SEC Company Response from Rad Technologies Inc. (CIK 0001810055) — Sep 24, 2025
Rad Technologies Inc. (CIK 0001810055)
Date: Sept. 24, 2025 · CIK: 0001810055 · Accession: 0001493152-25-014714
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File numbers found in text: 024-12513
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CORRESP
1
filename1.htm
September
23, 2025
Charli
Wilson
Kathleen
Krebs
Office
of Technology
Division
of Corporation Finance
Securities
and Exchange Commission
Washington
DC 20549
Re:
RAD
Technologies Inc.
Offering
Statement on Form 1-A
Post-qualification
Amendment No. 1
Filed
August 26, 2025
File
No. 024-12513
Dear
Ms. Wilson and Ms. Krebs:
Thank
you for the opportunity to respond to the comment letter received from the staff of the Division of Corporate Finance (the “Staff”)
on September 15, 2025 regarding the post-qualification amendment to the Offering Statement on Form 1-A of RAD Technologies Inc. (the
“Company”). The comments are set out below followed by the Company’s response.
Post-qualification
Amendment No. 1 to Offering Statement on
Form 1-A General
1. Under
Rule 251(a)(2), the sum of the aggregate offering price of the current offering and aggregate
sales for all securities sold pursuant to other offering statements within the 12 months
before the start of and during the current offering cannot exceed $75 million. We note that
the aggregate offering price of the current offering is $72,539,998.89, and the explanatory
note on the cover page indicates that to date, approximately 22,619,999 Class B shares have
already been sold, representing $11,454,018.34 in gross proceeds. Please adjust your offering
to comply with the $75 million cap or explain why you believe the current offering complies
with Rule 251(a).
The
value of the current offering, which includes cash value of the shares and implied value of the Bonus Shares, reflects an aggregate amount
that includes amounts previously sold, and not in addition to. This has been clarified throughout to avoid confusion.
2. Your
original Form 1-A qualified 21,818,181 Class B shares and disclosed that the offering would
terminate as follows:
● Cover
page: “The Offering will terminate at the earlier of the date at which the maximum
offering amount has been sold or the date at which the offering is earlier terminated by
the Company at its sole discretion.”
● Plan
of distribution: “The Company intends for this offering to continue until one year
following qualification by the SEC, or until sooner terminated by the Company.”
● Plan
of distribution: “The Offering will terminate at the earliest of: (1) the date at which
the maximum offering amount has been sold, (2) the date which is three years from this offering
being qualified by the Commission, and (3) the date at which the offering is earlier terminated
by us at our sole discretion.”
Because
the original Form 1-A qualified 21,818,181 Class B shares, it appears that the offering terminated when the offering closed on June 15,
2025, with the sale of 22,619,999 Class B shares. Please file a new Form 1-A for the current offering or advise why you believe the original
offering has not been terminated. In addition, disclose what exemption you relied on for the sale of the additional shares beyond the
amount qualified under the original Form 1-A.
The
stated value on the explanatory note and in Part I of the last filed post-qualification amendment included an incorrect value for the
number of shares having been already issued in this offering due to an error in the calculation in an Excel document for the purposes
of this post-qualification amendment, which did not impact the shares received by investors . The amount has been corrected to 21,646,621.
Cover
Page
3. Please
revise so that it is clear when the offering will terminate. Your disclosure on the cover
page and within the plan of distribution is inconsistent.
The
Company has amended its disclosure regarding termination of the Offering.
Risk
Factors, page 7
4. Your
“Plan of Distribution” section indicates that, after $17 million shares are sold
for cash, closing of subscriptions will include a portion of shares offered by the company
and a portion of shares offered by selling shareholders. Please provide a risk factor addressing
that the company’s offering is not separate from the selling shareholders’ offering,
purchasers in the offering will not be able to choose whether they are buying shares from
the company or selling shareholders, and this may result in the company receiving less proceeds.
The
Company has amended its Offering Statement to include a risk factor regarding certain proceeds from the Offering being received by selling
shareholders rather than by the Company.
Plan
of Distribution and Selling Security Holders
Bonus
Shares for Certain Investors (Up to 15%), page 37
5. We
note that Bonus Shares are disclosed as “up to 15%” in some places and 20% in
other places within the filing. Please revise for consistency throughout.
The
Company has amended its Offering Statement to correct the references to the percentage of Bonus Shares available in the Offering.
Thank
you again for the opportunity to respond to your questions to the Offering Statement of RAD Technologies Inc. If you have additional
questions or comments, please contact me at andrew@crowdchecklaw.com.
Sincerely,
/s/
Andrew Stephenson
Andrew Stephenson
Partner
CrowdCheck
Law LLP
cc: Jeremy
Barnett, Chief Executive Officer, RAD Technologies Inc.