Lynne Bolduc of FKBR Legal Presented “How to Raise Money in the U.S.” as Keynote Speaker at the Planet MicroCap Conference in Vancouver

September 27, 2023

The Planet MicroCap Conference had Lynne Bolduc of FitzGerald Kreditor Bolduc Risbrough LLP as Keynote Speaker at their Vancouver, Canada conference. In her keynote, Lynne discussed “How to Raise Money in the U.S.”

Watch Lynne’s keynote here.

Key Points Made During the Keynote:

  • There are two types of offerings: Private & Public

  • Public Offering

    • Requires a company to file offering documents with SEC and go through review and comment process

  • Private Offering Determining Factors:

    • Advertising

    • Investor Suitability

Private Offerings

  • Rule 504 Offering: Raise up to $10 million every 12 months

    • Advertising and general solicitation are not allowed

    • From an unlimited number of accredited and non-accredited investors

  • Rule 506(b): Raise unlimited amount of money

    • Advertising and general solicitation are not allowed

    • From an unlimited number of accredited and up to 35 non-accredited investors

  • Rule 506(c): Raise unlimited amount of money

    • From an unlimited number of accredited investors (no non-accredited investors)

    • A disclosure document is required and usually takes the form of a private placement memorandum (PPM)

    • Unlimited advertising and general solicitation are allowed

  • California 25102(n): Raise $5 million

    • From an unlimited number of California residents who meet suitability standards

    • A disclosure document is required and usually takes the form of a PPM

    • Tombstone advertising is allowed

Public Offerings

  • Regulation Crowdfunding: Raise up to $5,000,000 every 12 months

    • From an unlimited number of accredited and non-accredited investors with investment limits

  • Reg A+: Tier 1: $20 million/Tier 2: $75 million

    • From an unlimited number of accredited and non-accredited investors 

    • A disclosure document is required to be prepared, filed, and approved by the SEC

    • Unlimited advertising and general solicitation are allowed

  • Registration Statement on Form S-1

    • Traditional IPO (initial public offering)

    • Underwriter

    • Can raise an unlimited amount of money

  • Direct Listing

    • Same as Traditional IP but no underwriter

  • SPAC (Special Purpose Acquisition Company)

    • Same as Traditional IPO but a “shell” company formed for the sole purpose of raising money and then using those funds to acquire operating businesses

About Lynne Bolduc

Lynne Bolduc, Partner at FitzGerald Kreditor Bolduc Risbrough LLP, has nearly 30 years of experience as a corporate and securities attorney.  Ms. Bolduc not only represents public companies but also private companies and ventures that are seeking financing in a private or public offering or pursuing transactions, such as a sale, merger, or acquisition. Contact Lynne by phone at (949) 788-8900 or by email to LBolduc@FKBRLegal.com.

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LYNNE BOLDUC CLOSES TWO ACQUISITIONS OF $20+ MILLION IN ONE WEEK