Sunpath Solar Raises $60,873 on Honeycomb After Cutting Its Minimum to $50,000

Sunpath Consulting LLC, which does business as Sunpath Solar, filed a Form C-U with the SEC on November 10, 2026 reporting that its Regulation Crowdfunding note offering on Honeycomb Credit "closed successfully at $60,872.78." The figure sits above the $50,000 minimum the Atlanta solar contractor set in a September amendment, below the $85,000 minimum it started with in July, and at about half the $124,000 maximum it was permitted to raise.

What the filings show

Three filings make up the record. The Form C of July 20, 2026 offered notes at $1.00 each with a minimum target of $85,000, a maximum of $124,000 and a deadline of September 21, 2026. On that deadline the issuer filed a Form C/A whose stated nature of amendment reads, in full: "Minimum offering target amount lowered to $50,000, offering close date extended to October 29, 2026." The Form C-U of November 10 then reported the close.

The amended offering statement gives the terms. The notes are unsecured general obligations of the company, pay 7.5% a year, and run 36 months interest-only, with principal due in a single balloon payment at maturity or sooner on a sale or change of control. Payments accrue monthly and are disbursed to investors quarterly, the first within 30 days of the campaign's end; there is no security interest and no personal guaranty, and the company may prepay without penalty. The document notes that any future lender, including project-level financing, may hold claims senior to the notes.

Regulation Crowdfunding lets an issuer close once the minimum target is reached, so the lowered minimum is what made the $60,872.78 close a completed offering rather than a failed one. A change to the terms is a material change under Rule 304(c), which requires investors who had already committed to reconfirm within five business days or have their commitments cancelled; the filings do not say how many of Sunpath's investors reconfirmed after the September amendment.

• —Form C, July 20, 2026: minimum $85,000, maximum $124,000, deadline September 21, 2026
• —Form C/A, September 21, 2026: minimum lowered to $50,000, deadline extended to October 29, 2026
• —Form C-U, November 10, 2026: closed at $60,872.78

What the amendment changed

The use-of-funds table in the amended statement shows the consequence of the lower minimum. At $50,000, Honeycomb's fees take $2,750 and the $47,250 that remains goes entirely to reimbursing the company for safe-harbor solar equipment it had already bought. At the $124,000 maximum, fees are $6,820, net proceeds $117,180, of which $80,325 would refinance the equipment and $36,855 would fund the development of a Georgia municipal solar project. At the lower minimum, in other words, the planned equipment refinancing fell from $80,325 to $47,250 and the municipal project received nothing. The $60,872.78 raised lands between the two columns; the filings do not restate the split at that figure.

Background

Honeycomb Credit is a Regulation Crowdfunding funding portal based in Pittsburgh that places small-business debt, with offerings filed under the portal's own SEC file number. AltStreet's review of the portal reconstructs its Form C record of more than 1,100 offerings since 2017 and records the FINRA censure and $140,000 fine the portal consented to in May 2025 over two earlier offerings. The review also sets out the fees charged to issuers and to investors.

Why it matters

For anyone reading Reg CF outcomes, the minimum, the maximum and any amendment to either are three different numbers, and only the filings carry all three. A campaign described as having raised "roughly half its goal" may have cleared a minimum that was lowered partway through; one described as "successfully closed" may have done so against a minimum cut to fit the money already committed. Sunpath's three filings show both at once, and the use-of-funds table shows what the cut cost: the municipal project the maximum would have funded.

What the filings do not show

The filings do not say why the minimum was lowered, how many investors took part, or how proceeds have been applied since the close. AltStreet has not reviewed the issuer's financial statements beyond the cover data and has identified no payment default or distress in any filing cited here; the first interest payment falls due within 30 days of the campaign's end and no payment date has yet been reported.