Recently, the SEC issued a compliance guide that provides information on the extension of Form S-3 availability to issuers with less than $75 million in public float. Although the guide is not a substitute for the SEC’s rules, it summarizes and explains the conditions under which a company with less than $75 million in public float is allowed to register primary offerings of its securities on Form S-3 and Form F-3. The guide also discusses how a company calculates how much capital it can raise through an offering on Form S-3 or F-3, and provides links to related resources.
Eligibility of Smaller Companies to Use Form S-3 or F-3 for Primary Securities Offerings is available in full at http://www.sec.gov/info/smallbus/secg/s3f3-secg.htm.
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