Money Sought in U.S. Regulation A Offerings per Quarter

## What this measures

The sum of the total aggregate offering amount on every original Form 1-A filed in the quarter, in millions of U.S. dollars.

## Why it matters

It sizes how much capital smaller companies plan to raise from the public through Regulation A, separating the number of offerings from their size.

## How to read it

Higher means more money sought. Divide by the offering count for the average size; a few offerings at the Tier 2 limit can move a quarter.

## What it does not say

A filed offering statement is not a completed raise: the SEC must qualify it first, and many qualified offerings sell little. The structured amounts sold on Forms 1-K and 1-Z are too inconsistent to sum reliably, so there is no money-raised series. The Tier 2 limit rose from $50 million to $75 million on 15 March 2021. Values are as filed and unaudited; the SEC says it cannot guarantee the accuracy of the data sets.

## How it's built

Palanor counts original Form 1-A offering statements (form type "1-A") by the date they were filed. Amendments (1-A/A), post-qualification amendments (1-A POS), annual reports (1-K) and exit reports (1-Z) are not counted, so each offering counts once, when it is first filed. The amount sought is the total aggregate offering on that first filing (issuer plus selling securityholders). Quarters start in 2015 Q3, the first full quarter after the amended Regulation A ("Reg A+") took effect on 19 June 2015. A quarter appears once the SEC has posted its file. The quarterly value is the sum, in millions of dollars.

## Source

U.S. Securities and Exchange Commission, Regulation A Data Sets (sec.gov/data-research/sec-markets-data/regulation-data-sets): quarterly files extracted from every Form 1-A, 1-A/A, 1-A POS, 1-K and 1-Z filed on EDGAR, as filed. Palanor loads each quarter's file when the SEC posts it. Public domain: "Information presented on sec.gov is considered public information and may be copied or further distributed by users of the web site without the SEC's permission" (SEC website dissemination policy, sec.gov/about/privacy-information).