As covered in more detail in Chapter 9, issuers are required to report under the Exchange Act if they (a) have a class of security traded on a national exchange, (b) have in excess of $10,000,000 in assets and a class of equity security in the hands of at least 500 holders, (c) have registered securities under the Securities Act within the last year, or (d) have registered securities under the Securities Act that are in the hands of at least 300 holders