Social Network initiated by Nepalese residents of America in 2014 has been qualified for Mini IPO by the Security and Exchange Commission of America. According to the former investor of Sagoon, the good message has been delivered in the form of a telephone conference meeting within initial investors. Sagoon has mentioned the matter in their website stating “Good News: Sagoon has become qualified by the United States securities and exchanges commission”.
According to Jobs Act-2012 under Regulation A+ provision US government, Initial investors claim that Sagoon is the first social network to grasp the opportunity to sell shares. With this, now Sagoon can allow the public to make their contributions as shares.
Although investments can be made from all over the World, Sagoon states that investors must be concern about national provision regarding investment. According to a law of Nepal, Investments cannot be made for a foreign company from Nepal. For this very reason, Nepalese initially cannot have direct access to investment. However, Nepalese residing in foreign lands can make their investments.
Sagoon will notify about the opening of the share after undergoing some technical and legal processes concerned with Mini IPO.
According to the information given by the Organizer, it’s a matter of pride for a start-up company to receive an investment opportunity. The investments made on such companies return much more outcomes as compared to established ones. But the risk remains equally. The SEC has received consent to mini-IPO situations making it easy to apply implement and to minimize the emerging risks.
Before formally opening to the public investment, Sagoon web portal will provide the first opportunity to those who make interest to share purchase via Sagoon Official Portal. According to Kabindra Sitaula, the users of Sagoon will also be given opportunities to make their investments.
With per share that worth 23$, the share will be closed for the first session after 8,69,565 units of shares sold. Investors must make a minimum purchase of 99 shares worth 299 US dollars than encompass 13 units of share. But the ability to extend the share is possible, depending upon one’s interest.
A desire for investment can be expressed via Sagoon Website. According to the recent information from the official website, about 4000 interested investors have claims to spend more than seven million US dollars. Most of them are from America, Canada, and India with other more than 100 countries being followed.
Being qualified for Mini-IPO is a historical leap for Sagoon. It is a moment of pleasure for Nepalese people to cheer up for the company initiated by Nepalese residents of US.