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Dairy Stores Inc. owns and operates convenience stores. The firm wants to make an initial public offering of securities. If Dairy qualifies for an exemption

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Dairy Stores Inc. owns and operates convenience stores. The firm wants to make an initial public offering of securities. If Dairy qualifies for an exemption from the federal registration requirement, the firm is not necessarily exempt from a state registration requirement. not subject to any state securities laws. subject to all state registration requirements. exempt from any state registration requirement

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