Sonavation Inc, Corporation just had published form D for $17.00 million equity financing. The date of first sale was 2015-08-04. Sonavation was able to sell $15.38 million. That is 90.49% of the offering. The total fundraising amount was $17.00 million. The financing form was filed on 2016-10-14. The reason for the financing was: Sale of Series B Convertible Participating Preferred Stock, par value $0.0001 per share, at a purchase price of $0.76 per share for an aggregate purchase price of up to $17,000,000.. The fundraising still has about $1.62 million more and is not closed yet. We have to wait more to see if the offering will be fully taken.
Sonavation is based in Florida. The company’s business is Other Technology. The D form was filed by Bruce J Rector Chief Financial Officer. The company was incorporated more than five years ago. The filler’s address is: 3970 Rca Boulevard, Suite 7003, Palm Beach Gardens, Fl, Florida, 33410. Karl F. Weintz is the related person in the form and it has address: C/O Sonavation, Inc., 3970 Rca Blvd., Suite 7003, Palm Beach Gardens, Fl, Florida, 33410. Link to Sonavation Filing: 000137092416000004.
Analysis of Sonavation Offering
On average, startups in the Other Technology sector, sell 85.80% of the total offering size. Sonavation sold 90.49% of the offering. The financing is still open. Could this mean that the trust in Sonavation is high? The average investment size for companies in the Other Technology industry is $1.54 million. The total amount raised is 898.96% bigger than the average for companies in the Other Technology sector. The minimum investment for this offering is set at $500000. If you know more about the reasons for the fundraising, please comment below.
What is Form D? What It Is Used For
Form D disclosures could be used to track and understand better your competitors. The information in Form D is usually highly confidential for ventures and startups and they don’t like revealing it. This is because it reveals amount raised or planned to be raised as well as reasons for the financing. This could help competitors. Entrepreneurs usually want to keep their financing a ‘secret’ so they can stay in stealth mode for longer.
Why Fundraising Reporting Is Good For Sonavation Also
The Form D signed by Bruce J Rector might help Sonavation Inc’s sector. First, it helps potential customers feel more safe to deal with a firm that is well financed. The odds are higher that it will stay in the business. Second, this could attract other investors such as venture-capital firms, funds and angels. Third, positive PR effects could even bring leasing firms and venture lenders.
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