A new reality streaming television series called
Unicorn Hunters debuts tonight in which startups will pitch to a panel that includes Apple co-founder Steve Wozniak, and the panelists after some grilling of the entrepreneurs will make decisions on whether or not to invest, similar to
Shark Tank. But unlike the couch potato viewers of
Shark Tank, viewers of
Unicorn Hunters will also be given the opportunity to invest in the presenting companies, which raises some pretty interesting securities law issues.
The securities offered on
Unicorn Hunters will not be registered with the Securities and Exchange Commission, which means the companies, show sponsors and intermediaries will need to make sure the offerings satisfy the requirements of an exemption from registration and refrain from engaging in any activities prohibited thereby. In fact,