand? In this first of a series of posts, I’ll explore how implementation of the JOBS Act has progressed and what we might expect in the future. [Read more…]

U.S. House Votes to Adopt Six Measures Loosening Securities Regulation for Smaller Companies; Provisions Include Crowdfunding and “IPO On Ramp”

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The U.S. House of Representatives voted earlier today (March 8, 2012) to pass the Jumpstart Our Business Startups (JOBS) Act.  The bill is actually a compilation of six separate measures that have been proposed in Congress (and in some instances already passed in the House) which loosen securities restrictions on smaller companies.  Here are brief summaries of each measure: [Read more…]

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