All issuers are encouraged to post regular updates on their progress to investors both through the Umergence platform and on the websites of the issuers themselves. Issuers of Regulation Crowdfunding, as well as Regulation A+ offerings are required to provide ongoing updates to investors, such as annual reports and disclosures relating to the issuer’s business and operations. If the company is sold, merges with another company, or lists it’s shares publicly on an exchange, notification of these situations and instructions for investors will be found in these ongoing reporting updates.
Regulation CF issuers are required to provide an annual report no later than 120 days after the end of its fiscal year. This report must be posted on the issuers website. An issuer can terminate its ongoing reporting under Reg CF if one of the following events occurs:
- the issuer becomes a fully “Reporting Company” under the Exchange Act;
- the issuer has filed at least one annual report and has fewer than 300 holders of record;
- the issuer has filed at least three annual reports and has total assets that do not exceed $10 million;
- the issuer or another party purchases or repurchases all of the securities issued pursuant to Regulation Crowdfunding, including any payment in full of debt securities or any complete redemption of redeemable securities; or
- the issuer liquidates or dissolves in accordance with state law.