New SEC Guidance on Private Placements and General Solicitations
Following up on their discussion last week about the SEC's CitizenVC no action letter, our colleagues Dan DeWolf and Sam Effron have written another alert about the SEC's recently issued compliance and disclosure interpretations relating to private placements under Regulation D. For example, they discuss the treatment of securities offerings to an angel investing club and to large groups at venture fairs and demo days; what constitutes a pre-existing relationship; and what makes a relationship “substantive” so that contact with an investor is not considered a “general solicitation” under the SEC's rules. You can read more here.
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