12.11.9.12 PROMOTER'S EQUITY INVESTMENT: A public securities offering by a promotional or development stage company may be disallowed by the director if the promoters’ equity investment is less than:

1. A. ten percent of the first $1,000,000 of the aggregate public offering;
2. B. seven percent of the next $500,000 of the aggregate public offering;
3. C. five percent of the next $500,000 of the aggregate public offering; and

4. D. two and one-half percent of the balance exceeding $2,000,000 of the aggregate public offering, which may include items submitted by the promoter to meet this requirement whose value has been accepted by the director.

   [12 NMAC 11.4.12.4, 12-30-95; 12 NMAC 11.4.8.5, 5-1-99; 12.11.9.12 NMAC - Rp, 12 NMAC 11.4.8.5, 1-1-2010]