A corporation, which does virtually all of its business in the state where it has its home offices, wishes to go with as little cost as possible and raise $10 million.  Which of the following would be the most likely avenue for registration?
A) Registration by Notification
B) Standby
C) Regulation “A”
D) Rule 147

The correct answer is d)

Rule 147 is a rule that allows for intrastate offerings to be exempt from the requirements of full registration under the Act of ’33.  A company located in the state must make the offering.  100% of the initial purchasers must be residents of the state, and there are strict rules on resale to non-residents. Registration by notification requires that the company has already been registered with the SEC. Regulation “A” is a limited registration with the SEC limited to a maximum of $5 million.


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