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The Route to Capitalization: The Transcendent Registration Exemptions for Securities Offerings as a Means to Small Business Capital Formation
Ist Teil von
Texas law review, 2016-02, Vol.94 (3), p.567
Ort / Verlag
Austin: University of Texas, Austin, School of Law Publications, Inc
Erscheinungsjahr
2016
Link zum Volltext
Quelle
EBSCOhost Business Source Ultimate
Beschreibungen/Notizen
Resultantly, an individual interested in investing in a start-up like Oculus Rift could donate $300 towards the cause and receive a poster or a prototype in return, but the would-be investor could never receive a share of dividends in the advent of the start-up's success ten years later.28 This upside potential-albeit accompanied with greater risk to the investor-was largely reserved for those investors dubbed sufficiently wealthy and sophisticated by the SEC. [...]the growing popularity of crowdfunding coupled with investors' inadequate access to small-business capitalization put pressure on regulators to create an SEC-registration exemption to allow for equity crowdfunding-whereby individuals could invest in the businesses they wanted to support in return for traditional equity interest in that company.\n Finally, under § 4(a)(6), which was most specifically contemplated for monetization by a broad array of individual investors,229 issuers may only direct interested individuals to crowdfunding portals-a concession that generally means issuers will only be allowed to distribute a "short teaser.