An offering’s closing is one of the final steps in the transaction in which subscription agreement documents are verified, processed and recorded by the Issuer, Funding Portal and escrow partner. A closing is when no additional investments will be accepted and what initiates the passage of investment securities from the issuing company to the investor.
An Issuer is eligible to perform a “close” on their offering if the offering has met its minimum funding goal and at least twenty-one (21) days have passed since the offering opened or completed a rolling close.
An Issuer is required by regulation to give each investor five (5) day’s notice before closing. After the five-day period, all cleared and received investments will be processed and cannot be refunded.