Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 38 - SECURITIES - REPEALED
Subchapter 6 - STATEMENTS OF POLICY RELATING TO REGISTRATION OF SECURITIES
Section 16-38-11.8 - Offering price
Universal Citation: HI Admin Rules 16-38-11.8
Current through August, 2024
In the case of an issuer which has been actually engaged in business or operation, the amount for which a security is being offered to the public should bear some reasonable relationship to:
(1) Market value, if any;
(2) Price-earnings ratio, as reflected by its financial statements covering an average three-year preceding period, or the shorter duration of experience or operation as may be applied; or
(3) In the absence of an established or determinable market value or price-earnings ratio, the book value of the issuer may be taken into consideration in justifying or substantiating the reasonableness of the offering price.
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