S.C. Code Regs. § § 13-307

Current through Register Vol. 48, No. 11, November 22, 2024

Section 13-307 - Promoters' Equity

A public securities offering by a promotional or development stage company may be disallowed by the Securities Commissioner if the promoter's equity investment is less than:

A. Ten percent (10%) of the first one million ($1,000,000.00) dollars of the aggregate public offering; and

B. Seven percent (7%) of the next five hundred thousand ($500,000.00) dollars of the aggregate public offering; and

C. Five percent (5%) of the next five hundred thousand ($500,000.00) dollars of the aggregate public offering; and

D. Two and one-half percent (2 1/2 %) of the balance over two million ($2,000,000.00) dollars, which may include items submitted by the promoter to meet this requirement whose value has been accepted by the Securities Commissioner or his designee.

S.C. Code Regs. § 13-307

Added by State Register Volume 30, Issue No. 6, eff June 23, 2006.