On April 5, 2012, President Obama signed into law the Jumpstart Our Business Startups, or “JOBS,” Act (H.R. 3606), which is designed to streamline or eliminate the regulatory and legal barriers many emerging companies currently face when attempting to raise capital. The JOBS Act contains multiple amendments to the federal securities laws that could have significant effects on small businesses, broker-dealers, private investment funds, banks and bank holding companies, and existing public companies. This alert explains the principal provisions of the JOBS Act and various practical ramifications for our clients.I. IPO On-Ramp for Emerging Companies To begin with, Title I of the JOBS Act seeks to improve access to capital for certain newly-registered public companies, known as “emerging growth companies” or “EGCs,” by easing them into SEC reporting requirements. An EGC is defined as a company that had total annual gross revenues of less than $1 billion during its most recently completed fiscal year, other than an issuer that completed its initial public offering on or before Dec. 8, 2011. As a result, most current public companies do not qualify for EGC status. If a company meets the definition of an EGC upon going public, the company will retain its… Read full this story
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