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Purism is seeking investment from individuals

puri.sm

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Re: Purism is seeking investment from individuals

#21

Post by teucris »

stevehawk wrote: post #10
Aeolun wrote: post #6

What the hell. You need to have assets exceeding 1M to invest $1000? I don’t need that to buy any other stock, why would I need it here? Hell, how does it even apply to people not living in the US in the first place.

Because they need you to sit back and go "damn what a bummer" when your investment nets you a $1000 loss, instead of it being something that would want you to sue.

Is that attitude limited to millionaires? I know a lot of people who have $1000 to invest who are nowhere near having a million dollars in assets.

Re: Purism is seeking investment from individuals

#22

Post by wly_cdgr »

AlexTWithBeard wrote: post #15
telendram wrote: post #9

Why does it sound so much like a scam ?

Not sure about the scam, but my bayesian bullshit filter is triggered by the "unlike all the evil for-profit corporations, we're a white'n'fluffy company aiming for the greater good".

So what? You're investing to make money. For those purposes, it's much better for you if they are actually as bad or worse than any other company

Re: Purism is seeking investment from individuals

#23

Post by wly_cdgr »

AlexTWithBeard wrote: post #15
telendram wrote: post #9

Why does it sound so much like a scam ?

Not sure about the scam, but my bayesian bullshit filter is triggered by the "unlike all the evil for-profit corporations, we're a white'n'fluffy company aiming for the greater good".

So what? You're investing to make money. For those purposes, it's much better for you if they are actually as bad or worse than any other company. Nobody makes big money actually respecting the principles they claim

Re: Purism is seeking investment from individuals

#24

Post by AlbertCory »

asah wrote: post #13
AlbertCory wrote: post #11

There are already Socially Responsible Mutual Funds with none of this "accredited investor" stuff. Why would you throw your money away on this? You have no idea whatsoever about what they're going to do with it, except some vague high-sounding words. More to the point, you don't know what % of the ultimate profits, if there are any, will flow to the backers and not to you.

Multi decade angel investor here: accredited investor requirements are completely normal, including the good faith clause.

You gave it away there: "angel investor .. accredited investor requirements" You're in a different ballgame.

The other responders here are wondering if someone can get into that ballgame without all the safeguards you went through.

Re: Purism is seeking investment from individuals

#26

Post by tptacek »

Aeolun wrote: post #6

What the hell. You need to have assets exceeding 1M to invest $1000? I don’t need that to buy any other stock, why would I need it here? Hell, how does it even apply to people not living in the US in the first place.

Those other stocks are the result of a multi-year process of disclosure and regulation with the SEC, including quarterly audited financial disclosures, due diligence reviews, and a gigantic mess of filings. Companies pay tens of millions of dollars to get themselves into a position where ordinary retail investors can buy their stock.

These people, on the other hand, are just a bunch of people with a web page. You can solicit investments on a web page, but only from sophisticated buyers, who the law assumes should know better than to invest.

Re: Purism is seeking investment from individuals

#27

Post by andreareina »

fsflover wrote: post #3
andreareina wrote: post #2

They require that you're an accredited investor, but later note "This is a good faith requirement, since there is no way for Purism to validate your accredited investor status". Yikes. This had to go through legal right? I'm gobsmacked that either they or the SEC think that not checking is fine. What happens if Joe Sixpack buys in?

https://teddit.net/r/Purism/comments/om9za4/email_purism_inv... My guess, though, is that they might be trying to fall under Rule 504 ... where the disclosure and verification rules are more lax. However you can't fall under Rule 504 if the offer is public ... and I think that having the offer on a publicly accessible website is a violation.

That explains the "this is not a public offering" language. Going to be interesting to see how this turns out.

Re: Purism is seeking investment from individuals

#30

Post by [deleted] »

wly_cdgr wrote: post #23
AlexTWithBeard wrote: post #15

Earlier quoted context omitted.

Not sure about the scam, but my bayesian bullshit filter is triggered by the "unlike all the evil for-profit corporations, we're a white'n'fluffy company aiming for the greater good".

So what? You're investing to make money. For those purposes, it's much better for you if they are actually as bad or worse than any other company. Nobody makes big money actually respecting the principles they claim

[deleted]
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