Developments in Securities Regulation, Corporate Governance, Capital Markets, M&A and Other Topics of Interest. MORE

A recent study by Crowdnetic indicates Regulation D offerings under Rule 506(b) without general solicitation continue to dominate over Rule 506(c) offerings with general solicitation.  The charts beginning on page nine of the report make this apparent.  Other interesting data includes:

  • The total offering amount in 506(c) offerings, according to the Form D filings, is $38.7 billion for the period from September 23, 2013 to February 28, 2014.  This apparently includes outlier 506(c) issuers in the Form D filings, including five issuers that have collectively reported $24.5 billion as the total offering amount on their respective Form D filings.
  • The average total offering amount across all industry groups was $72.1 million for 506(b) filings and $52.8 million for 506(c) filings.
  • According to the Form D filings data, there are 963 506(c) Form D filings through February 28, 2014. Of these, 682 have successfully raised capital (i.e., total amount sold under Form D, line 13, is greater than $0).


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