Here’s the rough guide to the SEC’s rules. The important bit from my point of view:
Certain companies would not be eligible to use the crowdfunding exemption. Ineligible companies include non-U.S. companies, companies that already are SEC reporting companies, certain investment companies, companies that are disqualified under the proposed disqualification rules, companies that have failed to comply with the annual reporting requirements in the proposed rules, and companies that have no specific business plan or have indicated their business plan is to engage in a merger or acquisition with an unidentified company or companies.
A US company that raises money to invest in European software start ups. Allowable or not? Or is that an investment company or one not providing a detailed enough plan?