If you were vacationing in late August, you might have missed a notable milestone in the young annals of crowd investing: the IPO of Chicken Soup for the Soul Entertainment, which raised $30 million in four weeks using Regulation A+.
Not only is it one of the best known brands and social enterprises to date to use the JOBS Act to raise capital, but the deal was also one of the largest, and was simultaneously listed on the NASDAQ Global market.
The company grew out of the best selling inspirational book series Chicken Soup for the Soul, which has sold over 100 million copies and spent four years on the New York Times best seller list. The book’s popularity spawned a multi-product company that has expanded into everything from pet food to multimedia entertainment.
Chicken Soup for the Soul Entertainment (CSSE) is the entertainment arm of parent company Chicken Soup for the Soul. It was launched in 2015 to run positive TV, film and online video content, including shows like Project Dad, a reality TV series in which three celebrities balance their careers and fatherhood, and Hidden Heroes, a TV show for teens that highlights “everyday heroes” doing good deeds.
The Cos Cob, Conn.-based CSSE conducted its IPO through Regulation A, the “mini IPO” provision of the JOBS Act that was enacted in June 2015. Reg A+, as it’s more informally known, allows companies to raise up to $50 million without all of the red tape and expense of a traditional IPO.
“I don’t think we would have done this without the JOBS Act,” says Bill Rouhana, Chicken Soup for the Soul CEO. Rouhana bought the company in 2008 and has overseen its expansion into new product categories.[…]
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