Some of you may have seen commercials on cable TV (I saw it on CNBC) for an IPO for a company called YayYo. What was shocking to me was that there was a commercial not for for the application, but for its IPO. This was especially surprising, given that I had never heard of the company. Below is the website for the IPO.

https://yayyoipo.com/

The company is raising $50M.

Here is a link to their android app, which has 100-500 downloads: https://play.google.com/store/apps/details?id=com.yayyo.android&hl=en

And their iOS app: https://itunes.apple.com/us/app/yayyo/id1142797940?mt=8

The reviews contain things like:

"What? This app sucks. You cant even add pickup or dropoff locations. The app doesnt even work."

"it has now been EIGHT MONTHS and it still DOES NOTHING. every email i've sent has been responded to with a very clipped and brusque "soon." horrible customer service and a COMPLETELY WORTHLESS APP THAT DOES NOTHING BUT WASTE SPACE."

This company appears to be raising $50M on non-functional technology with almost no users. This strategy must be working for them, as they continue to pay for additional TV ads. Unscrupulous investors are paying ("investing") up to $50M for what is essentially nothing. This is all possible because of the USA Jobs act, which allows unaccredited investors (eg: investors with < $1M in net worth) to invest in these types of companies.

They seem to be following SEC rules, so I don't know that there is any legal recourse. I fear that if these scams continue to happen, the right of small investors to invest in startups will be rescinded.

Does anyone have any ideas on what can be done to end this practice, save the public's right to invest in small companies, and help uninformed investors from being scammed? How can more light be shown on this "company", its executives and attorneys?