Sagoon files for regulation A+ (Mini-IPO), plans to raise $20 million starting February
January 10, 2017 05:55 PM NPT
Company said it has already received more than $5.027 million in ‘Indicated Interest’ from Potential Investors
KATHMANDU, Jan 10: Sagoon (www.sagoon.com), a US based social commerce startup, announced the filing of a Regulation A+ (MINI-IPO) with the US Securities and Exchange Commission (SEC) to offer an investment opportunity mostly to a large pool of potential public investors who have already become a part Sagoon’s users, fans and supporters.
Once the offering has been qualified by the SEC, the company plans to sell 869,564 shares of Class C Common Stock at $23 per share; the minimum investment will be 13 shares, costing $299. The offering will be conducted on a best efforts basis through the website www.sagoon.com/invest, where the Offering Circular relating to the offering will be posted, the company said in a statement.
Govinda Giri, the founder of Sagoon, said “I always wanted to offer this opportunity to my own community, and all those fans & supporters who believe in our dream, so that each one of them gets a chance to help us change the world and receives the potential financial benefits that Sagoon aims to share.”
He further added “Thanks to the US JOBS Act of 2012 which makes it possible for us to have a positive impact on many sides of our society”.
The company’s legal counsel Sara Hanks of KHLK LLP is helping Sagoon Inc. on all legal matters related to Regulation A+ including filing a Form 1-A covering the offering with the SEC. Sara is Co-Chair of the SEC’s Advisory Committee on Small and Emerging Companies. Sara, formerly an SEC attorney and general counsel to the US Congressional Oversight Panel on TARP, is also CEO of CrowdCheck, a Washington DC based compliance and diligence platform that services investment crowdfunding platforms.
“We believe that we are the pioneer of social media monetization, which the biggest challenge of existence in the social media landscape. Our mission is building a rewarding life through the innovative social path: Connect. Share. Earn. We believe this could be an excellent opportunity for anyone who believe in our mission. Currently, we are accepting ‘indications of interest’ from potential investors and once we are qualified by the SEC, people from different parts of the world- as long as legal in their country - will be able to convert their interest into investment,” said Govinda.