Offer to the public
- Qualified Investors.
- Less than 150 persons per EEA state, other than Qualified Investors.
- Aggregate amount of the offer in the EU is less than EUR 5m when aggregated with other offers in the previous 12 months:
- For offers between EUR 250,000 and EUR 2m, the issuer must publish an information document according to the Alternative Financing Act (Alternativfinanzierungsgesetz); or
- For offers between EUR 2m and EUR 5m, the issuer must publish a simplified, national prospectus according to the Capital Markets Act (Kapitalmarktsgesetz).
Admission to trading on a regulated market – Listing
Admission to trading/Listing of new shares of the same class as shares already admitted to trading on the same regulated market, representing less than 20% of the existing issued share capital on a rolling 12 month basis.
There are a number of exemptions available, most of them however require the submission of a document equivalent to a prospectus.