SEC Rule 504

Allows issuers to offer and sell securities up to $10m without registering with the SEC, provided that the issuer meets certain conditions, including not being subject to the reporting requirements of the Exchange Act, not being an investment company, and not being a development stage company with no specific business plan.

The exemption is limited to offerings of $10m or less, and stipulates that the issuer must not have any disqualifying “bad actor” events on its record.