As the law currently stands, if a private company is privately fundraising — that is, raising money from people they already know such as friends and family — t

As the law currently stands, if a private company is privately fundraising — that is, raising money from people they already know such as friends and family — they can only have 35 non-accredited investors in that round of financing. Is there a limit to the number of rounds you can do with non-accredited investors? Suppose I have 70 friends who are non-accredited investors but want to invest. Can't I just split it into two rounds?