Securities: sale or issue: exemptions.

Existing law makes it unlawful for any person to offer or sell in this state any security in an issuer transaction unless the sale has been qualified or unless the security or transaction is exempt from or not subject to qualification, as specified. Existing law provides an exemption for the sale or issue of specified voting common stock or preferred stock to a qualified purchaser with a net worth in excess of specified limits. This bill would add nonpreferred voting securities, as defined, to the list of securities exempt from qualification requirements under these provisions and would make other conforming changes.