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- 5,573 C-ARs and Counting, Yet 47% of Reg CF Companies Are Not Reporting
5,573 C-ARs and Counting, Yet 47% of Reg CF Companies Are Not Reporting
C-AR filings are rising, but the reporting obligation pool is growing faster.
Sam Fiske
June 02, 2026 • Estimated Reading Time: 2 minutes
Hi there,
This week: nearly 47% of Reg CF companies may be missing key post-raise filings, how May’s crowdfunding market shaped up, and what Oxeia Biopharma is building for concussion treatment.
Plus: join Kingscrowd for our founder webinar on the new capital raising playbook, check out our friend Devin’s PurposeBuilt100 application for founders, and explore Kingscrowd’s new Founder Resources page.
Let’s dive in.
If you closed a Reg CF round, your post-raise reporting obligation is still live until it is properly terminated.
New Kingscrowd analysis matched C-AR and C-TR filings on EDGAR against thousands of closed Reg CF rounds and found that nearly 47% of companies have filed neither an annual report nor a termination notice. That is not just an investor relations issue—it is a compliance risk.
For founders, the takeaway is simple: filing a C-AR is part of the bargain you made when raising from the crowd. If you qualify to terminate reporting, file a C-TR. If you do not, annual reporting remains required.
Going dark can create problems when you want to raise again, prepare for liquidity, or build trust with investors. Clean compliance is not busywork. It is part of maintaining credibility in the private markets.
Founders can check their status at compliance.kingscrowd.com and get filing support at raisepapers.com.
FOUNDER REPORT (April 15-May 15)
May 2026: Crowdfunding Activity Slows, but Top Platforms Still Drive the Market
May was a quieter month for Regulation Crowdfunding, with startups raising more than $10 million across tracked campaigns. But the market remained highly concentrated: Wefunder and Republic accounted for 51% of all Reg CF commitments.
The month’s top raises showed investor interest across consumer products, real estate, AI, beverage, women’s sports, defense-adjacent coffee, and advanced engine technology. Boba POPS led the month with nearly $957K raised, followed by Rentberry, Metaintro, Ola Brew, and The Sports Bra.
See the Report →
FROM THE INSIDE STARTUP INVESTING PODCAST
This week on Inside Startup Investing, Oxeia Biopharma CEO Dr. Michael Wyand explains how the company is developing a potential breakthrough treatment for concussions using ghrelin-driven neural repair technology.
The conversation dives into the science behind concussion damage, why “rest” has remained the standard of care for decades, and how Oxeia’s Phase 2a results could position the company at the forefront of brain injury therapeutics.
EVENTS
Founder Webinar: The New Capital Raising Playbook
Reg CF and Reg A are changing how companies raise capital, build investor communities, and think about the path to the public markets. Join kingscrowd CEO Chris Lustrino for a founder-focused panel with Jeanne Campanelli, Mark Elenowitz, and Gregg Jaclin on how these digital offering pathways compare with traditional capital raising and traditional IPOs — and what founders should know before choosing a path.
EDUCATION
Education: C-AR Compliance After a Reg CF Raise
If you’ve raised through Regulation Crowdfunding, your responsibilities don’t end when the campaign closes. In our latest founder education article, we break down what Form C-AR is, when founders need to file, why it matters for future fundraising, and how staying compliant can help build stronger investor trust over time.
