This round is no longer accepting investments, but hundreds just like it are live now.

Log In



Lanikai Brewing Company is an Island Inspired® craft beer and spirits company with 100% of our brews made in Hawaiʻi. All of our products feature locally grown Hawaiian ingredients. As one of the most sustainable breweries in the country, we are working towards becoming one of the first carbon-negative breweries.

This Reg CF offering is made available through StartEngine Capital, LLC. This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.

$425,983.68 Raised


In an industry of large companies that mass-produce industrialized beer, Lanikai Brewing Company creates authentic, Hawaiʻi-made craft beer and spirits using native, premium ingredients and is one of the most sustainable breweries in the country.

The global craft beer market had a 2021 value of $26.8 billion and is only continuing to grow.* Lanikai Brewing Company is thriving in this market, experiencing exponential growth. Hawaiʻi is one of the smallest producer markets (only 18 breweries state-wide), yet we receive around 8.5 million visitors per year. As it stands, we have a disproportionate amount of breweries per visitor compared to other places, putting local producers in high demand. Hawaiʻi is also the springboard to the Asian markets, opening doors to tremendous opportunities for local businesses.

The company aligns itself to modern consumer values by focusing on authenticity, sustainability, and transparency.* We have always been community-focused, and it’s time to have more community owners.

*Market information provided by (source) (source)

the pitch

Lanikai Brewing Company (LBC) is an independently-owned, innovative, Island Inspired®, Hawaiʻi-made craft beer and spirits venture. Devoted to the islands of Hawaiʻi and the local community, Lanikai is one of the most sustainable breweries in the country and incorporates ingredients grown locally and native to Hawaiʻi  in all products. Our local Kailua, Oʻahu taproom is a family-friendly gathering place with indoor and outdoor seating, a food menu, and a full-service bar. Numerous additional locations are in motion for the near future, including Hilo, Oʻahu’s North Shore, and another neighbor island location. Lanikai Brewing is also currently working to upscale to a larger production facility within the coming years in order to keep up with our increasing product demand. 


Taste our love of and commitment to Hawaiʻi in every Lanikai beer and spirit

Lanikai’s distinguished beers and spirits result from our never-ending commitment to preserve the beauty and integrity of Hawaiʻi. Our products are bold, flavorful, and seasonal, and our business practices are transparent and island-first, using ingredients local to Hawaiʻi. We are proud to be one of the most energy-efficient and sustainable breweries in the nation, and our restaurant and brewpub is registered as “Ocean Friendly” by the Surfrider Foundation. 


We’ve created a line of Island Inspired beers and spirits to represent Hawaiʻi in the craft beverages market

In an industry that consists of large companies that mass-produce industrialized beer and spirits, we take our cues from premium, local, rare, and exotic ingredients, grown by local farmers or foraged from across the Pacific, to produce bold and flavorful beverages, often using Native Hawaiian yeasts and microflora. We maintain a profound commitment to our community and islands in everything we do.  Already one of the most sustainable breweries/distilleries in the country, we are working towards becoming one of the first that is completely carbon-negative.

Spearheading our beer selection are our four Flagships: Moku Imperial IPA, Pillbox Porter, Party Wave Pilsner, and Cheehoo IPA. Our Hawaiian Wild Ales are brewed and fermented with yeast and bacteria found only in Hawaiʻi. We also offer 15 incredible Seasonal Beers which range from sours to barleywine, stouts to Hefs. We also produce exceptional small-batch spirits highlighting the authentic flavors of the islands: our lemongrass gin, our macadamia-flavored amaretto–“Macaretto”–as well as our latest addition - Pineapple Swipe, Pineapple Lilikoi Swipe, and Pineapple Mango Swipe – have all met great acclaim. We have been featured in Forbes Magazine, Lonely Planet as one of the Best Breweries in the World, KauKau, JTB, and countless other publications for our products.

The Market & our traction

Authentic Hawaiʻi-made beer and spirits is our distinctive niche in the booming craft beverage market


After prevailing through COVID-19 and adding even more superior offerings to our menu, Lanikai Brewing Company is poised to expand. We have recently secured a strong financial partner to help us establish a large production facility on Oʻahu and have 3 additional taproom/restaurant locations across the Hawaiian Islands already in motion. Most importantly, our distributor closed a deal with Anheuser-Busch (A-B) for exclusive distribution rights in Hawaiʻi, which has already led us to double our sales. As our brand strengthens, we find ourselves ideally situated to rise to the top of the multibillion-dollar craft beverage industry.

Why Invest

Join us in becoming the sustainable craft beer and spirits leader

This is the first time we are offering the public an opportunity to invest in a slice of our paradise. Since 2014, we’ve successfully produced exceptional, unique, and conscientious Hawaiʻi-made beer and spirits. We are selling 100% of what we make as fast as we can make it and are on track to reach three times our current distributions this year alone. We have huge opportunities to expand our brand direct-to-consumers and are building multiple restaurants across Hawaiʻi. But we need more capital to foster this growth. From wherever you are, you can be a part of our sun-soaked, drink-in-hand, adventure-seeking, island lifestyle. Un-tapped opportunity awaits. 



175 C Hamakua Drive
Kailua, HI 96734

Lanikai Brewing Company is an Island Inspired® craft beer and spirits company with 100% of our brews made in Hawaiʻi. All of our products feature locally grown Hawaiian ingredients. As one of the most sustainable breweries in the country, we are working towards becoming one of the first carbon-negative breweries.


Steve Haumschild
Steve Haumschild
CEO, Board Member and Brewmaster

Mr Haumschild is an accomplished and motivated serial entrepreneur with over 25 years of leadership experience. Awarded Hawaii Entrepreneur of the Year (2019)by the Hawaii Venture Capitalist Association and recognized by the State of Hawaii Legislature and 40 Under 40 business leaders (2013) from Pacific Business news. Mr. Haumschild graduated from the University of Hawaii Shidler College of Business Executive Master of Business program in 2011 also holding degrees from The Ohio State University in Evolution, Ecology and Organismal Biology (Bachelors of Sciences). He is a graduate of Siebel Institute of Technology Associates in Brewing Program as well as a Certified Cicerone. Mr Haumschild is also a professional business consultant, tailored for business both domestically and international, from start-ups to exit.

Allan Darling
Allan Darling
CFO and Board Member

Allan (Al) Darling functions as the Financial Director who oversees the accounting and financial administration for the company. He is a CPA with over 30 years of corporate leadership experience in a variety of industries, including 6 years as the Director of Internal Audit for Alexander & Baldwin (A&B) in Honolulu.. 

Al earned his BA degree in Accounting from National University in San Diego and graduated from University of Hawaii’s Shidler College of Business Executive MBA Program in May 2011. Al is an enthusiastic connoisseur of finer craft brews as well as an accomplished adventurer. He is an OC1 Paddler and enjoys exploring the islands in his spare time.

Dan Frerich

Dan Frerich

Board member

Dan’s background includes a degree in Environmental Science from Oregon State University. While at OSU, he took a course in fermentation science which sparked his interest in brewing. Following college, he moved to Hawaii and has 25+ years working in the environmental/construction consulting industry. 

Julian Ritchey

Julian Ritchey

Board member

Julian Ritchey is a University of Texas at Austin Graduate with degrees in Finance and Pre-Dental. He has 30 years of experience in the hospitality industry as an owner, manager, consultant and bartender in bars, restaurants, hotels, and nightclubs. Upon moving to Hawaii in 2010, Julian changed careers and is now one of Hawaii’s leaders as a renewable energy project developer. He is the senior developer with RevoluSun, Hawaii’s number one PV installer. He started with RevoluSun on 05/01/2010.

Kumu Hula Malia Haumschild

Kumu Hula Malia Haumschild

Cultural Advisor

Kumu Hula Malia is a Kanaka ʻŌiwi & 18+ year Native Hawaiian cultural advisor.

She has served as Chief of Staff to Hawaii State Representative Mele Carroll (Vice Chair of Committee on Hawaiian Affairs), and as senior political aide at the Office of Hawaiian Affairs for Boardchairperson Haunani Apoliona.

In addition to her extensive background in government & business, in 2019 Kumu Hula Malia ʻūniki as Hoʻopaʻa Laeoʻo (Chanter). Then in 2021, after more than 30 years of study, Kumu Hula Malia ʻūniki as a Kumu Hula in an ʻailolo ceremony.    

Kumu Malia holds an Executive M.B.A. from the University of Hawaii at Manoa and a B.A. in Political Science from Pepperdine University.

Kumu Hula Malia continues her work as a Hawaiian cultural advisor as well as instructs in the Hawaiian arts of Oli, Hula kahiko & Hula ʻauana.

Katie Postel

Katie Postel

Management and Operations

Katie received her bachelors degree in Communications from ASU. She has been apart of the Lanikai Brewing family for 6 years now, overseeing everything from our Kailua taproom to distributor sales. Katie is well accomplished in multiple areas of this company and continues to be a major asset to our team.

Katie recently became a mom and has been enjoying time with her new family. While she is not working or taking care of her little one, she loves to surf, hike, practice yoga, and read on the beach.

Sam Hall

Sam Hall

Director of Sales and Marketing

After graduating from Colorado State University with a degree in Business Marketing, Sam began coaching entrepreneurs of small businesses struggling to grow their revenue. She spent a little over 2 years helping people grow million dollar companies across the country before jumping into the Lanikai Brewing family. She has multiple marketing certificates, years of graphic design experience, and a strong sales-driven personality. 

Sam is extremely active in her community and family here in Hawaii. She is a CrossFit coach at a local gym and competes often. Sam also teaches horeseback riding lessons at a theraputic riding center in Waimanalo. Sam is a surfing, snorkeling, running, and hiking enthusiast - partaking in many competitions/events across the island.

Marne Pfister

Marne Pfister

Taproom General Manager

Marne grew up in Montana and graduated from Gonzaga University with a degree in Applied Communications, working in PR for years before ending up in Hawaii and falling into the local craft beer scene. Marne is going on 6 years with Lanikai Brewing Company. She orignially started working on Friday nights in the small tasting room at the brewery and was instrumental in helping open the Kailua taproom in 2017. Now days, Marne is the Kailua location General Manager.

She equally loves to get lost on a sweaty hike in the jungle, get in the water and look for turtles or swim with sharks, or relax on the beach and watch a sunrise or sunset that you can only catch on the beaches of Hawaii.

Scott Vaughn

Scott Vaughn


Scott attended Metropolitan State University in Denver, receiving a degree in Electrical Engineering. After meeting his wife, they moved to Hawaii to start their family on her home island.

Scott began as a home brewer. After about 7 years making his own concoctions, he became interested in brewing on a larger scale. Scott came into Lanikai Brewing as a Brewing Assistant - scrubbing the brewery floors - and has worked his way up over the last 6 years to a full time brewer for our company. 

Scott is a loving father to two girls and enjoys playing hockey, partaking in CrossFit, and spending time with his family in his free time.

Jonathan Brammer

Jonathan Brammer


Jonathan spent 4 years in the Navy as a Cryptological Technician. He attained multiple degrees at a young age and can speak 7 different languages. Jonathan began distilling at the age of 12, making moonshine in the mountains of West Virginia. He was on Discovery Channel's 'Moonshiners' (Season 3) and is a beverage consultant for 6 different distilleries and 5 wineries across the country. Jonathan has been with Lanikai Brewing for around 2 years and is helping to establish the newest name in small batch spirits here in Hawaii.

Jonathan is a well-renowned powerlifter and Strongman competitor. He recently qualified for the World Spartan Trifecta Championship. Mr. Brammer enjoys spending time with his family, free diving, spearfishing, and is currently working on his very own reef growth/reef plugging project.


Lanikai Brewing Company
Jul 9, 2023
$10k - $1.23M
Class C Common Units

Maximum Number of Shares Offered subject to adjustment for bonus shares

Most Recent Fiscal Year-End

Prior Fiscal Year-End

Total Assets



Cash & Cash Equivalents



Accounts Receivable



Short-Term Debt



Long-Term Debt



Revenue & Sales



Costs of Goods Sold



Taxes Paid



Net Income



*Maximum number of shares offered subject to adjustment for bonus shares. See Bonus info below.

Time-Based Perks

Super Early Bird Special: Invest anything in the 1ST WEEK and receive 5% bonus units

Early Bird Special: Invest anything in the 2ND WEEK and receive 2% bonus units

Volume-Based Perks

Tier 1: Invest $500+ and receive 1 Exclusive Lanikai Brewing Co. Hat, 1 Exclusive Lanikai Brewing Co. Sticker, + 1 Exclusive Lanikai Brewing Co. Aluminum Tumbler

Tier 2: Invest $1,000+ and receive 2 Exclusive Lanikai Brewing Co. Hats, 2 Exclusive Lanikai Brewing Co. Stickers, + 2 Exclusive Lanikai Brewing Co. Aluminum Tumblers,

Tier 3: Invest $5,000+ and receive 2 Exclusive Lanikai Brewing Co. Hats, 2 Exclusive Lanikai Brewing Co. Stickers, 2 Exclusive Lanikai Brewing Co. T-Shirts, 4 Exclusive Lanikai Brewing Co. Aluminum Tumblers, 10% off Lanikai Brewing Merchandise for 1 Year

Tier 4: Invest $10,000+ and receive 2 Exclusive Lanikai Brewing Co. Hats, 2 Exclusive Lanikai Brewing Co. Stickers, 2 Exclusive Lanikai Brewing Co. T-Shirts, 4 Exclusive Lanikai Brewing Co. Aluminum Tumblers, 10% off Lanikai Brewing Merchandise for 1 Year, Help Lanikai Brewing create it's next beer! You will be invited to be a part of the recipe buildout, product testing and tasting, and brew process. (Must be 21+)

Tier 5: Invest $25,000+ and receive additional 5% bonus units, 2 Exclusive Lanikai Brewing Co. Hats, 2 Exclusive Lanikai Brewing Co. Stickers, 2 Exclusive Lanikai Brewing Co. T-Shirts, 4 Exclusive Lanikai Brewing Co. Aluminum Tumblers, 10% off Lanikai Brewing Merchandise for 1 Year, Help Lanikai Brewing create it's next beer! You will be invited to be a part of the recipe buildout, product testing and tasting, and brew process. (Must be 21+)

Tier 6: Invest $50,000+ and receive additional 10% bonus units, 2 Exclusive Lanikai Brewing Co. Hats, 2 Exclusive Lanikai Brewing Co. Stickers, 2 Exclusive Lanikai Brewing Co. T-Shirts, 4 Exclusive Lanikai Brewing Co. Aluminum Tumblers, 10% off Lanikai Brewing Merchandise for 1 Year, Help Lanikai Brewing create it's next beer! You will be invited to be a part of the recipe buildout, product testing and tasting, and brew process. (Must be 21+)

*In order to receive perks from an investment, one must submit a single investment in the same offering that meets the minimum perk requirement. Bonus shares from perks will not be granted if an investor submits multiple investments that, when combined, meet the perk requirement. All perks occur when the offering is completed.

The 10% StartEngine Owners' Bonus

Lanikai Brewing Company will offer 10% additional bonus units for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.

This means eligible StartEngine shareholders will receive a 10% bonus for any units they purchase in this offering. For example, if you buy 100 units of Class C Common Units at $2.04/ unit, you will receive 110 units of Class C Common Units, meaning you'll own 110 units for $204. Fractional units will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.

This 10% Bonus is only valid during the investors eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are canceled or fail.

Investors will receive the highest single bonus they are eligible for among the bonuses based on the amount invested and time of offering elapsed (if any). Eligible investors will also receive the Owner’s Bonus in addition to the aforementioned bonus.

Irregular Use of Proceeds

The Company will not incur any irregular use of proceeds.


Owners bonus
Stack Owner's Bonus & Rewards!

Members get an extra 10% shares in addition to rewards below!


Multiple investments in an offering cannot be combined to qualify for a larger campaign perk. Get rewarded for investing more into Lanikai Brewing Company.



Michael Bernard

4 days ago

My address has changed since I invested. Is there anyway I can provide a new address to receive the swag?



Adam Abeyta

4 days ago

Just saw the announcement for investor gear, looks good!!!



David Storaci

7 days ago

I invested in Lanikai Brewing back in June 2023 and have not heard anything from the company at all. What happened with my investment?



Brandy Tallaksen

2 months ago

I’m an excited investor! Will we have the option to pick our sizes for new gear? And When will we get our code for our 10% merchandise discounts.



Adam Abeyta

2 months ago

Awesome looking forward to picking up my investment gear!!!



Daniel Enyart

4 months ago

How/when do you receive the Tier investment gear? Can you pick it up at Tap & Barrel?



Christopher Robinson

4 months ago

Seems like my transaction is hung up. Is there problem or just slow going?



Burl Hays

4 months ago

I’m local and love your brews. Would love to invest. What are your ultimate goals and timelines for returning capital and/or income to investors?



Alexis Buchholz

4 months ago

How do you justify a $28.5 million valuation with revenues of only $2 million?




Cancel anytime before 48 hours before a rolling close or the offering end date.



We want you to succeed and get the most out of your money by offering rewards and memberships!


Your info is your info. We take pride in keeping it that way!


Invest in over 200 start-ups and collectibles!

With Regulation A+, a non-accredited investor can only invest a maximum of 10% of their annual income or 10% of their net worth per year, whichever is greater. There are no restrictions for accredited investors.

With Regulation Crowdfunding, non-accredited investors with an annual income or net worth less than $124,000, are limited to invest a maximum of 5% of the greater of those two amounts. For those with an annual income and net worth greater than $124,000, he/she is limited to investing 10% of the greater of the two amounts.

At the close of an offering, all investors whose funds have “cleared” by this time will be included in the disbursement. At this time, each investor will receive an email from StartEngine with their Countersigned Subscription Agreement, which will serve as their proof of purchase moving forward.

Please keep in mind that a company can conduct a series of “closes” or withdrawals of funds throughout the duration of the campaign. If you are included in that withdrawal period, you will be emailed your countersigned subscription agreement and proof of purchase immediately following that withdrawal.

StartEngine assists companies in raising capital, and once the offering is closed, we are no longer involved with whether the company chooses to list shares on a secondary market, or what occurs thereafter. Therefore, StartEngine has no control or insight into your investment after the close of the live offering. In addition, we are not permitted to provide financial advice. You may want to contact a financial professional to discuss possible investment outcomes.

For Regulation Crowdfunding, investors are able to cancel their investment at any point throughout the campaign up until 48 hours before the closing of the offering. Note: If the company does a rolling close, they will post an update to their current investors, giving them the opportunity to cancel during this timeframe. If you do not cancel within this 5-day timeframe, your funds will be invested in the company, and you will no longer be able to cancel the investment. If your funds show as ‘Invested’ on your account dashboard, your investment can no longer be canceled.

For Regulation A+, StartEngine allows for a four-hour cancelation period. Once the four-hour window has passed, it is up to each company to set their own cancelation policy. You may find the company’s cancelation policy in the company’s offering circular.

Once your investment is canceled, there is a 10-day clearing period (from the date your investment was submitted). After your funds have cleared the bank, you will receive your refund within 10 business days.

Refunds that are made through ACH payments can take up to 10 business days to clear. Unfortunately, we are at the mercy of the bank, but we will do everything we can to get you your refund as soon as possible. However, every investment needs to go through the clearing process in order to get sent back to the account associated with the investment.

Both Title III (Regulation Crowdfunding) and Title IV (Reg A+) help entrepreneurs crowdfund capital investments from unaccredited and accredited investors. The differences between these regulations are related to the investor limitations, the differing amounts of money companies are permitted to raise, and differing disclosure and filing requirements. To learn more about Regulation Crowdfunding, click here, and for Regulation A+, click here.


Get To Know Us

Our Team



Important Message

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 FINRASIPC . 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. StartEngine Primary, LLC is a member of SIPC and explanatory brochures are available upon request by contacting SIPC at (202) 371-8300.

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

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 risk 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 (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.