The Jumpstart Our Business Startups Act (the "JOBS
Act") was enacted on April 5, 2012. The JOBS Act seeks
to increase the ability of companies to access capital in both the
private and public markets by expanding the investor pool and the
relaxation of regulatory restrictions. This bulletin
highlights the JOBS Act's primary provisions.
IPO "On-Ramp"
The JOBS Act eases the transition to public company status for
an "emerging growth company" ("EGC") that had
total annual gross revenues of less than $1 billion during its most
recently completed fiscal year. An EGC will retain its status
as such until the earliest of (i) the fiscal year after it
generates $1 billion in annual gross revenues, (ii) the fifth
anniversary of its initial public offering ("IPO"), (iii)
the date on which it has, during the previous three year period,
issued more than $1 billion in non-convertible debt, or (iv) the
date on which it is deemed to be a "large accelerated
filer" (at least 12
