UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1-U
CURRENT REPORT PURSUANT TO REGULATION A
Date of Report (Date of earliest event reported): June 22, 2023
Commonwealth Thoroughbreds LLC
(Exact name of issuer as specified in its charter)
Delaware | 84-2528036 | |
(State or other jurisdiction | (IRS Employer | |
of incorporation or organization) | Identification No.) |
101 West Loudon Ave, Suite 210, Lexington, Kentucky 40508
(Full mailing address of principal executive offices)
(323) 378 5554
(Issuer’s telephone number, including area code)
Series Country Grammer, Series I Got A Gal, Series Pine Valley, Series Swing Shift, Series We The People, Series Mage, Series Tshiebwe, Series Constitution Filly, Series Kissed By Fire; Series Tapicat Filly; Series Tonasah Filly
Title of each class of securities issued pursuant to Regulation A
Item 9 Other Events
Termination of Offerings
The offerings of units of limited liability company interest in the series of Commonwealth Thoroughbreds LLC, a Delaware series LLC (the “Company”) shown in the table below, which were conducted pursuant to the Company’s Offering Statement on Form 1-A that was originally qualified on March 30, 2020, all terminated effective on March 30, 2023. The Company has refunded any funds for investor subscriptions that had not been accepted by the Company on or before March 29, 2023 or were deposited with the Company’s independent escrow agent after that date.
Series | Refunded Offering Proceeds | |||
Series Mage | $ | 200 | ||
Series Kissed by Fire | 108,950 | |||
Series Constitution Filly | 6,900 | |||
Series Medaglia Filly | 137,150 | |||
Series Tapicat Filly | 3,150 | |||
Series Tonasah Filly | 175,000 | |||
Series Tshiebwe | 200 | |||
Total | $ | 431,550 |
The following table presents information about the use of funds raised in each of the offerings that terminated on March 29, 2023.
Series | Units Issued | Offering Proceeds | Purchase Price of Thoroughbred Asset | Series Ownership Percentage of Thoroughbred | Fees and Expenses Paid (1) | Working Capital (2) | |||||||||||||||||
Series Mage | 3,277 | $163,850 | (3) | $ | 76,444 | 25.0 | % | $ | 113,300 | $ | 58,100 | ||||||||||||
Series Kissed by Fire | 2,098 | 104,900 | 53,194 | 12.5 | % | 77,294 | 27,606 | ||||||||||||||||
Series Constitution Filly | 3,672 | 183,600 | 70,435 | 23.5 | % | 30,265 | 70,295 | ||||||||||||||||
Series Medaglia Filly | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Series Tapicat Filly | 3,070 | 153,500 | 60,335 | 24.0 | % | 87,874 | 65,626 | ||||||||||||||||
Series Tonasah Filly | 0 | 0 | 0 | 0 | 0 | 0 |
(1) | Includes Thoroughbred Asset acquisition expenses, offering expenses, sourcing fee, organizational fee, brokerage fee, and a 2% Thoroughbred Aftercare Alliance donation. |
(2) | Includes reserves for post-acquisition training expenses, training management fee, insurance premiums and contingencies. |
(3) | Excludes $7,550 unpaid balance of promissory note that the Manager converted into 151 Units. |
The Company expects new offerings of the units of the series listed in the first table shown above, other than Series Mage and Series Tshiebwe, to be included in a new Form 1-A Offering Statement.
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SIGNATURES
Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
COMMONWEALTH THOROUGHBREDS LLC | ||
Dated: June 29, 2023 | By: | /s/ Brian Doxtator |
Name: | Brian Doxtator | |
Title: | Chief Executive Officer |
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