Davis failed to register this offering with the Commission, and there were no applicable exemptions from registration.
Sellers post descriptions of items they wish to sell on the site.
Potential buyers may, in turn, access these descriptions. Over the course of the next several hours or days, potential buyers may bid on the items on-line. At the close of each auction, the highest bidder wins and must purchase the item. There were no bids in response to Davis' offer during the ten days it ran on the eBay auction site. In some instances, rather than go through the process of registering shares with the Commission, a privately-held company may look to purchase, or merge with, a public shell in order to take advantage of the shell company's ability to issue new stock to the public.