Jennifer Warder's Q1'25 "Investing Insights"

Investing Insights: "SPI's Subscription Process"

Written by SPI Principal, Jennifer Warder
Q1 2025 Newsletter

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In a prior article, I covered how to prepare in advance of an SPI 506(c) Offering. In this article, I'll walk you through the Subscription Process, detailing each step you’ll complete. (Click on the plus sign (+) next to each step to expand details).

Phase I – Offering Coming Soon

• 1. Review Offering Documents

  SPI will initially provide a high-level summary of the Offering via email. In the upcoming weeks, you'll receive additional documents covering key aspects of the investment, including the Business Plan, the Company Agreement, and the Private Placement Memorandum (“PPM”). It’s important that you carefully review each of these documents to understand the investment.

• 2. Prepare to Invest

  Review our “Prepare to Invest” page for detailed information on the data and documents you’ll be required to submit during the Subscription Process.

Phase II – Accepting Opt-Ins

• 3. Submit the Opt-In Form

  To indicate your interest in investing in the Offering and ensure that we keep you informed as we refine our marketing efforts, submit the “Opt-In” form through the Opt-In Now! page on your SPI Investor Portal. (Note: Submission of this form does not commit you to investing in the Offering). Within this form, you'll specify the legal title (Investor Account) you intend to use to invest, its type (e.g., Individual, Joint, Entity, Trust, or Retirement), and your anticipated investment amount.

Phase III – Accepting Submissions

• 4. Go Live and Deadline Dates

  SPI will communicate the “Go Live” and deadline dates for the Offering. The timeframe between “Go Live” and the deadline is when you'll need to complete the remaining steps in the Subscription Process, outlined below.

• 5. Submit Investor Account Data & Required Documents

  Your first step is to submit required data and documents based on whether you’ll invest with an Investor Account (title) that already exists on your SPI Investor Portal or not:

  • 5a) Existing Investor Account: Complete the “Subscribe with Existing Account” form online (takes less than 1 minute to complete). If existing legal documents are current and your Third-Party Verification Letter file is still valid, no further uploads are needed. Otherwise, upload new or amended documents via your SPI Investor Portal.

  • 5b) New Investor Account: First, consult the “Prepare to Invest” page to understand the required data (e.g., tax, banking) & documents you need to collect in advance of your submission. Then, using your SPI Investor Portal, complete the “New Investor Account Form” & upload a current Third-Party Verification Letter in line with the Investor Account you are using as well as fully executed legal documents that identify both signing authority and equity ownership.

• 6. Await SPI Review

  SPI will review your submission, assist with any necessary corrections, and then notify you when we are ready for you to sign the Subscription Booklet and initiate the wire.

• 7. Sign the Subscription Booklet

  The data from your SPI Investor Portal will populate the Subscription Booklet. Carefully review the document online, and initial and sign where indicated.

• 8. Wire Funds

  Wire the full investment amount from a bank account matching or having common equity ownership with the title used for investment. SPI will email you letting you know we have received the wire.

• 9. Confirm Title

  SPI will complete a second review of your full submission package and wire transfer; once this is complete, we will send you a “Title Confirmation Email.” You will respond to this email confirming both the exact legal name to be used for investment and that you have no plans to change your title (Investor Account). This is your final opportunity to make changes before SPI finalizes your investment.

• 10. Await Receipt & Acknowledgement

  Upon title confirmation, SPI will send you a formal Receipt and Acknowledgement signed by the Manager of the investment LLC. This completes the Subscription Process. Following the Offering's completion, you’ll receive the final Company Agreement, indicating your Investor Account’s membership in the investment LLC.

Now that you understand the Subscription Process, you're well-prepared for our next 506(c) Offering. To ensure you receive timely updates and access to future opportunities, apply to join our investor database today, if you haven't already.

Happy Investing!

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