The video tutorial discusses the 33 Act, focusing on its importance for startups and growing companies. It explains statutory exemptions, particularly Sections 3 and 4, which allow for private offerings without SEC registration. The tutorial covers exempt transactions, their limitations, and the criteria for qualifying as an exempt transaction, including investor qualifications. It also addresses issues related to the resale and integration of securities, emphasizing the need for compliance with SEC regulations.

Discuss the limitations of exempt transactions as described in the text.

What could happen if securities are resold within a certain period of time after an exempt transaction?