Agenda - Meeting of SEC Small Business Capital Formation Advisory Committee

Location:  Public will be able to view on www.sec.gov

Date:          Tuesday, May 6, 2025

Time:         10:00 a.m. – 1:00 p.m. (ET)

10:00     Call to Order; Introductory Remarks by Commissioners

10:20     Introduction to Regulation A

Staff from the SEC’s Division of Corporation Finance, Office of Small Business Policy, and the Office of the Advocate for Small Business Capital Formation will provide an overview of Regulation A, including data from the Small Business Advocacy Office’s FY2024 Annual Report, which includes information on where and how capital is being raised in reliance on Regulation A.

10:50     Exploring Regulation A – Practical Considerations and Regulatory Challenges   

Continuing the exploration of ways to expand access to early-stage and growth capital raising, the Committee will explore how companies have used Regulation A for capital raising and why this pathway is less frequently used. Members will discuss the advantages and limits of Regulation A offerings along with practical market considerations. The Committee will also consider exit opportunities for investors in Regulation A deals and secondary market liquidity challenges. The Committee will explore whether there are changes that could help facilitate capital formation pursuant to Regulation A and improve secondary liquidity for investors in Reg A offerings.

To facilitate discussion, members will hear from an attorney who advises companies on Regulation A offerings about the advantages and challenges of raising capital pursuant to this pathway.

Speakers:

• Daniel Forman, Lowenstein Sandler LLP, Partner

11:45     Break

12:00     Exploring Regulation A – Practical Considerations and Regulatory Challenges (cont’d)

The Committee will continue discussion regarding advantages and challenges of Regulation A with a view towards potential regulatory improvements.

12:55     Wrap-up and Adjournment

1:00       Administrative Executive Session