What is SEC Form 1-Z?
SEC Form 1-Z must be filed with the SEC by issuers that have qualified an offering under Regulation A. This exit report must include certain types of information based on the tier of offerings.
Tier 1 issuers, comprising offerings of securities up to $20 million in a 12-month period, need to file an exit report on SEC Form 1-Z within 30 calendar days after the termination or completion of its Regulation A offering. The number of securities sold; the names of underwriters and other service providers involved as well as the fees they received; and net proceeds to the issuer must all be included in the exit report.
Certain Tier 2 issuers, comprising offerings of securities up to $50 million in a 12-month period, can file SEC Form 1-Z to discontinue the filing of ongoing reports under Regulation A. The exit report must certify that the issuer has met the requirements for terminating its ongoing reporting obligations under Regulation A. Most importantly, the issuer must disclose the approximate number of holders of record of each class of securities the issuer has offered in Tier 2 offerings.
SEC Form 1-Z, which is XML-based, is filed through the EDGAR computer system for the receipt, acceptance, review and dissemination of documents submitted in electronic format to the SEC. For support and additional information, explore our investment company compliance solutions.