Smith Anderson Advises the First North Carolina Startup to Launch a Title III Regulation Crowdfunding Campaign

Smith Anderson congratulates client ITFT, an automotive technology startup, as the first North Carolina company to launch an offering under Regulation Crowdfunding. ITFT announced today a public campaign via a crowdfunding portal operated by StartEngine Capital, LLC (StartEngine) that aims to raise development funds for the company’s signature product, the Safe Driving System, that will finance product development and prototype testing, as well as a comprehensive pilot program.

Representing ITFT since October 2016, Smith Anderson attorney Alex Bowling has guided ITFT through the Security and Exchange Commission’s (SEC) rules and forms comprising Regulation Crowdfunding. Effective in May 2016, more than four years after the passage of the JOBS Act, Regulation Crowdfunding allows companies to conduct offerings of up to $1 million from retail investors through an online intermediary such as StartEngine. Companies are allowed to raise capital under Regulation Crowdfunding from all investors, not just “accredited investors” as required under traditional private placement offerings.

“ITFT is the first North Carolina company to launch an offering under Regulation Crowdfunding,” Alex says. “As the first firm to have the opportunity to work on such a deal in this State, we are very excited  to help ITFT tap into the ‘crowd’ to raise the capital it needs to achieve its business objectives by issuing securities under Title III of the JOBS Act and Regulation Crowdfunding.”

Interested individuals can find out more about ITFT’s crowdfunding campaign by visiting https://www.startengine.com/startup/itft.

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