Answer:
5,000,000 (5 million) of securities in any 12-month period.
Explanation:
Based on my extensive research on regulations. Rule 504 of Regulation D provides an exemption for having to register under the federal securities laws. This is usually for companies that are in business with products or services that are considered as securities or commodities. This Rule allows a company to sell up to 5,000,000 of securities in any 12-month period.
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