June 28, 2013
While de-bugging our Equity Trading Platform (program) we came up with a very interesting issue: what are we going to do if we already hit the 500 investor count, the maximum allowed, but only 80% of funds has been subscribed and still have 10 days to the "Target Date" ???
..... after all, it's Crowdfunding
One way to solve that issue is: if we already have 400 Investors, and still some days to go til Target Date, we will set-up a minimum investment amount for the remaning 100 Investors. That would also give an insentive to investors with minimal funds to invest early in the venture.
The other issue needs to be addressed by the SEC is: some folks think that after the Confidential Draft Statement has been approved by SEC, the Issuers may be allowed to sell their shares through multiple Trading Platform. That would really "muddy the water" and would create a tons of unnecessary problems for everyone concerned and a great opportunity for fraud and confusion. It would also create a constant enforcement problem for FINRA.
Please address these issues in your Preliminary.
T.W. Kennedy, BE.
Long Beach, California