Form 1-A. Offering Statement Under Regulation A: Fill & Download for Free

Regulation DRegulation D here is referring to the Rule 506(c) of Regulation D in which general solicitation is allowed.Under Rule 506(c) of Regulation D, a company can broadly solicit and generally advertise the offering, but requiring the followings:The investors in the offering are all accredited investors; andThe company has taken reasonable steps to verify that its investors are accredited investors.Characteristics:Filing of Form DOnly accredited investors are allowed to investNo review by SEC is requiredNo limit on Funding AmountFinancial Statements are not requiredRegulation A+Regulation A+ consists of two tiers of offerings:Tier 1, which would consist of securities offerings of up to $20 million in a 12-month periodTier 2, which would consist of securities offerings of up to $50 million in a 12-month periodCharacteristics:Filing of Form 1-AThe general public can investSEC must review, comment and declare “qualified” before the offeringFinancial Statements are required. For Tier 2, financial statements requires audit.Disclaimer: My answer should not be considered legal advice.

Here are the Top 25 Title III Campaigns (18 of the 25 are on WeFunder).To the extent that this question concerns crowdfunding portals or platforms, scroll all the way to the bottom; otherwise, the term issuer refers to the entity in which the investment is made; thus, the company that offers, sells and issues its securities.The Securities and Exchange Commission (SEC) does not review, comment on or in any way approve “issuers” (i.e., companies raising money) under Regulation Crowdfunding.Rather, the issuer prepares an SEC disclosure form called the “Form C - Offering Statement.” There are 31 questions to fill out, plus an ongoing reporting requirement called “Form C-AR - Annual Report.”To prepare the Form C, the SEC estimates that it will cost anywhere from $2,500 (for offerings of less than $100,000) to $20,000 (for offerings more than $500,000).To prepare the Form C-AR, the SEC estimates that it will cost anywhere from $1,667 (for offerings of less than $100,000) to $13,333 (for offerings more than $500,000).An issuer can prepare the form once you have EDGAR access with a registered CIK number and login.Here are the first 17 companies who have filed a Form C (more to follow as they come in):1. Gigmor (Connecting bands with venues and gigs) / Platform: StartEngine2. NextRX Inc (Medical marijuana network pass) / Platform: StartEngine3. MF Fire (an app-drive, low emissions wood stove) / Platform: SeedInvest4. gaZING (app for on demand services) / Platform: StartEngine5. GameTree (Social network for gamers) / Platform: StartEngine6. Graphic Armor (personalized condoms) / Platform: StartEngine7. Bloomery SweetShine (distillery) Platform: StartEngine8. Taxa Biotechnologies (genetic plant engineers) / Platform: WeFunder9. Urban Juncture (developing commercial real estate) / Platform: WeFunder10. Rodeo Donut (artisanal donuts) / Platform: WeFunder11. N1ce USA (frozen concoctions) / Platform: WeFunder12. Bogobrush (toothbrush with social purpose) / Platform: WeFunder13. Treasure State Internet (fiber optic installation) / Platform: WeFunder.14. The Legion M Entertainment (media company) / Platform: WeFunder15. The Native Hostel (Luxury hostel in Austin) / Platform:NextSeed16. StartMart Cleveland (Coworking space) / Platform:SeedInvest17. Beta Bionics (diabetes testing kit) (Platform: Wefunder)(Thanks to Jackie Feiler for finishing this)18. MobileSpike is raising capital under Title III from FlashFunders. Mobile Spike’s technology helps protect the lives of law enforcement officers, motorists, and bystanders by shortening the pursuit time in high speed car chases.19. SlingFin is raising on WeFunder. SlingFin designs high quality backpacking and mountaineering tents that can withstand harsh conditions.20. TurtleWise seeks investors under the new regulation on StartEngine. TurtleWise is a social network that offers confidential and customizable advice by drawing upon the unique experiences and knowledge of its users.Registered Title III Crowdfunding Portals (there are 18) as of 10/15/16:StartEngineWeFunderSeedInvestNextSeedTruCrowdCrowdFundingSTARCrowdboardersJumpStartIndie Crowd FunderOpenDeal Inc. (Republic)KsdaqDreamFunded MarketPlaceNetCapital FundingCrowdSource Funded

Regulation A+ provides an exemption from registration. Generally, securities, in this case, equity or shares, are deemed restricted in all cases unless either a) the shares are registered with the SEC or b) there are subject to an exemption from registration. Reg A is a funny beast. The process, the forms, the disclosure requirements, even the SEC examiners are exactly the same as a registration statement under Form S-1. However, the result is not an “effective” registration statement, but a “qualifiy” exemption statement.Now, the nitty gritty of this question. Are the shares immediately transferable once the offering is closed? Technically, yes. The shares are subject to an exemption and are therefore free trading, meaning you can sell or transfer those shares without restriction (as always, with some exceptions). In order to be able to sell the shares on a secondary market, however, the issuer needs to apply first for a symbol with FINRA and then register with OTC Markets. Once the shares are trading under a symbol, you can deposit your shares with a broker and they can sell into the market.