A new and unusual company got an unprecedented blessing from the Securities & Exchange Commission last week. The new company: American Research & Development Corp., formed in June by a group of New England businessmen, educators and scientists to furnish capital for the development of new enterprises, new processes, and new products.
The SEC's blessing, without which the new company could not raise the $5,000,000 it wants, gave it special permission to offer its stock (200,000 shares at $25 a share) to investment companies as well as to the general public.
The sponsors of American Research got together because they felt...
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