No, it doesn't clear shares. What it is, is a simpler version of an offering that gets filed - as long as it stays under the amount - I thought it was 5M but I think the 50M incr is part of the Jobs Act - it is exempt from the regular registration requirements - easier to issue and fill out. So if it is a small offering they are doing they would go REG-A route to simplify things as long as it isn't a large offering.
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