In offerings where the issuer is in a development stage, the ratio of equity investment by promoters or insiders to the aggregate public offering shall be no less than:
    (1) Ten percent (10%) of the first $1,000,000 of the aggregate public offering; and,
    (2) Seven percent (7%) of the next $500,000 of the aggregate public offering; and,
    (3) Five percent (5%) of the next $500,000 of the aggregate public offering; and,
    (4) Two and one-half percent (21/2%) of the balance over $2,000,000.
Rulemaking Authority Florida Statutes § 517.03(1). Law Implemented 517.081(3), (7) FS. History—(Formerly 3E-20.03) New 9-20-82, Formerly 3E-700.05, Amended 10-26-97, Formerly 3E-700.005, Amended 5-15-07, 9-22-14.