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Can I change the terms of my offering if my Reg CF is already live?

Term Changes
Almost all changes to your live campaign will require a re-filing with the SEC. There are two types of changes:

  1. Non-material changes or amendments. 
  2. Material Changes or amendments. Material amendments are changes that a reasonable investor would consider important in deciding whether or not to purchase the securities.

What material items can or cannot be changed mid-campaign? 

Pre-disbursement:
The terms of the offering may be changed via material amendment and a reconfirmation of all outstanding investors. Please note that for we see about an average 80% reconfirmation rate, however, results may vary. See here for more details regarding the reconfirmation process.

Post-disbursement:
Terms cannot be changed. A change in terms once an offering has conducted its initial disbursement would require a new offering.

What are Terms?
Terms include, but are not limited to:

  • Share price
  • Valuation
  • Security type
  • Material rights of the securities offered
  • Bonus shares are an implied term as they effectively offer a discount on the share price