And as part of the rules, there are fewer requirements and regulations for companies like Yay Yo than if it were to do a full-fledged IPO.There are actually two kinds of Regulation A offerings.
Experts say the implication that Yay Yo could become bigger than Uber is audacious enough to attract legal and regulatory scrutiny.
About 700 people have already invested, El-Batrawi says, with individual investments ranging from a single $8 share purchase to $100,000.
In those conversations, Batrawi said Yay Yo has big plans.
In addition to its aggregator app, Yay Yo says it is gearing up to launch its own ride-hailing service with a fleet of luxury cars and salaried drivers behind the wheel.
At the center of it all is Ramy El-Batrawi, whose life before starting Yay Yo involved working with an arms dealer, promoting "Men Are from Mars, Women Are From Venus," and led ultimately to accusations of a stock-manipulation scheme and one of the biggest securities bailouts in history.