Section 4(2)


Section 4(2)
USA
Section 4(2) of the Securities Act provides an exemption from the provisions of Section 5 of the Securities Act for "transactions by an issuer not involving any public offering." Companies rely on this private placement exemption for a wide variety of transactions, including, but not limited to initial sales of equity directly to investors or through financial intermediaries; venture capital rounds; limited sales of stock to employees under certain benefit plans; and high-yield bond (high-yield bonds) and investment grade debt (investment-grade bonds)offerings to multiple institutions.
See Practice Note, Section 4(2) and Regulation D Private Placements (www.practicallaw.com/8-382-6259).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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