• There is no express prohibition on the use of SAFE notes under Pakistani law;
• The law provides for inviting the public for deposits and circulating materials/information such as the prospectus. How can this be the same as inviting an investor to investing in the company using a SAFE Note?
• You have to make sure though to comply with the applicable requirements at the time the conversion to equity is triggered as that would constitute “further issue of capital” under the law.
