Yes, sort of. Regulation A provides an exemption for public offerings not exceeding $5 million in any 12-month period. Instead of a formal prospectus, the company files an offering statement (consisting of a notification, offering circular, and exhibits) with the SEC for review.
Purchasers receive an offering circular that is similar in content to a prospectus. Like registered offerings, the securities can be offered publicly and are not "restricted," meaning they are freely tradable in the secondary market after the offering. The principal advantages of Regulation A offerings, as opposed to full registration, are the financial statements are simpler and don't need to be audited and there are not the same stringent on-going reporting obligations until the company has more than $10 million in total assets and more than 500 shareholders.
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