Smaller Reporting Companies

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On September 22, 2025, the Securities and Exchange Commission’s (the “Commission” or “SEC”) Office of the Advocate for Small Business Capital Formation (“OASB”) published its report summarizing policy recommendations made during the 44th Annual Small Business Forum (the “Forum”).  The Forum brought members of the public and private sectors together to provide feedback relating to…

On August 27, 2025, the staff of the Securities and Exchange Commission (the “SEC”) published new Exchange Act Rules Compliance and Disclosure Interpretation 130.05, governing the treatment of certain former smaller reporting companies (“SRCs”) under the federal securities laws in the fiscal year after such a former SRC ceases to qualify as an SRC. 

By…

The Securities and Exchange Commission’s (SEC) Small Business Capital Formation Advisory Committee will meet on February 25, 2025 to discuss capital-raising challenges for emerging fund managers and smaller public companies the securities of which are not listed on a national securities exchange.  The meeting, available via webcast on SEC.gov, will begin with an overview of…

As discussed in our prior post, the Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation recently issued its 2024 Annual Report.  

The Report provides data on the reliance on crowdfunding and Regulation A to raise capital.  Interestingly, the number of new crowdfunded offerings has remained fairly consistent with the…

The SEC recently published its report on the 2024 Government-Business Forum on Small Business Capital Formation.  The Forum addresses a range of issues affecting small businesses, including smaller public companies.  The SEC’s Office of the Advocate for Small Business Capital Formation leads the Forum.  The following fifteen policy recommendations, which range from recommendations related to…

On January 24, 2024, the US Securities and Exchange Commission (the “SEC”) adopted new rules and amendments to existing rules and forms (the “Final Rules”) addressing (i) the treatment under the securities laws of special purpose acquisition companies (“SPACs”) in connection with their IPOs and their subsequent business combination transactions (“de-SPAC transactions”) with target operating…

As we previously blogged, the Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation (OASB) recently published its Annual Report (the “Report”), which includes data on public offerings undertaken between July 1, 2022 and June 30, 2023 provided by the SEC’s Division of Economic and Risk Analysis.  Companies raised approximately…

In its Annual Report (the “Report”), the Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation (OASB) provides data on the reliance by private and public companies on exempt offerings to raise capital.  Based on data provided by the SEC’s Division of Economic and Risk Analysis, between July 1, 2022 and…

Federal law (the “Antideficiency Act”) restricts the conduct of business by agencies during a lapse of Congressional appropriations, looming this weekend, and federal regulations (OMB Circular A-11) require agencies to have plans for an orderly shutdown. The Securities and Exchange Commission (the “SEC”) published its general plan in July (updating the plan it adopted in…