>> Business Law and Ethics
An issuer has not offered or sold securities in the preceding 12 months. On January 1, it begins a rule 505 offering that remains open until June 1; it sells $4.5 million in securities in the offering. On May 1 of the same year, the issuer begins a rule 504 offering; in the second offering, which is open fro two months. The issuer sells $750,000 in securities. What is the effect of the aggregation rules on each of these offerings?