IANAL but I would be incredibly uncomfortable as a founder if one of my investors was taking the new rules to mean that he could solicit investment publicly on my company's behalf.
The 15 day waiting period for Form D is a proposed rule that has never been voted on. The law of the land - right now - does not require it. That's why we have 25 or so companies on Wefunder fundraising today.
I wrote a blog article explaining this all in excruciating detail at: https://wefunder.com/post/37-what-founders-need-to-know-abou...
I'd be fascinated to hear your thoughts about investors in a company soliciting investment on their behalf as is the case here. Some of the comments on Tim's blog are cringe-worthy:
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Hi Tim,
Thank you for this opportunity, I was just looking into Angel investing but found out that I lack the capital required for most investments.
Does your offer apply to international backers? I’m based in Europe.
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just funded. question – if I sign up for automated backing, is that what it says it is, ie I am committing $2500 every time you make an investment? or – is it guarantee that I can back but get approval before I have made the commitment?
thanks!
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Does the money in a 401k count when calculating the net worth for an accredited investor?
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Gak, I don’t fulfill the needs to be accredited, so close though. I’d love to invest with you :(
I even dropped my lunch and ran home from campus to jump on my computer. I guess I will have to wait.
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In order to invest as a syndicate it states; “You must be accredited to invest.” How does an individual invest if they are not accredited???
But I suspect you'd get such a thing from a lawyer.
http://www.sec.gov/cgi-bin/browse-edgar?company=shyp&match=c...
"No matching companies."
"waiting period for Form D is a proposed rule that has never been voted on"