In offerings where the issuer is a development-stage company, the ratio of equity investment by promoters or insiders to the aggregate public offering shall be no less than:

1. (1) Seven percent (7%) of the first $1,000,000 of the aggregate public offering; and,
2. (2) $70,000 plus two and one-half percent (2.5%) of the next $4 million of the aggregate public offering; and,
3. (3) Fi$170,000 for offerings greater than $5 million.

Rulemaking Authority 517.03(1) FS. Law Implemented 517.081(3), (9) FS. History–New 9-20-82, Formerly 3E-20.03, 3E-700.05, Amended 10-26-97, Formerly 3E-700.005, Amended 5-15-07, 9-22-14, 10-1-24.