The crowdfunding exemption is not available for transactions involving the offer or sale of Securities by:
Issuers who are not organized under the laws of a State or Territory of the United States or the District of Columbia;
Issuers who are subject to the reporting requirements of section 13 or section 15(d) of the Securities Exchange Act of 1934, as amended;
Issuers who are an investment company, as defined in section 3 of the Investment Company Act of 1940, as amended, or that are excluded from the definition of an investment company by section 3(b) or section 3(c) of the Investment Company Act of 1940, as amended; and
Issuers who are disqualified from offering Securities in reliance on section 4(a)(6) of the Securities Act of 1933 as a result of disqualification under Rule 503 of the Securities Act of 1933, as amended.