Sagoon files for mini IPO, to raise $ 20 million

India Infoline News Service | Mumbai | January 11, 2017 11:05 IST

After the offering is qualified by the SEC, the company plans to sell 869,564 shares of Class C Common Stock at $ 23 per share; the minimum investment will be 13 shares, costing $ 299.

IPO
Sagoon, a US/India based social commerce startup, announced the filing of a Regulation A+ (MINI-IPO) with the US Securities and Exchange Commission (SEC) to offer an investment opportunity mostly to a large pool of potential public investors who already are a part of Sagoon users, fans and supporters.

After the offering is qualified by the SEC, the company plans to sell 869,564 shares of Class C Common Stock at $ 23 per share; the minimum investment will be 13 shares, costing $ 299. The offering will be conducted on a best efforts basis through our own website www.sagoon.com/invest, where the Offering Circular relating to the offering will be posted.

Govinda Giri, the founder of Sagoon, said “I always wanted to offer this opportunity to my own community, and all those fans & supporters who believe in our dream, so that each one of them gets a chance to help us change the world and receives the potential financial benefits that Sagoon aims to share.” He further added “Thanks to the US Jobs Act of 2012 which makes it possible for us to have a positive impact on many sides of our society”.

The company’s legal counsel Sara Hanks of KHLK LLP is helping Sagoon Inc. in all the legal matters related to Regulation A+ including filing a Form 1-A, covering the offering with the SEC. Hanks is the co-chair of SEC’s Advisory Committee on Small and Emerging Companies. She, formerly a SEC attorney and general counsel to the US Congressional Oversight Panel on TARP, is also the CEO of CrowdCheck, a Washington DC-based compliance and diligence platform that services investment crowdfunding platforms.

“We believe that we are the pioneer of social media monetisation, which is one the biggest innovations in the social media landscape. Our mission is to build a rewarding life through the innovative social path: Connect. Share. Earn. This could be an excellent opportunity for anyone who has faith in our mission. Currently, we are accepting ‘indication of interests’ from potential investors and once we are qualified by the SEC, people from India, US, Canada and other parts of the world will be able to convert their interest into an investment as long as it’s legal in their country.” said Govinda.

 

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