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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.

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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.

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