CHAPTER 5Offering Statement and Light Reporting Preparation; Testing the Waters
Now you are ready. The JOBS Act and SEC rules are written and finalized and the state lawsuit was dismissed. To get the job done, however, you have to understand the new rules and how they work.
For those who are not as excited about learning all the nuances of the new rules, there is good news. If your company is planning to be a full reporting company following the IPO and not planning on utilizing light reporting, you already know most of what you need to do if you have experience working with traditional IPOs and public companies.
That is because the only way to become full reporting upon your Reg A+ IPO is to include full Form S‐1 level disclosure in your Offering Statement. If you have worked on S‐1s, just follow the same rules you always have. Once you are public and fully reporting, you operate the same as all other companies that choose full reporting either because it is a requirement of an exchange or by choice to please analysts or other investors. Thus, for Reg A+ issuers planning exchange listings, your transaction and post‐IPO reporting can work nearly identically to a traditional IPO. The one exception, as previously noted, is that the age of a company's financial statements can be more than with a traditional S‐1. As long as the financials are no more than nine months old, the Reg A+ offering, even to a national exchange, can proceed.
So why bother using the new regime at all in ...