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Rule 147

Trading Term

A SEC registration exemption available for securities that are sold within the borders of one state, provided the instruments of interstate commerce are not used to sell the offering. The intrastate offering exemption is available to companies that meet the following tests:

  • 80% of the company's gross revenues are derived from operations within one state.
  • 80% of the company's assets are located within the state.
  • 80% of the proceeds of the offering are used to expand facilities within the state.
  • 100% of the purchasers are principal residents of that state.

Rule 147 stock may not be sold to nonresidents until nine months after the last sale.

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