I’m just wondering, did they seek SEC approval? Because it would appear that they have and your article suggests they create a security interest in ownership. Usually the SEC and other Federal and state agencies like to bless such deals. And that blessing usually isnt cheap. If they didn’t I can see those same agencies coming down on them hard in the future.
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thank you for your question - I doubled checked and yes. Here is there answer:
Sure, we filed under reg D 506c under the securities act which is why we can only accept foreign or US accredited investors.