Primary offerings — registration, Reg D, Reg A, IPO process
**The Securities Act of 1933** requires any non-exempt offering to be registered with the SEC on Form S-1 (or S-3/S-4/F-1 etc.). Three periods:
• **Pre-filing period** — no offers of any kind ("gun jumping" is a §5 violation). • **Waiting period (cooling-off)** — red herring preliminary prospectus may be distributed; oral offers allowed; no sales. • **Post-effective period** — sales with a final prospectus (§10 prospectus).
A **tombstone ad** identifies the security/issuer/underwriters and may be published during the waiting period; it is NOT an offer per §2(a)(10)(b).
**Exempt offerings:**
• **Reg D Rule 506(b)** — unlimited $, up to 35 non-accredited sophisticated investors + unlimited accredited; no general solicitation. • **Reg D Rule 506(c)** — unlimited $, accredited only, general solicitation permitted if issuer verifies accreditation. • **Reg A+ Tier 1** — up to $20M/12mo, state-coordinated. • **Reg A+ Tier 2** — up to $75M/12mo, preempts state registration, subject to ongoing reporting (1-K/1-SA/1-U). • **Rule 147/147A intrastate** — offering and buyers in same state. • **Regulation Crowdfunding (Reg CF)** — up to $5M/12mo through a registered funding portal.
**IPO pricing & allocation:** FINRA Rule 5130/5131 restrict allocation of 'new issues' to restricted persons (industry insiders) and policy-makers/executives at covered companies. Stabilizing bids permitted under SEA Rule 104 of Reg M.