What happens during a VIP Sale or a Public Sale?
After a VIP Auction is complete, participants who had a winning bid at the close will have the first opportunity to buy their SongShares at the price set during a VIP Sale. These bidders can purchase UP TO the number of shares they had as part of their winning bid. They can purchase less, but not more.
After the VIP Sale window, all remaining shares will be available for the public to purchase at that same price. Eligible participants in the VIP Sale who missed their window, or who want to buy additional shares, can do so during the live public offering. When all SongShares are sold, the offering will close. Once closing funds are sent to the SongVest escrow account, a subscription agreement for the royalty share units will be sent to sign electronically. Purchasers will be paid royalties quarterly through their account from SongVest.
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What Happens if I Win a VIP Auction?
If you have a successful bid at the end of the VIP Auction, you will have the option to purchase those SongShares during the VIP Sale before the general public, and after the offering qualified by the SEC. You may purchase up to as many royalty ...
What happens at the close of a VIP Auction?
SongVest uses the Five Minute Rule for auctions, whereby if a bid is placed in the final five minutes of an auction the listing will stay open for an additional five minutes. There is no limit to the number of times an auction can be extended. Soso ...
What is a VIP Auction?
For each offering (or auction), SongVest holds a non-binding VIP ("Verify Interest of Participation") Auction with potential investors. It is referred to as a "Test The Waters" auction under Tier 2 of Regulation A of the Securities Act and the ...
How do VIP Auctions work?
During the VIP Auction period, participants can make non-binding bids on a fractional share of the royalty stream. The number of royalty share units available will vary for each auction. Once all units have sold out at a certain price, it will ...
What happens if my royalties don't sell?
If your auction fails to reach its reserve price, you have the option to have SongVest negotiate on your behalf with the highest bidders to strike a deal. Otherwise, there is no sale. SongVest charges no fees for auctions that fail to sell.