A New Jersey-based real estate investment trust has given up trying to raise $50 million through a Tier 2 Reg A offering.
The Securities and Exchange Commission qualified the sale of shares on May 13, 2016. The issuer set a minimum investment of $1000 with shares priced at $10. Hamilton National said in its offering circular that the commercial mortgage lender would not start operations or issue common shares to investors until it has raised at least $2,000,000. The company had no revenue or real estate assets.
“The Company is requesting the consent of the Commission to the withdrawal of the Offering Statement because the Company has determined that there is insufficient investor interest in the securities covered by the Offering Statement to warrant the consummation of the offering,” wrote the company’s general counsel, Joseph E. Teichman, in a March 21 SEC filing.
Hamilton National was sponsored by The Lightstone Group, a diversified real estate company that is among the largest privately-held real estate companies in the country, with holdings in 21 states. John D. Hogoboom, partner at Lowenstein Sandler, is the deal lawyer on the offering. EisnerAmper was the auditor for the deal.
Keystone Solutions, a Virginia-based company that helps write proposals for government contracts, has completed its Tier 2 Regulation A offering. The company announced in SEC filings on March it raised $5,023,270, well short of its $30 million goal.
West Hollywood denim clothing retailer Denim.LA has closed its Tier 2 Reg A offering after raising just 28% of its $6 million goal, despite booking $7.7 million in initial investor interest.
A Houston- based woman who owns a debt collection business is accused of making material misstatements to the Securities and Exchange Commission in connection with a Tier 1 Regulation A offering.