A Regulation A offering — sometimes referred to as a “mini IPO”— is a type of exempt offering that permits a company to offer and sell securities to the public through a process that is similar to, but less extensive than, a registered offering.

Companies may conduct an offering under either Tier 1 or Tier 2 of Regulation A. Tier 1 is available for offerings of up to $20 million in a 12-month period. Tier 2 is available for offerings of up to $75 million in a 12-month period. Both Tiers include limits on certain sales by selling securityholders that are affiliated with the company.