Refund Policy
Refunds for Investors FaQ
1) Do investors get a “refund policy” like e-commerce?
Not really. ECF refunds only happen in specific cases before shares are issued, based on the ECF rules and the platform’s process.
2) Where is my money kept after I invest?
Investor monies are placed into a designated trust account administered by an independent registered trustee until the campaign completes and release conditions are met.
3) When will money be released to the issuer?
Only after applicable conditions are satisfied, including: the target amount is met, shares are issued, there is no material adverse change, and a cooling-off period of at least 6 business days has expired.
4) What happens if the campaign doesn’t reach its target or doesn’t complete?
Funds will not be released to the issuer and will be returned to investors via the trust account process, following the platform’s procedures.
5) Can I withdraw my investment after I commit?
In certain situations (for example, where a supplementary prospectus is issued and you are notified), you may withdraw within 6 business days of receiving the notice.
6) If I withdraw, how fast will I be refunded?
Where withdrawal applies (e.g., supplementary prospectus situation), the platform must refund the amount paid within 6 business days.
7) What is a “material adverse change”?
It can include a false or misleading statement, a material omission, or a material change/development in circumstances relating to the offer/issuer that requires investor notification.
8) Can I get a refund after shares are issued?
Generally, no. Once shares are issued, you own shares in the issuer. Any exit would depend on permitted mechanisms (e.g., a compliant secondary market if available), not a refund.
Refund Policy - For Issuers
1) Do issuers get a refund of platform fees?
Issuer fees are generally non-refundable once work has started (e.g., onboarding, due diligence, document review, campaign preparation). Any refund (if applicable) is limited to the unused portion of fees where no work has been performed.
2) What if the issuer cancels before onboarding starts?
If you cancel before iPivot begins onboarding/due diligence work, iPivot may refund the platform fee minus any administrative costs already incurred (if stated in the issuer agreement).
3) What if the campaign is unsuccessful (target not met)?
If the campaign is unsuccessful, the issuer does not receive investor funds.
Investor monies remain in the trust account and are handled via the platform/trustee process (not paid to the issuer).
Any success-based fee (if your model has one) is typically not payable if fundraising is unsuccessful.
4) Are third-party professional fees refundable (legal / valuation / verification)?
Third-party fees (where engaged) are generally non-refundable once the third party has started work or delivered outputs, because they are pass-through costs.
5) What if iPivot pauses or rejects the campaign for compliance reasons?
If iPivot pauses/rejects a campaign to comply with rules or to protect investors, iPivot may (if stated in your issuer agreement) refund only fees for services not yet performed. Fees covering work already done and third-party costs are not refundable.
6) How will any refund be paid?
Approved refunds (if any) will be paid to the issuer’s nominated bank account after verification of the request and settlement of any outstanding amounts.
7) Where are issuer fees disclosed?
All issuer fees and charges are disclosed clearly on the platform and/or in the issuer agreement. iPivot commits to ensuring fees are fair, reasonable and transparent.