There';s a reason that shares are sometimes offered only to 'sophisticated investors' - it's for the protection of average punters like those that post on HC. When the risk associated with the offering is deemed to be excessive, the company can avoid some of the mandatory protections that the board must provide to its shareholders, as these do not apply to the same extent for the 'sophs'.
So, when you see a 'sophs only' offer, you can join the dots.
Ann: Gigafactory Development Further Information, page-60
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