Every adviser, broker, and securities attorney has uttered these words to a client hundreds of times: all securities offered in the United States must be registered or qualified under an exemption from registration. Until March 25, 2015, new and seasoned companies alike had two workable options under this rubric: a private offering or going public. However, the recently adopted amendments to the seldom-used Regulation A have created a middle ground and a more flexible option for companies to raise capital.