(A) the party subject to the disqualification is licensed
or registered to conduct securities-related business in the state
in which the order, judgment, or decree creating the disqualification
was entered against such party;
(B) before the first offer under this exemption, the
state securities administrator, or the court or regulatory authority
that entered the order, judgment, or decree, waives the disqualification;
or
(C) the issuer establishes it did not know and exercising
reasonable care, based on a factual inquiry, could not have known
that a disqualification existed under this subsection.
(4) This exemption is not available to an issuer if:
(A) a control person of the issuer is also a control
person of another issuer that has made a securities offering in Texas
within the previous 12-month period;
(B) a control person of the issuer is also a control
person of another issuer that is concurrently conducting a securities
offering in Texas; or
(C) the proceeds of the offering will be combined with
the proceeds of a securities offering by another issuer as part of
a single plan of financing.
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