Abstract
From examination of 79 Regulation A filings it was found that 25 percent were withdrawn before clearance, 68 percent were cleared and the rest were pending. Average time to clear was 3 months. Clearance costs ranged from $250 to $60,000 with a median of $6,000 and mean of $10,000. Those offerings which fared best used either lawyers highly experienced with securities or none at all, had good performance records and tended to offer special tax advantages to investors. Less than half managed to sell 25 percent of their securities. Limited partnerships and firms using professional securities sales people sold best.
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