Highlander (formerly PicMii Crowdfunding)

Highlander is the March 15, 2026 rename of PicMii Crowdfunding LLC, a Regulation Crowdfunding funding portal registered with the SEC since July 2020 (File No. 007-00246) and a FINRA member, based in Lancaster, Pennsylvania and run by co-founders Chandler and Braden Kline. The legal entity, registration, accounts and agreements did not change; the platform was rebuilt and now also sells SPV formation, cap-table software and transfer-agent services, the last through a sister entity, Highlander Fortress, LLC, that registered with the SEC in September 2025. The old picmiicrowdfunding.com site was taken down without a redirect; on September 17, 2026 it returned a 'Site Not Configured' page.

On the located regulatory record, yes. The portal's registration answers every disciplinary, regulatory, civil and financial question in the negative; it appears on FINRA's funding-portal roster under both names; its escrow agents are two banks named in its filings; and AltStreet's September 2026 legal scan located no FINRA, SEC, Pennsylvania or court action against the portal or its principals (PACER and state dockets were not searched). The concerns in this review are about outcomes and framing: the portal's one Nasdaq listing has cost its crowd most of their money, its largest raise went to a vehicle that later reported $0 revenue and stopped filing, and its homepage claims more funded companies than the filings can verify.

Issuers pay $5,000 up front plus 4.9 percent of funds raised per the company FAQ, with discounts 'to eligible raises'; the Form Cs of its two largest raises show 3.50 percent (Arrive AI) and 1.5 percent (Value Add Growth REIT III). Issuers also pay escrow, transaction and, above $124,000, financial-review costs, and the transfer-agent service starts at $239.99 a month. Investors pay a non-refundable investor fee set 'at an issuer's discretion' per the PicMii agreement and described as 'a non-refundable platform fee on investors' in the portal's 2026 registration amendment; the current FAQ does not state the amount, and the site's checkout example shows $37.02 on a $1,234 investment, or 3.0 percent.

They paid $2,952,013.78 for 884,893 securities, an average of $3.34 per security as sold (about $13.35 per share after the 1-for-4 reverse split the company effected before listing). Arrive AI direct-listed on Nasdaq on May 15, 2025 at a $12.40 reference price and traded as high as $40 that day; on September 16, 2026 it closed at $0.2278, a market value of $11.8 million, down 93 percent over the preceding twelve months of trading and about 98 percent below the crowd's split-adjusted cost of about $13.35. The company's 10-K discloses going-concern doubt, it received two Nasdaq deficiency notices on March 31, 2026 with a September 28 deadline it does not currently meet, and it has authorized a further reverse split of 1-for-10 to 1-for-65 to keep its listing. Each crowd investor remained subject to the one-year Reg CF resale restriction from their own purchase date; because the campaign ran from 2023 to 2025, the restriction had lapsed for early buyers and still bound later ones when the stock listed.

The site says $15 million-plus since 2019 and 100-plus companies funded. The filings support the first: 27 progress updates with an amount sum to $14.99 million ($12.8 million by issuer, taking the largest update per issuer). The second cannot be reconciled to the filings: AltStreet could verify 22 funded issuers from filed amounts, 32 have any progress update, and 55 of the 107 issuers in the census show no filed capital, which means either a failed raise or one whose issuer never filed the final update. The largest filed raises are Value Add Growth REIT III ($4.87 million, 2022), Arrive AI ($2.95 million, 2025) and Yarnhub Animation Studios ($2.58 million in 2026 after $1.85 million in 2025).

Slightly more often than the market on AltStreet's confirmed-sale test. Of 26 issuers with a confirmed sale and a Form C before April 2025, 17 have filed at least one Form C-AR and 9 filed neither a report nor a termination, a 35 percent gap against 40 percent market-wide on the same test, 73 percent on Honeycomb and 84 percent on SMBX. The reports themselves show the early-stage base rate: across 37 reporting issuers the median latest revenue is $854, 18 report zero revenue, and 6 report a profit.

Not in practice. Regulation Crowdfunding securities cannot be resold for a year except to the issuer, an accredited investor, family or in a registered offering, and Highlander operates no secondary market afterwards. The only liquidity event on the portal's record is the Arrive AI listing, which gave holders a listed share worth a fraction of what they paid. SPV units add a further layer: the vehicle, not the investor, holds the company's shares.

Highlander sells transfer-agent services (from $239.99 a month for up to 299 holders) so that a Reg CF issuer can satisfy one of the three conditions of Rule 12g-6, which keeps crowdfunding investors out of the holder count that would otherwise force Exchange Act registration; the other conditions are staying current on annual reports and keeping total assets at or below $25 million. The service is provided through Highlander Fortress, LLC, a sister entity with the same control persons, which registered as a transfer agent on Form TA-1 filed August 19, 2025 and effective September 18, 2025. The registration is real; what the site does not explain is the division of roles among the portal (PicMii Crowdfunding LLC), the site operator named in the terms (Highlander AI, LLC) and the transfer agent.

Same instrument, far smaller scale, no located FINRA settlement, thinner outcomes. Wefunder has filed 2,902 Reg CF offerings and StartEngine 1,674 through its portal, against Highlander's 113; both larger portals carry FINRA settlements on their records, and Highlander carries none. Highlander's issuer fee ($5,000 plus 4.9 percent list) is below Wefunder's 7.9 percent and StartEngine's roughly 7 percent; its investor fee is unstated where Wefunder's is about 2 percent. StartEngine also runs a transfer agent and a secondary market at scale; Highlander's transfer agent is new and it has no secondary venue. None of the three publishes deal-level outcomes.

Suited: investors who want $250 to $1,000 positions in very early companies, will read each issuer's Form C financials and post-money valuation, and treat every position as a total-loss bet; founders comparing portals on the after-raise bundle. Should avoid: anyone investing on the strength of the Arrive AI listing; anyone who needs liquidity, income or platform reporting on outcomes; anyone who wants the investor fee stated before checkout; and anyone who will not keep their own documents, since the platform's prior site is already gone.