What am I allowed to say when advertising my raise?

The law limits what you can say when you publicize a Regulation Crowdfunding raise, both on and off Invown’s marketplace. The rules exist so every prospective investor gets the same information, which means your Invown pitch page must be the single source of truth for your offering.

Keep the terms of your offering out of it

Use “non-terms” communications: tell people you are raising money for a deal and direct them to your pitch on Invown. By law, every advertisement must include a link to your Invown pitch. You can talk about your company, your mission, and objective metrics of past success and growth. Avoid hyperbole, misleading statements, and anything that is not factual.

Do not state or convey the terms of your offering, including:

• The number of securities you are offering
• The type or nature of the securities (debt or equity, common or preferred, and so on)
• The price of the securities
• The closing date of the offering period
• Your planned use of the funds
• Your progress toward your funding target

Advertising before your Form C is filed

Under the law’s “testing the waters” provision, you can start publicizing as soon as your Invown pitch is ready, even before your Form C is filed with the SEC. During that period, every communication about the offering must disclose that:

• You are testing the waters to gauge investor interest in an offering under Regulation Crowdfunding
• No money or other consideration is being solicited, and if sent, it will not be accepted
• No offer to buy securities will be accepted
• No part of the purchase price will be accepted until the Form C is filed, and then only through Invown’s platform
• Any indication of interest involves no obligation or commitment of any kind

In a character-limited medium such as Twitter, you can instead use a short disclosure that links to the full legal disclosures. You must also keep records of all communications about the offering for your Form C filing.

If you are unsure whether something is safe to say, ask Invown or your legal counsel before you publish. See Advertising your raise for the full guidance, or contact us via support.