On May 19, 2026, the SEC proposed 'registered offering reform' that would eliminate Form S-3's $75M public-float threshold and its 12-month reporting-history requirement, letting far more companies run primary shelf and at-the-market offerings. The proposal was published May 26, 2026 with a 60-day comment period that closed July 27, 2026.
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SEC proposes scrapping the $75M float rule, opening shelf/ATM offerings to more issuers
Why this matters for founders
Growth-stage founders eyeing an IPO or newly public startups would gain faster, cheaper follow-on capital access—factor it into capital-markets timing, though the rule is still only a proposal.
Source: Skadden
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