Regulation A+ allows U.S. or Canadian-based companies to offer and sell securities to the public, but with more limited disclosure requirements than what is required for publicly reporting companies. Regulation A+ allows companies to raise money under two different tiers.

• Tier 1: Companies are able to raise $20 million in any 12-month period from the general public.
• Tier 2: Companies can raise $75 million in any 12-month period. To participate, investors either have to be accredited investors or are limited in how much they can invest, which is no more than 10% of their annual income or net worth.

Companies that pursue a Regulation A+ offering are required to file an offering statement on Form 1-A with the SEC, which includes the offering circular and other disclosure about the offering, as well as two years of audited financial statements. Companies relying on Tier 1 do not have ongoing reporting obligations other than a final report on the status of the offering. Companies relying on Tier 2 do have ongoing reporting obligations, including annual, semi-annual, current, and exit reports.