Last week, the SEC held its annual Government-Business Forum, which included a number of presentations on exempt offering alternatives.  Anya Coverman, Deputy Director of Policy of NASAA, presented on intrastate crowdfunding.  The attached powerpoint provides a useful overview of the intrastate crowdfunding exemptions as of this month.  See here:  https://www.sec.gov/info/smallbus/sbforum119015-coverman-presentation.pdf.

Kevin Laws of AngelList provided some metrics on funds raised online in the last two years, which totaled $205 million. As noted in his powerpoint only 3% have involved Rule 506(c).  Mr. Laws noted that there is a trend toward deals led by a credible investor, or “syndicate” deals.    See his powerpoint here:  https://www.sec.gov/info/smallbus/sbforum119015-laws-presentation.pdf.

William Waddill, SVP and CFO, Calithera Biosciences, speaking on behalf of Bio, the Biotechnology Industry Organization, raised a number of issues affecting smaller reporting companies (SRCs).  Mr. Waddill noted that “a slight change in the percentage of market value captured by the SRC/non-accelerated filer definition could support company growth and capital formation for a significant number of small businesses.”  There has been relatively little reform of the rules and regulations applicable to SRCs and the Forum helped identify a number of important areas of attention.  See Mr. Waddill’s presentation here: https://www.sec.gov/info/smallbus/sbforum119015-waddill-presentation.pdf.