Sec. 3. Crowdfunding exemption from registration
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Section 12(g)(6) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(g)(6) ) is amended— by striking The Commission and inserting the following: The Commission ; by striking section 4(6) and inserting section 4(a)(6) ; and by adding at the end the following: An exemption under subparagraph
(A)shall be unconditional for securities offered by an issuer that had a public float of less than $75,000,000 as of the last business day of the issuer’s most recently completed semiannual period, computed by multiplying the aggregate worldwide number of shares of the issuer’s common equity securities held by non-affiliates by the price at which such securities were last sold (or the average bid and asked prices of such securities) in the principal market for such securities or, in the event the result of such public float calculation is zero, had annual revenues of less than $50,000,000 as of the issuer’s most recently completed fiscal year. .
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Sec. 3
Crowdfunding exemption from registration
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