When you use our services, you’re trusting use with your information. We understand this is a big responsibility and work hard to protect your information.
StartEngine Crowdfunding, Inc. (“StartEngine”) Provides An Intermediary Technology Platform Located At Www.StartEngine.Com (“Platform” Or “Site”) For Prospective Investors To Independently Search And Invest In Securities Offerings On The Site. Unless Indicated Otherwise, All Securities-Related Activity On This Site Is Conducted By StartEngine Capital, LLC (“StartEngine Capital”), An Affiliate Of StartEngine And A SEC-Registered Funding Portal And Member Of FINRA, Or StartEngine Primary, LLC (“StartEngine Primary”), An Affiliate Of StartEngine And A SEC-Registered Broker-Dealer And A Member Of FINRA/SIPC. This Privacy Policy Explains How StartEngine Crowdfunding, Inc., And Its Subsidiaries And Affiliates, Including StartEngine Capital LLC And StartEngine Primary LLC, (Collectively “StartEngine”, “We” Or “Us”) Collect, Use, Share And Protect Your Information.
As explained below, we collect information from users (“you”, “your”, or “User”) in various ways when you interact with our Site. By using our Site, you consent to our collection and use of information as explained in this Privacy Notice and agree to be bound by our Terms of Use. Please note that if you choose to invest in any prospect, project, or offering advertised on our Site, you may be required to agree to a separate agreement, including, but not limited to, new or additional privacy notices or terms of use. Our privacy policy will apply even if you are no longer a customer of StartEngine.
StartEngine collects non-personally identifiable information from you regarding your usage of our Site (“Non-Personally Identifiable Information”). Non-Personally Identifiable Information may include, without limitation, Site pages viewed, websites visited before visiting the Site, frequency of visits, clickstream data, browser type, operating system, organization name, internet connection speed, presentations and videos viewed, time spent viewing pages of our Site or using certain features of our Site, demographic data such as server locations, clickstream data, location services, server location, cookies existing on your computer, search criteria used and results, date and time of access or visits to our Site, frequency of visits to our Site, connection speed, and other information which does not specifically identify you. We collect this information using various technologies (some of which are described below), including, but not limited to, cookies, web beacons, web session variables, server log files, clear gifs, browser plug-ins or add-ons, or Javascript. “Cookies” are pieces of information that may be placed on your computer by a Site for the purpose of facilitating and enhancing your communication and interaction with that Site. A “web beacon,” or “Internet tag” is typically a transparent graphic image (usually 1 pixel x 1 pixel) that is placed on a website or in an email which allows a website to record the simple actions of the User opening the Web page that contains the beacon. “Server logs” can be either a single log file or several log files automatically created and maintained by a server of activity performed by the server, which can include information about any transaction you conduct with the server.
StartEngine also collects personal information from you (“Personally Identifiable Information”) when you sign up for an account, send us an email through the Site, sign up for or purchase a service through the Site, or make an investment through the Site. Personally Identifiable Information refers to non-public information that identifies you (such as your name, password, age and date of birth, gender, email address, postal mailing address, home/mobile telephone number, social security number/taxpayer identification number, driver’s license number, passport number, Internet protocol (“IP”) address, or other similar identifiers that permit the physical or online identification of a specific individual. We request that you provide us with other personal information, including, but not limited to, your personal or company social media profile, demographic information, financial information about issuers (i.e. valuations, share prices, fundraising goals), financial information about individuals (i.e. net worth) and other information requested from time to time. We may also collect and store information, which could include Non-Personally Identifiable Information or Personally Identifiable Information, locally on your computer or device using mechanisms such as browser web storage or application data caches. However, not all Non-Personally Identifiable Information and Personally Identifiable Information is stored.
We may use analytics programs and service providers, such as Google Analytics, which can use first party cookies to report on your interactions with the Site. Google Analytics collects information including, but not limited to, the time of each of your visits to the Site, whether you have visited the Site before, what website referred you to the Site, and what pages you viewed on the Site.
This Privacy Policy does not cover the collection of information by cookies or other methods by such Third Party Services or other third parties, such as our business partners. We do not control how these Third Party Services or third parties collect information or by what means such Third Party Services or third parties may use their own cookies to collect information about you.
StartEngine will use information that you provide consistent with this Privacy Notice. StartEngine will use information that you provide to us, including Non-Personally Identifiable Information or Personally Identifiable Information, to better serve you and enhance your experience with this Site, among other things. This may include having to modify or copy such Non-Personally Identifiable Information or Personally Identifiable Information, or other information such as images or textual content you provide, in order to provide you with a seamless and enjoyable experience.
To this end, you consent to our use and disclosure of any information submitted to or collected by us via your use of this Site, and you acknowledge that you have no expectation of privacy, confidentiality or privilege in such information unless as provided by law.
StartEngine may use Non-Personally Identifiable Information and Personally Identifiable Information: (1) to market our products and services to you; (2) to provide services and products requested by you; (3) to provide targeted advertisements and messages on our Site to you or other users of our Site; (4) to enable our vendors and contractors to provide and assist us in the marketing, operation, troubleshooting and analysis of our Site and other services; (5) to conduct research and analyze data to improve our products, services, and Site; (6) to deliver special offers, updates, newsletters, customer service, and service announcements to you and other users; (7) to verify User information; (8) to comply with any regulatory requirements for the offer or sale of securities required by law, rules or regulations to our affiliates or members; (9) to protect our Site or its Users; (10) to engage in any other lawful business activities that are consistent with the foregoing; and (12) as required by or to comply with law or our Company policies or to protect us from legal liability. We may provide any of these services through third parties, which may necessitate sharing Non-Personally Identifiable Information or Personally Identifiable Information with them.
StartEngine may make your information, including Non-Personally Identifiable Information or Personally Identifiable Information, available on its Site and visible to other Users of or visitors to the Site. For instance, subject to certain preferences and permissions as to visibility you will be allowed to make, information you provide about yourself in response to questionnaires on our Site may be made available to others such as information concerning your status as an accredited investor. As such, other Users of our Site may be able to personally identify you based on your information made available on our Site. As a further example, if you utilize Third Party Services to log into our Site, other Users to whom you may be connected through such Third Party Service may be able to view or follow information about you, including Non-Personally Identifiable Information or Personally Identifiable Information, on our Site.
StartEngine may also employ or contract with other third party partners, companies, or individuals to perform certain functions or services on its behalf. Examples of these services from such third parties, companies, or individuals, may include ID verification, electronic document signing, payment storing and processing, sending postal mail and email, escrow services, disbursement of funds, analyzing data, providing marketing assistance, and providing customer service. As such, these third party partners, companies, or individuals may have access to your information, including Non-Personally Identifiable Information or Personally Identifiable Information, needed to perform their functions or services, and may not use it for other purposes.
StartEngine may also use and disclose Personally Identifiable Information and Non-Personally Identifiable Information to help us to carry out certain internal functions such as information management, account processing, client services, or other data collection relevant to our business; to investigate and help prevent potentially unlawful activity or activities that threaten the integrity of our Site or network; to protect and defend our rights or property or the rights or property of others; as required by courts or administrative agencies; and in connection with a financing, sale, merger, or reorganization of StartEngine’s business or assets. Any successor in interest to our business would acquire the information we maintain, including Personally Identifiable Information, and may alter the terms of this Privacy Notice.
Except as identified here and subject to user’s ability to opt-out as provided by Regulation S-P, StartEngine does not and will not sell any of your information, including Non-Personally Identifiable Information or Personally Identifiable Information, to any third party for purposes of advertising, soliciting, or telemarketing. StartEngine may provide Personally Identifiable Information, including your name, email address, and the date and company of any investment to certain third parties that have referred issuers and investors to StartEngine, or to certain Issuers, including but not limited to issuers in which you have expressed interest. StartEngine may also be required to disclose your information, including Non-Personally Identifiable Information or Personally Identifiable Information, to other companies or entities in the event that StartEngine may be sold or is sold to another company or entity. In that case, your information, including Non-Personally Identifiable Information or Personally Identifiable Information, may be sold or transferred to such acquiring company or entity.
The Site contains links to other websites and services not maintained by StartEngine. In addition, other websites and services may also reference or link to the Site. We encourage you to be aware when you enter or leave our Site, or surf the Internet, and to read the privacy statements of each website and service that you visit. We do not endorse, screen, or approve, and are not responsible for the privacy practices or the content of other websites or services.
The Site permits Users to communicate with companies and other Users posting information on the Site. We may read, collect and analyze information transmitted between Users for regulatory compliance and marketing purposes. We do not guarantee that information provided by Site visitors or investors is accurate or complete. StartEngine assumes no liability or responsibility for any errors or omissions in the content of its Site.
We may at times send you email communications with information, marketing or promotional materials. If you prefer not to receive such emails from us, you may unsubscribe completely by contacting us through the contact form www.startengine.com/contact, chat feature, or by submitting a question through the embedded “help” button that is processed through Zendesk.
Please note that opt-out requests may take up to five (5) business days to process. Please also note that at times we may need to send you transactional email communications such as service or termination announcements or payment confirmations which are communications from which you will be unable to opt-out. To unsubscribe from a third party’s communications, contact that third party directly or follow the instructions to unsubscribe in the applicable marketing e-mail.
You will be able to modify the information concerning your account by visiting your profile page and editing any information you wish to change. You will be able to view and change your email address, password, financial information, contact information, or other login information by visiting your account’s settings page subject to our Site policy. If you wish to suspend your account or need help modifying account information, please contact us through the contact form by clicking on the lower right question mark icon and selecting contact us, chat feature, or by submitting a question through the embedded “help” button that is processed through Zendesk. We may require up to five business days to process such requests.
Through your account settings you will be able to set certain preferences and permissions regarding the visibility of your information, including Non-Personally Identifiable Information or Personally Identifiable Information, to others. You may stop or restrict the placement of StartEngine cookies, Google cookies and third party cookies on your computer by adjusting your web browser preferences or a “Do Not Track” setting in your web browser. If you do so, you may still use our Site, but this may interfere with some of our Site’s functionality. You may also clear cookies from your computer via your web browser settings.
If you would like us to remove your Personally Identifiable Information from our database, please send a request through the contact form, select the lower right question mark, then select contact us, chat feature, or submit a question through the embedded “help” button that is processed through Zendesk.
We are not responsible for removing your Personally Identifiable Information from the lists of any Third Party Services or other third party partner who has previously been provided your information in accordance with this Privacy Notice.
Click on the link “Do Not Sell My Personal Information” when logged into the home page of our website and then click on the link “click here” to confirm your request. If you are not logged in, then we cannot identify you and record your request.
Should you ask us not to sell your information or wish to delete your information to the extent permitted by FINRA, the SEC, or otherwise permitted by law (we have strict data retention rules for customer information and transactions), please call our toll free number 800-317-2200. We will ask you for personally identifiable information that may include your name, address, recent transaction information and social security number. If we are unable to verify you, we will send you a letter to your home address with a security code to identify you and request that you then call us at 800-317-2200.
We use commercially reasonable administrative, technical, personnel, and physical security measures designed to secure access to Personally Identifiable Information in our possession, but despite these measures, we cannot guarantee perfect or complete security of networks, servers and databases that we operate or that are operated on our behalf. Personally Identifiable Information is also stored with third parties who also have represented that they use reasonable security measures to secure access to Personally Identifiable Information, but we will not assume responsibility for the failure of any third party to safeguard Personally Identifiable Information, whether the loss or unauthorized access is inadvertent or otherwise.
Our employees are required to protect the confidentiality of your information and to comply with our established policies. We maintain physical, electronic, and procedural safeguards to protect your information. We protect the security of your information during transmission by using Secure Sockets Layer (SSL) software, which encrypts information that you input. Wherever appropriate, we obfuscate and/or encrypt information in our systems and/or during information transfer.
We utilize third party service providers who may store on their servers addresses, financial information, electronic signatures, payment and other personally identifiable information. Any third parties to whom we may disclose personal information may have their own privacy policies that describe how they use and disclose personal information. Those policies will govern use, handling and disclosure of your personal information once we have shared it with those third parties as described in this Privacy Policy. If you want to learn more about their privacy practices, we encourage you to visit the websites of those third parties
It is important for you to protect against unauthorized access to your password and to your computer. Be sure to log off when finished using a shared computer.
The Site is not intended for use by children, especially those under eighteen years of age. No one under eighteen years of age is allowed to use the Site, provide any personal information or receive our email distributions. We do not knowingly collect, use or share the personal information of children under the age thirteen (13). If we are made aware that we have collected personal information from an individual under age 13, we will delete this information as soon as possible.
We have a Business Continuity Plan that is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of a significant business disruption.
In a disruption to only our firm or to a building housing our firm, we will transfer our operations to a local site (if necessary) and would expect to recover and resume business quickly. In a disruption affecting our business district, city, or region, we will most likely transfer our operations to a site outside of the affected area, and then attempt to promptly recover and resume business. Under all scenarios, we plan to continue in business and to notify you regarding how to contact us. If the business disruption is so severe that it prevents us from remaining in business, we will arrange notification for our customers, relative to how they might be affected. If, after a significant business disruption, you cannot contact us as you usually do at 1-800-317-2200 , you may email us at contact@startengine.com or go to our website at www.startengine.com.
We plan to recover as quickly as possible and resume business operations after a significant business disruption. Our business continuity plan addresses: data backup and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers, employees, regulators, banks and vendors; and relocating to an alternative physical location if necessary.
We reserve the right, in our sole discretion, to change, modify, add, or remove portions of this Privacy Notice at any time. Any changes or updates will be effective immediately upon posting to our Site. You should review this Privacy Notice regularly for changes, and can determine if changes have been made by checking the Effective Date below. Your continued use of our Site following the posting of any changes to this Privacy Notice means you accept such changes.
The Site is maintained in the United States of America. By accessing the Site, you consent to and authorize the export of Personally Identifiable Information to the United States of America and its storage and use as specified in this Privacy Notice.
This Privacy Notice shall be governed by, construed and entered in accordance with the laws of the State of California applicable to contracts deemed to be made within such state, without regard to choice of law or conflict of law provisions thereof. All disputes with respect to this Privacy Notice shall be brought and heard either in the California state courts located in Los Angeles, California, or the federal district court of California located in Los Angeles County, California. You consent to the in personam jurisdiction and venue of such courts. YOU HEREBY WAIVE YOUR RIGHT TO A TRIAL BY JURY WITH RESPECT TO ANY CLAIM, ACTION OR PROCEEDING, DIRECTLY OR INDIRECTLY, ARISING OUT OF, OR RELATING TO, THIS AGREEMENT TO THE FULLEST EXTENT PERMITTED BY LAW.
Under California Civil Code Section 1798.83, California consumers who have business relationships with us may choose to opt out of our sharing their personal information with third parties for direct marketing purposes. If you are a California consumer and (1) you wish to opt out; or (2) you wish to request certain information regarding our disclosure of your personal information to third parties for the direct marketing purposes, please contact us at contact@startengine.com.
Alternatively, you may send a written request to the following address:
ATTN: PRIVACY OFFICE
LEGAL DEPARTMENT
3900 W Alameda Ave, Suite 1200
Burbank, CA 91505
Information for California consumers (California Consumer Privacy Act)
We collect and retain the following categories of personal information, which is necessary information for us to comply with regulations governing the insurance industry and the issuance of insurance policies. We also collect personal information from our California-based employees, as required to comply with federal, state and local laws governing employers, and to fulfill our legal obligations as an employer. This personal information may include any of the following categories of personal information: (1) your real name, postal address, telephone number, unique personal identifier, email address, Social Security number, and/or similar identifiers; (2) commercial information, including investment services provided; (3) professional or employment-related information; and (4) educational information from our employees. We may collect such categories of personal information about you from: your completion of an application to make an investment with us or other forms; your transaction history and other experience with us and other companies; and in the case of an employee, from an application for employment, curriculum vitae or bio, or from a consumer reporting agency. All such personal information is used to comply with federal, state and local laws, and any SEC, FINRA or similar regulations governing our business, and for the business purpose of complying with laws governing the employment of persons who are our employees, and to effectively recruit and manage our company workforce.
During the past 12 months, we have used and disclosed the following categories of personal information: your real name, postal address, telephone number, and/or email address with our business, our service providers, and with third parties with whom we have joint marketing agreements to respond to your inquiries and requests (e.g. emails, fulfillment mailings, newsletters), complete and fulfill any inquiry for information or purchase you make, for marketing and advertising purposes, to perform services on our behalf, and for the purpose of offering complimentary services to our own services.
We do not sell the personal information of minors under 18 years of age.
If you are a California consumer, upon our receipt of a verifiable request from you, you can obtain access to the personal information about you which we have collected, used, or disclosed. You may also request deletion of your personal information that is collected and maintained by us, as provided by law.
To submit a verifiable consumer request to know what personal information we may have collected, used, disclosed, or to request deletion of personal information, you may call our toll-free number at 1-800-317-2200 or contact us through the contact form by clicking on the lower right question mark icon on our home page and selecting contact us, chat feature, or by submitting a question through the embedded “help” button that is processed through Zendesk. For existing account holders, you may be asked to verify your identify through the existing authentication procedures of your account, and we may re-authenticate you to verify your identity.
For non account holders, we will verify a consumer’s identity by matching at least two or three consumer-provided data points with data points that we maintain, depending on the sensitivity of the information involved.
In addition to the above, a California resident has the right to opt-out of the “sale” (as defined under the California Consumer Privacy Act) or sharing of his or her personal information with our affiliates or third parties. To request that your personal information not be “sold,” please follow this hyperlink: Do Not Sell My Personal Information.
You have a right not to receive discriminatory treatment from us for the exercise of any of your privacy rights conferred by the “CCPA”.
As a California consumer, you can designate an authorized agent to make a request under the CCPA on your behalf by your signed authorization. To do so, please write to us at the address provided below, providing your full name and address, the name and address of your authorized agent, the agent’s contact information, specifying your relationship with the authorized agent, the purpose for which you are designating the authorized agent, and provide your signed authorization. You may revoke the authority of that agent at any time by contacting us in writing at the address below.
Any consumers with a disability may contact us or have an authorized agent contact us by calling our customer service department at 1-800-317-2200 or by visiting our website contact below.
For questions or concerns about our privacy policies and practices, or wish to request our policy in an alternative format please contact us at contact@startengine.com
Alternatively, you may send a written request to the following address:
ATTN: HELPDESK – PRIVACY
LEGAL DEPARTMENT
3900 W Alameda Ave, Suite 1200,
Burbank, CA 91505
We may amend this Privacy Policy from time to time. When we do, we will post an updated version of the Privacy Policy and revise the “LAST UPDATED” date at the top. Using this Site, Mobile App, or Content after any changes are made means you accept those changes and the revised Privacy Policy.
For purposes of this Privacy Policy, “you” or “your” means the person(s) using this Site, Mobile App, or Content or the products or services offered therein. “Us” or “we” means StartEngine.
You have the right to submit feedback about this Privacy Policy or the practices described in it to the applicable supervisory authority in your jurisdiction of residence.
Changes to and Review of Personal Information
If you think that any personal information we have collected from or about you is inaccurate, you may notify us in writing at the address provided below. We will investigate your request and make appropriate changes as needed.
You may send written request to review or change your personal information to:
StartEngine
ATTN: HELPDESK – PRIVACY
LEGAL DEPARTMENT
3900 W Alameda Ave, Suite 1200
Burbank, CA 91505
Contact Us
If you have any questions about this Privacy Policy please contact us at contact@startengine.com or:
StartEngine
Contact Customer Service – 1-800-317-2200
Important Message
IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE ISSUER AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. INVESTMENTS ON STARTENGINE ARE SPECULATIVE, ILLIQUID, AND INVOLVE A HIGH DEGREE OF RISK, INCLUDING THE POSSIBLE LOSS OF YOUR ENTIRE INVESTMENT.
www.StartEngine.com is a website owned and operated by StartEngine Crowdfunding, Inc. (“StartEngine”), which is neither a registered broker-dealer, investment advisor nor funding portal.
Unless indicated otherwise with respect to a particular issuer, all securities-related activity is conducted by regulated affiliates of StartEngine: StartEngine Capital, LLC, a funding portal registered here with the US Securities and Exchange Commission (SEC) and here as a member of the Financial Industry Regulatory Authority (FINRA), or StartEngine Primary, LLC, a broker-dealer registered with the SEC and FINRA/SIPC. You can review the background of our broker-dealer and our investment professionals on FINRA’s BrokerCheck here. StartEngine Secondary is an alternative trading system regulated by the SEC and operated by StartEngine Primary, LLC, a broker dealer registered with the SEC and FINRA.
Investment opportunities posted and accessible through the site are of three types:
1) Regulation A offerings (JOBS Act Title IV; known as Regulation A+), which are offered to non-accredited and accredited investors alike. These offerings are made through StartEngine Primary, LLC (unless otherwise indicated). 2) Regulation D offerings (Rule 506(c)), which are offered only to accredited investors. These offerings are made through StartEngine Primary, LLC. 3) Regulation Crowdfunding offerings (JOBS Act Title III), which are offered to non-accredited and accredited investors alike. These offerings are made through StartEngine Capital, LLC. Some of these offerings are open to the general public, however there are important differences and risks.
Any securities offered on this website have not been recommended or approved by any federal or state securities commission or regulatory authority. StartEngine and its affiliates do not provide any investment advice or recommendation and do not provide any legal or tax advice with respect to any securities. All securities listed on this site are being offered by, and all information included on this site is the responsibility of, the applicable issuer of such securities. StartEngine does not verify the adequacy, accuracy or completeness of any information. Neither StartEngine nor any of its officers, directors, agents and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy, or completeness of any information on this site or the use of information on this site. See additional general disclosures here.
By accessing this site and any pages on this site, you agree to be bound by our Terms of Use and Privacy Policy, as may be amended from time to time without notice or liability.
Canadian Investors
Investment opportunities posted and accessible through the site will not be offered to Canadian resident investors. Potential investors are strongly advised to consult their legal, tax and financial advisors before investing. The securities offered on this site are not offered in jurisdictions where public solicitation for offerings is not permitted; it is solely your responsibility to comply with the laws and regulations of your country of residence.
California Investors Only – Do Not Sell My Personal Information (800-317-2200). StartEngine does not sell personal information. For all customer inquiries, please write to contact@startengine.com.
StartEngine’s Reg A+ offering is made available through StartEngine Crowdfunding, Inc. This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment. For more information about this offering, please view StartEngine’s offering circular and risks associated with this offering.
StartEngine Marketplace
The availability of company information does not indicate that the company has endorsed, supports, or otherwise participates with StartEngine.
None of the information displayed on or downloadable from www.startengine.com (the 'Website') represents a recommendation, offer, or solicitation of an offer to buy or sell any security. It also does not constitute an offer to provide investment advice or service. StartEngine does not (1) make any recommendations or otherwise advise on the merits or advisability of a particular investment or transaction, or (2) assist in the determination of fair value of any security or investment, or (3) provide legal, tax, or transactional advisory services.
All investment opportunities are based on indicated interest from sellers and will need to be confirmed.
Investing in private company securities is not suitable for all investors. An investment in private company securities is highly speculative and involves a high degree of risk. It should only be considered a long-term investment. You must be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid, and there is no guarantee that a market will develop for such securities. Each investment also carries its own specific risks, and you should complete your own independent due diligence regarding the investment. This includes obtaining additional information about the company, opinions, financial projections, and legal or other investment advice. Accordingly, investing in private company securities is appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment.
StartEngine Marketplace (“SE Marketplace”) is a website operated by StartEngine Primary, LLC (“SE Primary”), a broker-dealer that is registered with the SEC and a member of FINRA and the SIPC. StartEngine Bulletin Board ("SE BB") is a bulletin board platform that advertises interest in shares of private companies that previously executed Reg CF or Reg A offerings. SE BB enables shareholders to communicate interest in potential sales of shares in private companies and investors to discover, review, and potentially invest in private companies. As a bulletin board platform, SE BB provides a venue for investors to access information about private company offerings and connect with potential sellers. SE BB is distinct and separate from StartEngine Secondary (“SE Secondary”), which is an SEC-registered Alternative Trading System (ATS) operated by SE Primary. SE Secondary facilitates the trading of securities by matching orders between buyers and sellers and facilitating executions of trades on the platform. While a security may be displayed on the bulletin board, these securities will be subject to certain restrictions which may prevent the ability to buy and sell these securities in a timely manner, if at all. Even if a security is qualified to be displayed on the bulletin board, there is no guarantee an active trading market for the securities will ever develop, or if developed, be maintained. You should assume that you may not be able to liquidate your investment for some time or be able to pledge these shares as collateral.