Marin Ltd. offered to sell common shares on a subscription basis. Each subscription allowed for the purchase of 14 shares at a price of $42 per share. Terms of the subscription stated that subscribers were to pay 40% of the price as a down payment, with the remainder due in six months. On June 1, 2020, 170 subscriptions were sold. Six months later, on December 1, only 85 of the subscriptions were fully paid for. According to the subscription contract, the company would retain the down payment on any defaulted subscriptions.