A North Carolina mental health services company filed to raise $2 million, according to the September 8 Securities and Exchange Commission filing. The company has raised $20,000 from two investors. The amount is $1.98 million less than the total offering. United Youth Care Services provides services such as counseling and acupuncture to youth and adults with mental health or developmental disabilities. United Youth Care Services claimed a Rule 506 (c) exemption. According to 2014 SEC data, more than $14 billion has been raised by companies that have taken advantage of the opportunity to publicly advertise their offerings. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
This was reported by North Carolina Business News Wire on September 9, 2016.