Some companies looking to raise money through Regulation A+ choose to Test the Waters for a period of time and gauge the interest of the crowd before filing with the SEC. When a company does this, you will have an opportunity to “reserve shares” on the StartEngine website. If you choose to participate at this stage, you are simply expressing interest in investing with no obligation of investing when it goes into Live Offering mode. There is no commitment between the reservation holders and their investment during Test the Waters.
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