Guide
What “open” actually means
A window is a permission plus a calendar plus a lock.
Open means: counsel has named a live path; the surfaces match the memo; the waitlist is not pretending to be a book; the restricted list is enforced; the receiving party is licensed for the job; the claims that will be used this week are live in the register. If any of those is missing, you are not open. You are loud.
On this pad, “In market” means the campaign is running under those conditions. It does not mean you can subscribe. It does not mean we have a remaining allocation. Counterparties who read “In market” as a deal are reading a different website. Send them this page.
Campaign live. Not a subscription. Allocation is not on this pad.
Guide
What we do while it is open
Reporting, creators, community, claims hygiene. The unglamorous half.
Weekly (or tighter) blotter: what went out, where, against which row. Creator compliance if creators exist — most files should not have them. Press that tries to invent a path — killed. Waitlist quality, not waitlist vanity. Checkpoint against the pack date. If the memo changes, the register changes the same day. If a geography must close, it closes in the form and the ads, not in a blog post two weeks later.
Growth retainers exist for this phase. They are still not a success fee. If someone on your side proposes “2% of raise for the Telegram,” the answer is no, in writing.
Guide
How money actually moves
If you cannot draw this on a napkin, you are not open.
Listener is in a named market, is the named audience, receives a permitted communication, decides, and sends value to a party that is allowed to take it — transfer agent, broker, bank, CASP, administrator — under documents counsel owns. RCA Pad is not in that chain. We do not have a wallet for your round. We do not have a smart contract that is “the ICO.” If a diagram puts us in the flow of funds, the diagram is wrong and the process has failed.
This is the sentence investors need: if this company raises, it raises with its own counsel and its own providers. The pad you are looking at is a file, not a broker.
Guide
Closing on the date you said
Windows that “stay open until we fill” are not windows. They are shops.
The pack named a close. Close. After close, offering language dies. Product language may continue. “We are still raising” is a new event and needs a new path. Tombstone, if any, is yours. Our name does not appear as having filled anything.
On close day:
- Offering claims withdrawn or archived.
- Waitlist copy switches to product / professional updates.
- Creators briefed that the window is over.
- Board status → Closed.
- No leftover mint, pay, or allocate on a subdomain.