Updated- 8-11-23

From My Racehorse

We are back again for another roundup of our weekly digest as we check in on all of the new offerings and give you an update on the SEC!
Speaking of SEC, we heard back and they asked for a couple of updates to our offering documentation that we sent back later last week. Just some modest updates, and if all goes as expected, our legal team thinks we should be live within about three weeks of submitting the updates. Obviously, we don’t know for sure, but this is our internal legal team’s best assessment based on the previous dealing on similar submissions. In the meantime, we will continue to keep you and other partners abreast of all eight horses to ensure when they are qualified, you have access to all their most recent training and racing updates through this newsletter!

(8-3-23) For those who own fractional shares in thoroughbreds it has been a time of concern for making future purchases. Over the past several years horse racing fans could purchase very affordable fractional shares in top-bred thoroughbreds trained by Hall of Famers. The two providers that many use go thru the SEC for approval of selling those shares –

  • The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation.

On June 12th, 2023 the following email was received from one of those providers to all share owners-

Due to recent changes with the SEC, XXXX was notified that we must refund any investments made after March 30, 2023. If you’re receiving this email you made a purchase after the deadline and will receive a refund for your purchase(s) as early as today. 

Since that time the money for those shares were returned to owners, although nobody requested that they wanted to give up those shares...the owners had no other option.

Below is email replies from both providers on what is happening on acquiring future shares after we requested an update on the situation –

#1 provider — (7-17-23) The new offerings should be listed in the next few weeks. We are awaiting approval from the SEC and then we’ll be full steam ahead!

#2 provider — (7-14-23) Thanks for reaching out! We are waiting on qualification from the SEC to make our newest horse offerings a qualified series. Once they become qualified shares through the SEC, the shares will become available to purchase and an email will be sent to the entire database notifying everyone. While this process can vary it usually takes a few weeks to a month from the time of horse acquisition.

The waiting for the SEC approval statement to many share owners is compared to a student telling his teacher that the dog ate his homework. Many have questioned what is taking place and is this situation fatal to ending fractional share purchases? The entire situation remains a mystery and for those with current ownership in multiple horses it is a cause for legitimate concern.

Fractional share owners are hoping this can be explained to them and resolve their concerns…if there is a problem they would like to know that as well.

Check out – Nole Ksum Racing Stable