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April 2, 2012
CORPORATE LAW UPDATE
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bsp;
Cl=
ient/Contact
Update Regarding Jobs Act Passage
On Tuesday, March 27, 2012, the
U.S. House of Representatives approved the Jumpstart Our Business
Startups Act (JOBS Act) and forwarded the legislation to the
President for signature. Full text of the JOBS Act is available here.
The JOBS Act makes a number of
changes to the Securities Act of 1933 and the Securities Exchange=
Act
of 1934, which comprise the primary federal statutory framework f=
or
the regulation of the issuance, purchase and sale of securities in
the United States. Among the changes are a relaxation of disclosu=
re
requirements for securities issuers with annual gross revenues of
less than $1 billion (defined as "emerging growth
companies" in the JOBS Act), the easing of requirements for
public offerings of securities in amounts less than $50 million, =
and
the creation of an exemption from registration requirements for s=
ales
of securities in an aggregate amount of less than $1 million desi=
gned
to make it easier for startups to utilize cr=
owdfunding
platforms - mostly over the internet - to raise seed capital=
.
The JOBS Act will quickly
create unique opportunities for early-stage companies to meet the=
ir
working capital and growth funding needs. Contact the professiona=
ls
at Clark Hill PLC for the latest information about the dramatical=
ly
changing landscape of securities regulation and to find out how we
can help your business take full advantage of the tools created by
the JOBS Act.
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