On Monday, iDisclose announced that it has filed the first form C for Title III crowdfunding offerings through its very own application. Bloomery Sweetshine, West Virginia’s award-winning artisanal liqueur distillery, used the application process to prepare and file its Form C with the Securities and Exchange Commission (SEC) in order to commence the offering.
Under Title III rules, the general public may invest in capital raising by start-up companies through crowdfunding. The rules are being viewed by some within the industry as challenged with unreasonable restrictions. But many believe it will emerge slowly as participants adapt and find ways to accommodate the shortcomings of the exemption.
iDisclose’s application notably helps entrepreneurs prepare and file the legal documents they need to conduct Title III crowdfunding offerings. Bloomery’s co-owner, Linda Losey, stated:
“iDisclose, along with our entire Title III team, was an integral part of this journey of navigating the new Form C application. iDisclose streamlined the process, was very efficient and easy to navigate. I was amazed at how industry specific the generated draft document turned out to be. iDisclose wasn’t simply a website, on the backside was a team of responsive, knowledgeable caring individuals who turned out to be extremely valuable in our success, today, of being part of this inaugural class of Regulation Crowdfunding participants.”
“The accounting profession, not generally on the forefront of embracing change, will begin to provide services to crowdfunding issuers using fundamentally different service delivery models, like what iDisclose is doing for the legal industry. Firms like crowdcpa.co and our competitors welcome this new platform for capital formation and look forward to providing the careful, valuable services, which both investors and our crowdfunding clients will demand.”
Co-founder and CEO of iDisclose Georgia Quinn added:
“It was a group effort and we are so happy to be a part of this team. We are here to make everyone else’s job easier. Hopefully the work is worth it and Bloomery has an ultimately successful campaign, as that is what this is all about.”
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