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November 18, 2020 | Tom Ballard

SEC clarifies rules governing solicitation at “demo days”

In some respects, this could be considered “in the weeds,” but it is important and worth noting.

As reported by the State Science and Technology Institute, the Securities and Exchange Commission recently published a final rule clarifying acceptable communications during “demo days” and expanding the accessibility of crowdfunding, among other changes. With so many pitch competitions being held, the new rule on “demo day” activities is important. It exempts them from general solicitation requirements as long as they are sponsored by institutions of higher education, non-profits, incubators, accelerators, local governments or state governments or state/local instrumentalities.


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