5/21/2018 Summary of Proposed Intrastate Crowdfunding Exemptions

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5/21/2018 Summary of Proposed Intrastate Crowdfunding Exemptions

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PreparedasacollaborationbyCrowdcheck(www.crowdcheck.com),AnthonyJ.Zeoli,Esq.(azeoli@ginsbergjacobs.com)ofGinsbergJacobsLLC,andGeorgiaP.Quinn,Esq.(gquinn@seyfarth.com)ofSeyfarthShaw LLP.

STATE ALASKA CALIFORNIA CONNECT

ICUT

DISTRICTOF

COLUMBIA

FLORIDA ILLINOIS MISSOURI NORTH

CAROLINA

NEWJERSEY SOUTH

CAROLINA

TEXAS UTAH VIRGINA

investment

companies,

SECreporting

companies,or

blankcheck

companies

whose

principal

officeisin

thedistrict;

excludes

investment

companies,

SECreporting

companies,or

blankcheck

companies

companies,

SECreporting

companies,or

blankcheck

companies

companies,

SECreporting

companies,or

blankcheck

companies

companies,

SECreporting

companies,or

blankcheck

companies

companies,

SECreporting

companies,or

blankcheck

companies

companies,

SECreporting

companies,or

blankcheck

companies

atleast80%

oftheir

gross

revenues

from

operations

inthestate

forthemost

recentfiscal

yr.priorto

theoffering;

whohaveat

least80%of

theirassets

inthestate

asofthe

mostrecent

semiannual

periodprior

tothe

offering;and

whowilluse

atleast80%

ofthe

offering

proceedsin

thestate;and

whose

principal

officeisin

thestate;

excludes

investment

companies,

SECreporting

companies,or

blankcheck

companies

theirassetsin

thestate

companies,

SECreporting

companies,or

blankcheck

companies

Aggregate

annualsales

limit

$1,000,000 $1,000,000 (seeNote4

below)

Limitedto:

$2,000,000

ifissuerpro

videsinde

pendently

auditedGAAP

fin. state

$1,000,000 Limitedto:

$5,000,000

ifissuerpro

videsinde

pendently

auditedfin.

statements;

$1,000,000 Limitedto:

$2,000,000

ifissuerpro

videsinde

pendently

auditedfin.

statements;

$1,000,000

NOTE

Amounts

receivedby

Accredited

Investorswill

Unlimited $1,000,000 $1,000,000 $2,000,000

(subjectto

peroffering

limits)

5/21/2018 Summary of Proposed Intrastate Crowdfunding Exemptions

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5/21/2018 Summary of Proposed Intrastate Crowdfunding Exemptions

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PreparedasacollaborationbyCrowdcheck(www.crowdcheck.com),AnthonyJ.Zeoli,Esq.(azeoli@ginsbergjacobs.com)ofGinsbergJacobsLLC,andGeorgiaP.Quinn,Esq.(gquinn@seyfarth.com)ofSeyfarthShaw LLP.

STATE ALASKA CALIFORNIA CONNECT

ICUT

DISTRICTOF

COLUMBIA

FLORIDA ILLINOIS MISSOURI NORTH

CAROLINA

NEWJERSEY SOUTH

CAROLINA

TEXAS UTAH VIRGINA

specifyinguse

ofsuch

Internet

Offering

Portalandthe

website

address

on

evidencing

issuers

formation

withinthe

State);and

Namesofall

persons

involved

withthe

offering;

Nameof

escrowee

institution

exemption;

Issuer

Information

(including

documentati

on

evidencing

issuers

formation

withinthe

State);and

Namesofall

persons

involved

withthe

offering;

Nameof

escrowee

institution

involved

withthe

offering;

Nameof

escrowee

institution

involved

withthe

offering

(including

anyInternet

Offering

Portal);

Nameof

escrowee

institution

involved

withthe

offering;

Nameof

escrowee

institution;

and

Copyof

termsheet

providedto

investor

summary

deliveredto

investors

evidencing

issuers

formation

withinthe

State);and

Namesofall

persons

involved

withthe

offering;

Namesofall

principal

owners;

Namesofall

managers

(andtheir

experience);

Identificatio

nofall

intermedi

aries(incl.all

Internet

Offering

Portals;

Termsof

offering

includingriskfactors;

Current

litigationor

legal

proceedings

involving

companyor

management

Copyof

escrow

agreement

Internet

OfferingPortal

requirements

orrestrictions

(seeNote2

below)

Offeringmay

bemade

throughan

Internet

Offering

Portal

Silentas

to

required

registrationof

Silent (seeNote4

below)

Offeringmay

bemade

throughan

Internet

Offering

Portal

Offering

Portalmust

Offeringmay

bemade

throughone

ormore

Internet

Offering

Portals

Offering

Portalnot

Offeringmay

bemade

throughone

ormore

Internet

Offering

Portals

Offering

Portalnot

Silent Offeringmay

bemade

throughan

Internet

Offering

Portal

Silentas

to

required

registrationof

Offeringis

made

exclusively

throughone

ormore

Internet

Offering

Portals

Silentasto

Silent Offeringis

made

exclusively

throughone

ormore

Internet

Offering

Portals

Offering

Silent Offeringmay

bemade

throughone

ormore

Internet

Offering

Portals

organizedin

thestate

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