Section R. 432.1402 - Public offeringsRule 402.
A person applying for or holding a casino license in this state, or a person that has or upon board approval will have greater than a 5% ownership interest in a person applying for or holding a casino license in this state that commences a public offering of debt or equity securities must notify the board regarding a public offering of the securities required to be registered with the Securities and Exchange Commission or regarding any other type of public offering not later than 14 days after the initial filing of a registration statement with the Securities and Exchange Commission or, regarding any other type of public offering, not later than 14 days before the public use or distribution of any offering document, if either of the following provisions applies:
(a) The person that is applying for or holding the casino license or other person that has or upon board approval will have greater than a 5% ownership interest in a person that is applying for or holding the casino license and that intends to issue the securities is not a publicly traded corporation.(b) The person applying for or holding the casino license or other person that has or upon board approval will have greater than a 5% ownership interest in a person applying for or holding the casino license and that intends to issue the securities is a publicly traded corporation and the proceeds of the offering, in whole or in part, are intended to be used for any of the following purposes: (i) To pay for the construction of a casino or a casino enterprise to be owned or operated by a person applying for or holding the casino license in this state.(ii) To acquire any direct or indirect ownership interest in a casino or casino enterprise located in this state.(iii) To finance the operation of a casino or casino enterprise in this state by a person applying for or holding a casino license.(iv) To retire or extend obligations incurred for 1 or more purposes set forth in paragraphs (i), (ii), and (iii) of this subdivision.Mich. Admin. Code R. 432.1402
1998-2000 AACS; 2008 AACS; 2019 MR 9, Eff. 5/17/2019