According to Rule 12b-2 under the Exchange Act (United States), it is an issuer that is not an investment company, an asset-backed issuer, or a majority-owned subsidiary of a parent that is not a smaller reporting company and that:

• Had a public float of less than $75 million as of the last business day of its most recently completed second fiscal quarter (the public float of a smaller reporting company is calculated by using the price at which the stock was last sold, or the average of the bid and asked prices of such stock, on a date within 60 days prior to the end of its most recent fiscal year.).
• In the case of an initial registration statement under the Securities Act or Exchange Act for shares of its common equity, had a public float of less than $75 million as of a date within 30 days of the date of the filing of the registration statement.
• In the case of an issuer whose public float as calculated under paragraph (1) or (2) of the definition was zero, had annual revenues of less than $50 million during the most recently completed fiscal year for which audited financial statements are available.

Smaller reporting companies are a type of filers.