Glossary
The terms Struck uses and what each one means for the person reading it. The wording here is the wording the screens use, so a hint inside the app and an entry here never disagree.
- % of issue
A holder's share of the shares issued in this raise. Not their share of the company, which is on the register.
- ABN
The company's Australian Business Number, the 11-digit number it trades and pays tax under. Anyone can look it up on the Australian Business Register to confirm exactly which company this is.
Its last nine digits are the company's ACN.
- Accepted allocation
The investor's own yes to the confirmed figure, recorded from their investment page before the pack is sent. A changed figure is confirmed and accepted again.
- ACN
The company's Australian Company Number, the 9-digit number ASIC gave it when it was registered. It identifies the legal entity an investor's shares are issued by.
- AFSL and CAR
An Australian Financial Services Licence, or being an authorised representative of someone who holds one. It is what lets an advisor deal in these offers.
- Allocated
What you are confirming this investor gets. On a priced round it is rounded up to whole shares at the price, so it can carry a few cents more than they indicated. This is the number their signing pack is built from.
- Allotment
Adds new shares to the register. Total shares on issue go up, and every existing holding is diluted.
ASIC has to be told within 28 days on a Form 484 (s 254X).
- Application account
The bank account a fund takes application money into, set in the offer's Signing & payment settings. Money goes straight from the investor to it; Struck never holds it.
- Application cut-off
The last moment an application can be signed and paid for a dealing date. Anything later waits for the next one.
- Apply for extra
Take your full pro-rata amount, plus a bid for shares that other holders don't take up.
Extra is only shared out once everyone has had their own entitlement.
- ASIC register check
The recorded licence or representative number looked up on the registers ASIC publishes each week, and what they said.
A snapshot of the AFS licensee and authorised representative registers on data.gov.au. Re-run on every save, and on demand.
- Ask this room
The AI in the dataroom. An investor types a question and gets an answer drawn only from documents they can already open, with the passages it used. The deal team can see what was asked and what the AI answered, and can correct it in Q&A; the answer goes to nobody else.
- AUSTRAC enrolment
Since 1 July 2026, a firm that helps a company organise or run an equity raise provides a designated service under the AML/CTF Act and has to be enrolled with AUSTRAC as a reporting entity.
Table 6 item 4. Enrolment was due 29 July 2026 for firms already providing the service. Struck records what the firm says and does not enrol anyone.
- Australian Business Register
The government's public list of ABNs. Searching it fills in a company's registered name and ACN exactly as they are recorded, so certificates and agreements carry the right details.
It holds the state and postcode but not the street address, so the registered address is still entered by hand.
- Bare trust
One registered holder, the trustee, holding shares for named members who are the real investors. The trustee is one member of the company; each member counts against the s708 caps on their own qualification.
A trust that holds for itself (family, discretionary, unit) is one investor. A raise cannot allocate to a trust until it has said which it is, and a bare trust needs its members recorded first, because the s708(1) count looks through to them (s92(5)(c)).
- Beneficial member
The person the shares are really held for, where the registered holder is a trustee or a nominee.
The register names the holder; this records who is behind them.
- Beneficial owner
A person who ultimately owns 25% or more of the company, directly or through other entities, or who controls it.
Where no one reaches 25%, the people who control the company, usually its directors, take their place. An entity that owns shares is looked through to the people behind it.
- Business register check
The company's ABN looked up on the Australian Business Register, and what it said on the day: name, status and entity type.
The ABR confirms the ABN is real and active. It does not list directors or owners.
- Buy-back
Reduces this holder's shares and the total on issue. The company is buying its own shares back, which is a decision with its own legal steps outside Struck.
Part 2J.1 of the Corporations Act sets those steps: shareholder approval where required, and notice to ASIC.
- Cancellation
Removes shares from this holder and from the total on issue. Nothing is paid for them.
- Cancelled certificate
A number that no longer evidences a holding. Current means the parcel still carries it. Replaced means a balance stayed with the holder after a transfer, so a new number was issued for it. Cancelled means the parcel it certified was fully transferred, bought back or cancelled.
Old numbers stay on the certificate register so a paper certificate can always be looked up.
- Certificate number
The number on the share certificate for this parcel. Each parcel has its own, allocated once and never reused.
A holder is entitled to a certificate within two months of an issue or transfer (s 1071H).
- Certified
A qualified accountant has certified this investor as sophisticated: net assets of at least $2.5m, or gross income of at least $250k in each of the last two years.
The certificate is theirs to give rather than yours to assess, and it supports an offer made within two years of its date (s708(8)(c), read with reg 6D.5.02).
- Circulating resolution
A board decision passed by every director signing a document, electronically, instead of holding a meeting. It is how Struck drafts every resolution.
Section 248A of the Corporations Act, a replaceable rule. A constitution can displace it (require a meeting) or require signatures in ink, so the company records which under Settings, Company.
- Cliff
A waiting period at the start of a grant. Nothing vests until it passes, then the whole waited-for part does at once.
A 12-month cliff on a 4-year grant means a quarter lands on the first anniversary.
- Close pack
Everything a completed raise produces in one go: the register updated with the new holders, a certificate for each of them, and the paperwork that follows.
Generated from the raise's own figures, so nothing is re-keyed. It issues only to investors who have paid, and can be run again as more payments settle: it adds the new holders and leaves everyone already issued as they are.
- Committed
Money an investor has signed up for. It has not necessarily arrived yet.
- Company documents
The company's own files, private to its team: constitution, minutes, financials and anything that outlasts one raise. Investors never see them unless a file is added to a raise's dataroom.
Also called the vault. Each raise's dataroom shows as a tile at the top of the page, and each raise's signed agreements and certificates are filed here automatically.
- Confirmed allocation
An allocation the investor has been emailed about. Until it is confirmed they have not been told a figure; if the amount changes afterwards, confirm it again so the email and the pack agree.
- Consideration
What was paid for the shares. On a transfer it is what the buyer paid the seller; on an issue it is what the company received.
A gift or a restructure is recorded as nil consideration rather than left blank.
- Consolidation
Divides every holding by the ratio. Nobody's percentage changes.
One for two turns 200 shares into 100 at twice the price each. Fractions round to whole shares.
- Consumes cap
Whether issuing to this investor uses up one of the small-scale places, or part of the dollar limit.
Exempt investors consume neither.
- Conversion notice
The company's written record to a holder that their SAFE or note converted at the round: the price, the basis and the shares issued.
Given under the instrument, which prevails over the notice if they ever disagree. A mandatory conversion needs no acknowledgment from the holder.
- Convertible note
A loan that converts to shares at a later round on a valuation cap and/or discount.
- Corporate trustee
A trustee company acts for the trust and signs for it: two directors, a director and company secretary, or the sole director.
- Cost base
What the holder paid for the shares they still hold, which is the starting point for their capital gain.
Struck records it; it is not tax advice, and the holder's own circumstances can change it.
- Countersign
The company signs each agreement back. That is what accepts the investment and makes it binding.
- Customer due diligence
The checks a reporting entity must make on its customer before acting for it: who the company is, who owns or controls it, whether any of them is sanctioned or politically exposed, and what the relationship is for.
For a firm running a raise the customer is the issuing company (AML/CTF Act s6, Table 6, item 4). Records are kept for seven years. Struck keeps the file; the checks and judgements are the firm's.
- Dataroom
A raise's confidential room: the documents, questions and answers its invited investors can see. Each raise has its own, under Dataroom in the raise.
What goes in is copied from wherever it came from, so the room keeps what investors were shown even when the company's own copy changes later.
- Dealing date
A day the fund issues new units, usually once a month. Each application is for one dealing date, and the units are issued at that day's unit price.
- Discount
How much less this investor pays per share than the people in the next priced round.
- Download
Lets the group keep a copy of the spreadsheets they can view, so they can work the model in Excel. Every other file only ever opens in the viewer, whatever this switch says.
Each copy of an Excel workbook is stamped with who took it and when, and every download is on the audit trail. A contributing advisor can always keep a copy of the spreadsheets they can see.
- Engagement
How warm each investor is, from what they have actually done in the dataroom: how recently, how much they read, what they downloaded and asked. The facts behind each label are listed under it.
Hot and warm mean recent, real reading. Cooling means they read properly and then went silent. Gone quiet means the room has been open to them for a week with no activity since. Counts everyone on the investor's team. Only the deal team sees it, never the investor.
- ESIC
Early Stage Innovation Company. If the company qualifies, its investors may claim a tax offset and a capital gains concession.
Self-assessed by the company against the Div 360 tests, not verified by Struck. On a SAFE or note the offset attaches at conversion, not now. Confirm the offset with your tax adviser.
- ESIC at conversion
A SAFE or note issues no shares until it converts, so the ESIC tax offset attaches on the conversion date and the company's eligibility is tested then, in that income year.
The badge on a capped raise is a statement of intent: the company has self-assessed for the year shown and means to qualify when the instrument converts. Self-assessed, not verified by Struck; confirm with your tax adviser.
- ESS
Employee share scheme: the tax rules for the shares and options a company gives its staff. Each income year the company reports what was granted and exercised, and the scheme's type decides when the discount is taxed.
Struck records the plan's type and the company's own self-assessment against the start-up concession conditions. It never works out the tax.
- Exempt
Certified sophisticated, professional and wholesale investors don't count towards the 20-investor or $2 million caps.
Their certificate is what makes them exempt, judged on the day of the offer: a certificate live that day keeps the issue out of the count after it lapses, and one dated after the offer never takes it out.
- Exercisable today
Vested options not yet exercised, on a grant that can still be exercised: not expired, not past a leaver's window, and not cancelled.
- Exercise price
What the holder pays per share when they turn an option into an actual share.
- Expiry
The last day an option can be exercised, set by the plan's term from the grant date. After it the option lapses and its shares go back to the pool.
Seven years is the usual term. A leaver's exercise window can close earlier.
- Finding
One thing the review thinks an investor would question, with the words from your documents that show it. Fix it, mark it resolved, or dismiss it if it isn't a problem.
A dismissed finding stays dismissed when the review runs again, unless a document it points at changes.
- Follower
Someone following the company from its public page. They get its announcements by email, and an email when a raise opens its dataroom, and they shared their name and email with the company to follow.
- Forfeited
Granted equity that was never earned and has gone back to the pool, usually because the holder left.
- Fully diluted
Every share that would exist if all options were exercised and the whole employee pool were granted, not just the shares issued today.
It is the lower, more honest ownership percentage, and the one investors will quote at you.
- Fund
A unit trust that takes money from wholesale investors and issues them units. On Struck it invites investors, checks they are wholesale and has them sign its application form.
Units in a fund are interests in a managed investment scheme, offered here to wholesale clients only (Corporations Act Ch 7, s761G). Struck does not keep the unit register.
- Fund administrator
The firm that keeps the fund's unit register and works out its unit price. Each accepted application goes to it on its dealing date.
- Good and bad leaver
How the plan rules treat someone who leaves. A good leaver keeps what had vested, exercisable for a window after leaving; a bad leaver may forfeit everything.
Either way the unvested balance goes back to the pool on the day they left.
- Handed off
The application has gone to the fund administrator, who issues the units and sends the holding statement. Struck's part in it is done.
- Headroom
What is left of the small-scale caps: how much more this company can raise, and from how many more investors, before it needs a disclosure document.
Offers can outnumber the remaining headroom, because the caps bind when shares are issued rather than when offers go out.
- Held for the founder
Your firm set this company up and still holds it. Hand it over under Settings, Ownership, and the founder takes the company, its register and its team; your firm stays on as its advisor.
- Holding statement
The document a shareholder receives as evidence of what they hold.
The register is the record of title; the statement is evidence of it. A company must issue one within two months of allotment (s1071H).
- Indexing
Reading a document's text into AI search so answers in this room can quote it. It happens on its own after each upload and usually takes under a minute a file.
Only rooms with AI search turned on are indexed. A file that fails is tried three times before it is marked failed, and a scan or picture of a page has no text to read. A video's speech is transcribed, which takes a few minutes, and answers quote it with the moment it was said.
- Indicated
What an investor has said they want. It is not binding, and it is not what they will necessarily get.
- Individual trustees
One or more people act as the trustee and sign together, so every trustee signs each document.
- Information memorandum
The document a wholesale fund offers its units with: the strategy, the risks, the fees and the terms. It takes the place of a product disclosure statement, which only retail investors are given.
- Investor group
Investors on a raise who see the same dataroom folders. Every raise has Sophisticated and Retail, and you can add your own, such as one for a single firm's team.
Each investor is in one group. The name is only a label: whether an investor counts against the small-scale caps comes from their certificate, not their group.
- Investors
Everyone outside your company you are dealing with: invited into a raise's dataroom, or holding your shares. Founders and employees never count. Your plan is priced by this number.
Worked out live from the register and your open raises, never stored or guessed. Someone both in a room and on the register counts once.
- Issue date
A day the company issues new shares under its standing offer, usually at that day's NAV per share. Each application is for one issue date.
- Issue price
What one share costs in this raise. An investor's money divided by this price is the number of shares they receive.
Set from the raise's valuation, and fixed on a subscriber's pack when it is sent.
- Issuer and Subscriber
The Issuer is the company selling the shares. The Subscriber is the investor buying them.
The agreement's own language can't be changed, so it uses these words throughout.
- Jurisdiction of incorporation
The country the company is registered in. Its company law decides how shares are issued and recorded, so Struck shows only what it can do properly for that country.
Not where the founders live or where the investors are. A Singapore company with Australian investors is a Singapore company. It is fixed once the company has a register or a live raise.
- Lead and contributing
The lead advisor runs the raise and earns on the whole round. A contributing advisor earns on the investors they bring.
- Liquidation preference
How much this class is paid back before the ordinary shareholders get anything, as a multiple of what they paid.
1x means they get their money back first. Blank means no preference.
- Live model
Change the blue numbers to try your own assumptions, and the rest of the model updates. Your changes aren't saved, and the company can't see them.
The model is recalculated on Struck's servers, so the file never reaches you, and its formulas only do if the company chooses to show them. Before a model opens this way, Struck checks it gives the same results as Excel; if it wouldn't, it opens as pages instead. The company chooses which numbers can be changed. Until they do, any number that isn't a formula can be.
- Market benchmark
The range a figure usually falls in for a company at this stage, such as the size of an option pool or a software gross margin. The review compares your figures with these.
Statutory figures such as the super guarantee are exact. The rest are market conventions, and a finding the review judged without one is labelled as its own estimate.
- Minimum investment
The least this company will accept from one investor on this raise.
- Minimum to close
The least the company will close this raise at. Leave it blank if any amount would do.
Optional. The raise target is the amount you're looking to raise; this is the floor beneath it.
- NDA adoption
The company's side of the mutual NDA: a person acting for the company adopts it once for the raise, timestamped, and every investor's acceptance then binds both parties.
It is not a board matter. An advisor running the raise cannot adopt it for the company. When the words change, the company adopts the new text again, so both sides are always on the same version.
- NDA gate
Investors have to sign the confidentiality agreement before this room opens to them.
Struck's mutual NDA is an agreement, not a deed: the investor accepts it at the gate and the company adopts it once for the raise, so both sides are bound.
- Non-beneficial notice
A signed note from a holder telling the company it holds its shares for someone else, as trustee or nominee. The register can only mark a holding that way on the strength of a notice.
Sections 169(5A) and 169(6) of the Corporations Act, with the notice in the form of s1072H(4). Struck drafts it from the register; the holder signs and gives it, and the company records when it arrived. A later issue to the same holder needs a fresh one.
- On-costs
What an employee costs on top of their salary: superannuation, payroll tax, workers' compensation and leave. A budget that costs salaries alone understates what the team costs.
- Opening balance
A holding that existed before this register did: shares issued on paper or under another system, entered here as they stand.
It is filed in the ledger as an issue so the register replays from the ledger, but it was not a new allotment.
- Option pool (ESOP)
Shares set aside for employees. They are not issued yet, but they count against everyone's percentage.
- Oversubscription
Investors have indicated more money than the round is raising. The company either scales everyone back pro rata to the target, or raises the target and takes it.
- Participating
After taking their preference back, this class also shares in what is left alongside the ordinary shareholders.
Non-participating means they take the preference or their share of the upside, whichever is worth more.
- Partly paid
Shares the holder has not yet paid for in full. The company can call the balance later.
The register records the amount unpaid on each share (s 169(3)).
- Politically exposed person
Someone who holds, or recently held, a prominent public role in Australia or overseas, or a close family member or associate of one.
A PEP is not a reason to refuse a client, but calls for enhanced checks and senior sign-off. Struck records the firm's answer and does not search PEP lists.
- Pool remaining
What the pool has left to grant: the pool, less the options still outstanding on its grants and the shares already issued from them.
Forfeited, lapsed and cancelled balances have come back to the pool. An offer counts as allocated until it is accepted or withdrawn.
- Pre-emptive rights
Existing shareholders get first refusal on new shares, so they can avoid being diluted if they want to.
- Pre-money and post-money
Pre-money is what the company is valued at before the new money goes in. Post-money is pre-money plus the new money.
Whether the option pool is measured pre or post changes who carries the dilution for it.
- Prepared agreement
An investor's agreement the company or its lawyer wrote and filled in themselves, uploaded to Struck to be signed here in place of the generated one.
The signature boxes are placed once and go in the same spots on every prepared agreement, so each one needs its signing block in the same place.
- Pro-rata
The share of the new round this holder can take up to keep the percentage they already own.
- Public page
A version of the company profile anyone with the link can open, without anything marked Requires NDA and without any raise. It's off until the company turns it on.
- Qualifying financing
Only converts if the round raises at least this much. A later priced round smaller than this leaves the instrument outstanding.
Measured on the new money the round raises. Blank means any priced round converts it.
- Question routing
Who is emailed when an investor asks a question, by topic. A topic with nobody named goes to everyone on the deal team.
The deal team is the company's team plus every advisor firm on the raise. The person who asked is never emailed.
- Raise amendment
A change to the minimum or target of a raise after investors have signed. Each signed investor is asked to accept the new terms, because the size of the round changes what their amount buys as a share of it.
The amount and the shares signed for do not move. Declining records disagreement; it does not unwind the commitment.
- Raise stage
Whether a raise is pre-seed, seed, or Series A or later. The review judges your room against what investors expect at that stage, so a pre-seed raise is not marked down for missing audited accounts or a two-year model.
Struck works the stage out from the raise's name, then its size: under $1 million is pre-seed and under $5 million is seed. Name the round in the raise's name to set it.
- Raise status
Where a raise is in its life: draft before anyone is invited, open once investors are in and the terms are still moving, live once the round is priced, closed once the completion run has happened, and terminated if it was ended.
Struck works it out from what has happened, so it moves on its own: an invitation opens the raise, a locked term sheet makes it live, completing the raise closes it. It never goes backwards by itself, and it can be set by hand in Raise settings when the derivation reads wrong.
- Read rate
Of every update sent to every shareholder, the share that was opened in the portal. One update read by half your shareholders is 50%.
- Register activity
Entries are kept forever and never edited: a mistake is put right by recording a further transaction, which is what makes the register evidence.
- Register of members
The company's own record of who holds its shares: each member's name and address, the shares they hold, and when they came on. It is the evidence of who owns the company.
The Corporations Act requires one (s 169). Struck keeps it, and the ledger behind it.
- Reporting entity
A business the AML/CTF Act requires to enrol with AUSTRAC, verify who its customers are, and report suspicious activity.
From 1 July 2026 this includes businesses that assist companies to plan or run capital raises (AML/CTF Act s6, Table 6, item 4), which captured most advisory firms for the first time.
- Requested amount
A different figure the investor asked for instead of the confirmed allocation, from their investment page. The company accepts it (the allocation moves to that figure, already accepted) or keeps the confirmed figure.
- Retail
An investor with no certificate. Nothing is wrong: most people are retail.
They count against the 20-investor and $2 million caps instead of being exempt from them.
- Room review
Struck reads every document in the room the way an investor's analyst would, and lists what they would stop on: figures that disagree, totals that don't add up, costs a budget leaves out, and terms that are off-market.
Only the raise team sees it. It points at problems and never ticks anything off: what to change, and whether a finding matters, is always your call.
- RSU
A restricted stock unit: a promise of a share that arrives on vesting, with nothing to pay.
Unlike an option there is no exercise price, so its whole value is the share's.
- s1072E(11) notice
A trustee that holds shares in a proprietary company for a company, rather than a person, must tell the issuing company in writing within a month of starting to hold them.
Section 1072E(11) of the Corporations Act. Struck drafts the notice from the recorded members; the company records when it was given.
- s708 small-scale offers
Without a disclosure document this company can issue shares to up to 20 non-exempt investors, or raise $2 million from them, in any rolling 12 months.
Counted when shares are issued, not when offers go out, and across every raise this company has run. Shares issued for no consideration are disregarded (s708(15)). Offers must also be personal (s708(2)).
- SAFE
Money now, shares later: converts at your next priced round on a valuation cap and/or discount.
Not on the register as shares until it converts.
- Sanctions screening
Checking each name against the DFAT Consolidated List of people and entities under Australian sanctions. Close spellings are flagged for the firm to judge.
Dealing with a listed person, or making assets available to them, is an offence. Each screening records the date of the list it was checked against.
- Scale-back
When a raise is oversubscribed, cutting every allocation by the same proportion so the total lands on target.
- Settled
Money that has actually reached the company's account and been recorded as received.
Struck never sees the money itself, so nothing here can check it for you.
- Shortfall pool
The entitlements nobody took: waived, expired, or simply left. This is what gets shared among the people who applied for extra.
- Signed outside Struck
An agreement signed somewhere else, such as DocuSign, a lawyer's own process or on paper, whose executed copy the company recorded on Struck. It binds the same as one signed here.
Struck keeps the file, its fingerprint and a record of who recorded it and when. It did not see the signing itself, so the company stands behind the signatures.
- Split
Multiplies every holding by the ratio. Nobody's percentage changes.
Two for one turns 100 shares into 200 at half the price each. Fractions round to whole shares.
- Standing offer
An offer that stays open for as long as the issuer takes money, rather than a round that fills and closes. Investors apply for a date, and the shares or units are issued on it.
- Start here
The few files the team running the raise suggests reading first, in order. On an investor's first visit the rest of the room waits one click behind them.
Each investor only sees the files in it that their access already opens.
- Terminated
The raise was ended deliberately. It stops taking commitments and drops out of the raises under way, and nothing carries it on from there.
Nothing is deleted: the commitments, the signed paper, the dataroom and the audit trail all stay readable. Nobody is emailed automatically, so investors mid-flight have to be told.
- Tier
The investor group they join, which decides the folders they can open. You can move them to another group later, on the dataroom's Access tab.
It has no bearing on the small-scale caps: whether an investor counts against them comes from their certificate.
- Time reading
Roughly how long an investor spent in a document, estimated from when they opened it and turned its pages.
Struck logs each open and each page as it is shown, not how long it stays on screen. A page counts until the investor's next one, unless more than ten minutes pass, which counts as a break: the last page before it counts as half a minute. So it is a fair guide to who read closely, not a stopwatch.
- Tipping off
Telling a customer, or anyone outside the firm, that a suspicion has been formed or a report made about them. It is an offence (AML/CTF Act s 123).
This is why a due diligence file is visible only to the firm, never to the client company.
- To sort
Files you uploaded for sorting. Each is read and matched to one of your folders, and waits here, shared with nobody, until you confirm where it goes.
Filing a document shares it with everyone the folder is open to. With AI search on, the match reads what the file says; with it off, only its name and the folder it came from. A video is matched on what is said in it once it has been transcribed.
- Tranche
One chunk of a grant that vests on its own trigger: either a date, or a milestone somebody has to sign off.
- Transfer
Moves shares from one holder to another. The total on issue is unchanged.
The directors approve it, the seller signs an instrument of transfer, and any pre-emptive rights in the constitution are dealt with first.
- Trustee
The company that legally holds the fund's assets and issues its units. The fund's documents are signed in its name, as trustee for the fund.
- Unit
A share of a fund, the way a share is a piece of a company. The fund administrator issues units at the unit price on each dealing date.
- Valuation cap
The highest valuation this money will convert at, however well the next round prices. A lower cap means the investor gets more shares.
- Vested
The part of a grant the holder has earned so far, by staying long enough or hitting a milestone.
Vested options still have to be exercised and paid for before they become shares.
- View only
Someone on an investing entity's team who sees what it sees on Struck, such as the dataroom and its holdings, but can't sign, accept an NDA or commit money for it.
- Waive
Give up your entitlement this round. You can change your election any time before the deadline.
- Watermarking
Pages are shown as images stamped with the reader's own email address, and the company can see which pages they read.
A video is the exception. It plays with the reader's email over the picture, but it streams to their browser, so anyone who can watch it can keep a copy. The company or the lead advisor can turn the watermark off for one document from its menu, such as a teaser where the stamp is clutter; it still shows as images and every read is still logged.
- Who they are to the company
Founder, employee, investor or other. Only holders marked as investors count toward your plan.
A holder nobody has marked never counts. The first investor, on the register or invited into a dataroom, starts the plan with 14 days to pay.
- Wholesale-only raise
A raise that never uses the 20-investor / $2 million small-scale allowance: every investor holds current exempt evidence in their own right.
Publicly signalling a raise that relies on even one small-scale slot is a strict-liability offence (s734(1)), so only a wholesale-only raise may ever be shown publicly.
- Workspace only
For a company registered outside Australia, Struck runs the raise's dataroom, NDA, Q&A, pitch and signing of your lawyer's documents. Your lawyers and company secretary handle the share register, filings and offer rules.
Struck's register, filings, offer limits, term sheet and subscription agreement are written for Australian law. They open for other countries one at a time, once local lawyers have checked them.