Blue Sky for Public Offerings
If you are selling stock under a registered IPO or DPO offering, the primary Blue Sky filing is:
- Registration by Coordination – The filing is coordinated with the effectiveness of your registration statement filed with the SEC.
If you are selling stock under a Selling Stockholder Offering, the primary Blue Sky qualification is:
- Manual Exemption – The manual exemptions permits a security to be distributed in a particular state without being registered if the company issuing the security has a listing for that security in a securities manual recognized by the state. Furthermore, the manual exemption is a nonissuer exemption restricted to secondary trading transactions, making it unavailable for issuers selling newly issued securities. As you will see from the following chart, most of the accepted manuals are those published in Standard and Poor’s and Moody’s Investor Service. Thirty-eight states recognize the Manual Exemption. In the other states, some additional filings are required.