Equity Crowdfunding has emerged as the new source for entrepreneurial firms to raise the capital from the large number of investors through online platforms. In U.S, equity crowdfunding firms are required to submit the firm information and terms of offering to the securities and exchange commission (SEC). The SEC also allows equity crowdfunding firms to make amendments of the previously submitted information to provide the better information to investors. This study investigates the effect of firms with document amendment on equity crowdfunding success and post-campaign financing from professional investors i.e., venture capitals and business angels. We use a sample of 1023 offering campaigns on U.S equity crowdfunding from 2016 Q2 to 2020 Q4. This study finds that document amendment influences equity crowdfunding success. However, amendment of document decreases the possibility to obtain post-campaign financing. Moreover, amendment of offering material and amendment of deadline date increase likelihood of equity crowdfunding success but they decrease possibility to obtain post-campaign financing. Amendment of target offering amount increases possibility of equity crowd funding success and post-campaign financing as it shows growth potential of firms to investors. The evidences show that professional investors and crowd investors have different logics of investment. Amendment of document is considered by crowd investors as a positive signal that can be used to reduce information asymmetry. On the other hand, professional investors use preparedness displayed in the offering document as the signal of quality and consider document amendment as a negative signal.

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