A startup raises money by selling securities only to a small group of wealthy accredited investors, with no general advertising, relying on Rule 506(b) of Regulation D. This is an example of a:

Giải thích

Selling securities to accredited investors without general solicitation under Rule 506(b) of Regulation D is a private placement, which is exempt from full SEC registration under the Securities Act of 1933. Such offerings involve less disclosure but produce restricted securities that cannot be freely resold.