Securities laws and compliance

As a venture capital business, Nantuxent Corporation must be careful to avoid violating federal and state securities laws. There are different ways to accomplish this, including some “safe harbors” available under the law. Federal and state issues must be considered separately. The first key factor is whether investors are solicited for the venture and secondly, whether the investors are considered “qualified investors”.

Federal issues

The first and most obvious method of compliance with SEC laws – and the compliance strategy current used by Nantuxent Corporation – is to not advertise or solicit any offering. That’s why you will find no published information about Nantuxent Corporation investment.

Another method of compliance is to rely on Rule 506 of Regulation D. This rule has two parts. The first part, known as 506(b) does not allow general solicitations or advertisement and is not discussed further here since it offers no advantage over our current strategy. The second part is 506(c) which is being considered by Nantuxent Corporation but is not relied upon yet at the time of this blog post publication. The following comes from the SEC web site.

Under Rule 506(c)

, a company can broadly solicit and generally advertise the offering, but still be deemed to be undertaking a private offering within Section 4(a)(2) if:

  • The investors in the offering are all accredited investors; and
  • The company has taken reasonable steps to verify that its investors are accredited investors, which could include reviewing documentation, such as W-2s, tax returns, bank and brokerage statements, credit reports and the like.

Purchasers of securities offered pursuant to Rule 506 receive “restricted” securities, meaning that the securities cannot be sold for at least a year without registering them.

Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what is known as a “Form D” electronically with the SEC after they first sell their securities. Form D is a brief notice that includes the names and addresses of the company’s promoters, executive officers and directors, and some details about the offering, but contains little other information about the company.  If you are thinking about investing in a Regulation D offering, you should obtain a copy of the company’s Form D available from the EDGAR database.

State issues

Each state has its own securities laws. A business that does not operate, advertise or solicit within a state is not regulated by that state.

New Jersey laws are discussed here.

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Effects of dredging the Delaware Bay

Dredging the Delaware Bay is a controversial topic. Some blame dredging for the drop in fish stocks that effectively bankrupted the recreational fishing industry here. This seaway is essential to our economy and the arrangements to accommodate larger vessels have already been made. The observed effects on our local mid-bay waters have been minimal. This graphic summarizes the issues.

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Effect of sea level rise

This video features Downe Township mayor Bob Campbell, local business owner Paul Waterman, and other local residents talking about the state buyouts of property at Money Island, New Jersey. The buyout of residences along both sides of the Delaware Bay is an essential prerequisite and enabling factor for the expansion of education, aquaculture and marine fisheries activity in the future. Naturally this causes tensions within the community. Money Island’s past existence with quiet waterside residences in a recreational fishing community has given way to a more active future in eco-tourism and education, aquaculture and commercial seafood harvesting. Nantuxent Corporation founder Tony Novak points out that this inevitable tension directly led to the community’s fast transformation in recent years and the sustainable eco-friendly redevelopment opportunity that exists today.

In fact

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, while seas and climate-related water changes are bad for residential communities and recreational fishing, these changes are generally helpful to the aquaculture and commercial seafood harvesting industry.

Nantuxent Corporation works in partnership with a number of commercial, educational, government and nonprofit entities to help balance the interests of all stakeholders. Striking this balance will help speed up the redevelopment of Money Island as an aquaculture and educational hub if the middle bay region.

New Jersey’s most productive seafood landing ports

Many people in this Mid-Atlantic region recognize that Cape May, New Jersey is a major seafood landing port with well over $100 million in annual landings. In fact Cape May is among the top five seafood landing ports in the U.S.

Yet few people know that tiny rural port of Money Island, New Jersey is the state’s second most productive seafood port. Almost all of the commercial oyster harvest and a substantial harvest of crabs and other seafood are harvested nearby and brought in through docks at Cumberland County’s commercial waterfront at Money Island. Estimates of the economic value start at $20+ million per year. The Delaware Bay is at the beginning of a dynamic growth stage for commercial aquaculture

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, just as we saw in the Chesapeake bay over the prior decade. Money Island, located 40 miles to the northwest and midway between the C&D Canal (linking to the Chesapeake Bay) and the Atlantic Ocean.

My company, Baysave Corporation, is a locally funded nonprofit organization focused on bringing the benefits of this expanding seafood industry to the local community by helping watermen make the most of their expanding business opportunities. For more information on how you can get involved

, contact me at tnovak@baysave.org.

Announcement of first community-supported seafood project

Today we launched the Philadelphia area’s first (as far as we know) attempt at a community supported dock-to-table seafood venture. The intent is to test the water on this concept that has worked well in other regional markets. If this initial small project is successful in gaining 150 supporters then I’m sure we will see a lot more diverse community supported seafood projects to follow. We have early stage plans to expand it to hand tonged oysters and small-scale fishing. The ability to provide business security for the harvester and processor as well as the ability to deliver a quality product to local consumers at a good price make this a winning formula for the future of a sustainable and secure food system.

It’s taken more than a year to plan this project

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, recruit the harvesters and processors, assemble the necessary equipment, obtain the required FDA seafood safety certification. We are still working with the local health department to identify and address the appropriate issues.

Kickstarter seems to be the perfect platform for this although I recognize that I need serious help in the multimedia area! The project, just like the crab in this photo, is starting quite small.