Haw. Code R. § 16-39-313 - Offering price
In 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.
Notes
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