In its Annual Report (the “Report”), the Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation (OASB) provides data on the reliance by private and public companies on exempt offerings to raise capital. Based on data provided by the SEC’s Division of Economic and Risk Analysis, between July 1, 2022 and June 30, 2023, companies raised approximately $4.2 trillion in private and exempt offerings. The Report breaks down the data based on the exemption relied upon by the companies. For example, companies raised $169 billion in Rule 506(c) offerings, $2.7 trillion in Rule 506(b) private placements, and $258 million in Rule 504 limited offerings. Companies raised $352 million through Regulation Crowdfunding. Companies raised $1.3 trillion in all other exempt offerings, including Regulation S and Rule 144A offerings. Of course, these numbers do not account for amounts raised in Section 4(a)(2) offerings. READ MORE