A new issue of a security in a single state. An intrastate offering is not subject to SEC regulations, but is required to follow the applicable laws of the state in which it is registered. Some companies make intrastate offerings because doing so is less expensive than registering with the SEC. In order to qualify for an intrastate offering (and thereby escape SEC regulation), the offering may only be to residents of a single state, in which the company must have a significant presence.
A security offering in which the issue is offered and sold only to persons within the state in which the issuer is incorporated. Intrastate offerings are exempt from registration under the Securities Act of 1933.