In order for the issuance to start, you first need to create a campaign that describes the terms under which investors are able to invest. To do so click on the "Create investment campaign" button on the Campaigns page.
Now, enter the terms for that campaign. The allocation controls how many units should be sold in this campaign. The minimum and maximum limits adjust the investment amounts that are possible. In addition, you set a price specific for that campaign and a country that you want to target.
When the campaign has been successfully created, you can use the URL of that campaign to direct investors to the investment process.
To create a personalized invitation navigate to the Invitations page and click on "Create investment invitation" on the top right corner. The create invitation modal opens and you can enter the investor's data. Please provide the following information:
Internal reference (e.g., the full name of the investor)
The email address of the investor
Units to be potentially bought by the investor
Price per unit for that particular investor
Residence country of the investor
The type of offering you want to use
Click on the "Create invitation" modal to create the invitation. You are then able to share the invitation link with the investor. The invitation link allows the investor to access a personalized invitation.
When you enter a certain maximum amount of securities the investor is able to purchase we calculate what share these securities would represent in the company. The calculation is as follows:
The default currency for security purchases is Euro (EUR). You can also define other currencies for an invitation. To do so, please contact Cashlink to whitelist a currency for your account. The payable amount is then calculated using a fixed exchange rate set by you.
In general, if you intend to offer securities to investors in a country you need to follow certain rules set up by the national supervisory authorities. In Germany, the BaFin has outlined the most important information here.
The Cashlink Studio supports a wide variety of rule sets. They all work the same way: The Cashlink Studio warns you if there is a possibility that you would violate any of the provisions.
If you have created a prospectus admitted by the BaFin or any other supervisory authority within the EEA, you may issue securities within a public offering.
WIB below 1M
If you have created a "Wertpapier-Informationsblatt" (smaller version of a prospectus) admitted by the BaFin, you may issue securities up to a volume of EUR 1,000,000 within a public offering.
You may issue securities without the provision of a prospectus to less than 150 persons per year and per member state of the EEA.
Minimum ticket size
You may issue securities to as many investors as you want without the provision of a prospectus if the minimum ticket size is EUR 100,000.00.
Only qualified investors
You may issue securities to as many investors as you want without the provision of a prospectus if offers are only accessible by qualified professional investors.
You may issue securities without the provision of a prospectus to less than 50 persons per year.
Minimum ticket size
You may issue securities to as many investors as you want without the provision of a prospectus if the minimum ticket size is SGD 200,000.00
Companies are qualified investors if
the main purpose of the entity is to invest in financial instruments or
Two of the following three conditions are met:
Balance sheet total > EUR 20,000,000,
Revenues > EUR 40,000,000,
Own funds (as a rule = equity capital) > EUR 2,000,000
Private individuals are qualified investors if they meet two of the following three conditions:
In the relevant area (venture capital and/or profit participation rights and/or crypto stocks), an average of ten transactions of significant size per quarter have been carried out during the last year,
Bank balances and financial instruments with a total value of more than EUR 500,000
Exercised a profession on the capital market for at least one year.
There are no precise rules for what constitutes an offer to an investor. Therefore, this must always be decided on a case-by-case basis.
General statements about the company are not an offer in terms of the WpPG. However, as soon as you make concrete statements about your issued security (e.g. price, valuation or other special legal terms) you will make an offer. Offers can be made verbally or in writing.
Best practice: In general it's okay to give information about your business for example during a pitch. If an investor wants to know more details that you would normally only grant access to after a non-disclosure agreement has been signed, send them an invitation via the Cashlink Studio to make sure it's counted as an offer.