Reg. CF and Reg. A raises have a maximum amount which they are able to accept during a 12-month period. For Reg. CF, this amount is $1.07 million, and for Reg. A, this amount is $20 million.

Once a raise hits its maximum, the company can open the waitlist. This seems much more common in Reg. CF raises. In the event that a previous investor can’t fund their investment, individuals on the waitlist get a chance to replace them at the cap table. (Please note: Different platforms operate their waitlist differently, so it is important to check the policies for the crowdfunding site in question.) Once a raise reaches its closing date, the waitlist is generally closed as well. All investments are finalized and any waitlisters who did not have the chance to invest have their commitments canceled.