Under the final rules, an advertising notice that includes the terms of the offering can include no more than:
A statement that the issuer is conducting an offering, the name of the intermediary through which the offering is being conducted and a link directing the investor to the intermediary’s platform;
The terms of the offering; and
Factual information about the legal identity and business location of the issuer limited to the name of the issuer of the security, the address, phone number and website of the issuer, the e-mail address of a representative of the issuer and a brief description of the business of the issuer.
The final rules define “terms of the offering” to include:
- the number of securities offered;
- the nature of the securities;
- the price of the securities; and
- the closing date of the offering period
The permitted notices will be similar to “tombstone ads” under Securities Act Rule 134, except that the notices will be required to direct an investor to the intermediary’s platform through which the offering is being conducted, such as through a link directing the investor to the platform.
There is no limitation on how the notices are distributed.