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As we know, the Senate changed the version of the
Jumpstart our Business Startups (JOBS) Act in only one way, they added an
amendment, drafted by Sen. Merkley (but also supported by Sens. Bennet and
Brown), which added more investor protections to the "crowdfunding" section of
the bill. The House is expected to vote to approve the revised bill this week.
My prior posts do not have information about the Senate amendment, so I will provide
The new section of the bill, to be called the Crowdfund
Act, creates a new Section 4(6) of the Securities Act which exempts crowdfunded
offerings from SEC registration. It has the following highlights:
For additional insights on reverse mergers,
SPACs, other alternatives to traditional initial public offerings, the small
and microcap markets and the economy, visit the Reverse Merger and
SPAC Blog by David N. Feldman, Esq., Partner of Richardson &
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