I had a few spare minutes yesterday after making our fifth Regulation A filing with the SEC and after a quick scamper round the internet I found that there is an amazing amount of bad information about Regulation A out there.
It's getting so deep we are going to have to start shovelling. So I'm going to start picking on bits of misinformation and shovelling them out.
We'll start with this one: "Non-affiliates can sell their shares after one year under SEC Rule 144."
Nope. Rule 144 has nothing to do with Regulation A. Rule 144 gives affiliates and people who are holding "restricted" securities a way to sell their securities without being treated as underwriters. If you have $1700 spare, you can buy this work from Matthew Bender which includes 130 pages of me wittering on about restricted and control securities and how to sell them.
For free, you can have this advice: securities purchased in a Regulation A offering are not restricted. You do not have to hold them for a year, and if you can find a market for them you can sell them as soon as you like, without having to rely on the provisions of Rule 144.
There's a lot more to come in this series! Shovel away!