Rule 504 is a Regulation D exemption that allows eligible issuers to raise up to a specified amount in a 12-month period (subject to SEC updates) with fewer federal restrictions than Rule 506, though state “blue sky” laws may impose additional requirements. In small financings, Rule 504 can be useful for certain early-stage issuers, and Rule 504 terms are often paired with state registration or state exemption filings.
