Reg A Advertising on TV, Radio, and Online Audio/Visual Ads: What the SEC Staff Just Clarified (C&DI 182.28)
One of the draws of Regulation A is that issuers can advertise their offerings on ways that were previously unheard of in the world of traditional registered offerings. Ads on Instagram and TikTok, podcast reads, streaming pre-roll, radio, or even a TV ad extolling the virtues of your company’s offering are all permissible under Regulation […]
“Securities Are Sold, Not Bought—But Reg CF Marketing Has Rules: The SEC’s New Reg CF C&DI Guidance”
Advertising and marketing are crucial for Regulation Crowdfunding offerings. As the old sales adage goes – “Securities are sold, not bought.” But marketing an offering compliantly is just as important as the marketing itself, as few activities can get an issuer in regulatory hot water faster than running afoul of the SEC’s rules on promoting […]
Navigating the SEC’s Action Against Zymergen: Key Takeaways on Market Size Disclosures
On September 13, 2024, the SEC settled charges against Zymergen Inc. for misleading investors in its IPO by overstating market opportunities and revenue prospects for its product, Hyaline, resulting in a $30 million civil penalty against Zymergen. Zymergen’s finance team projected a market size using assumptions that were inconsistent with analysis conducted by its internal […]