Egan's company, EnergyX, has spent the last several years developing a way to extract lithium for EV batteries from briny water locked underground.
EnergyX's offering took advantage of SEC Regulation A, which allows companies to raise up to $75 million from retail investors every 12 months.
Regulation A has been praised for allowing unaccredited investors the opportunity to invest in private companies before they go public, offering them potential for profit.
But Regulation A has also been criticized for letting smaller investors place bets on risky companies.
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