Section 16-39-313 - Offering priceIn the case of an issuer which has been actually engaged in business or operation, the amount for which a security is being offered to the public should bear some reasonable relationship to:
(1) Market value, if any;(2) Price-earnings ratio, as reflected by its financial statements covering an average three-year preceding period, or the shorter duration of experience or operation as may be applied; or(3) In the absence of an established or determinable market value or price-earnings ratio, the book value of the issuer may be taken into consideration in justifying or substantiating the reasonableness of the offering price.[Eff 6/30/08] (Auth: HRS § 485A-606) (Imp: HRS §§ 485A-303, 485A-606)