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 units as you reserved during the Auction. For example, if you reserved 50 SongShares, you can purchase 1, 2, 10, or any quantity up to 50 units.
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 ...
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 ...
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.