On June 20, the Securities and Exchange Commission proposed amendments to the eligibility requirements of Form S-3 and Form F-3 to allow issuers (other than shell companies) to conduct primary offerings on such forms without regard to their public float or the rating of debt securities offered, so long as issuers satisfy the other eligibility requirements of the form and do not sell more than 20% of their public float in primary offerings pursuant to such new requirements in any 12 month period. Currently, issuers are only eligible to use Form S-3 and Form F-3 for primary offerings if their public float (market value of voting and non-voting common equity held by nonaffiliates) is $75 million or more, or for investment grade debt.

http://www.sec.gov/rules/proposed/2007/33-8812.pdf