The ELE has many functions that can be customized via the issuer. Such as the ability to serve purely as a material offering such as revenue distribution mechanism.
I.e. The equity can be allocated to the SPV in concordance with the revenue percentage it wishes to share. For example, if Pump Fun wanted to share 10% of its equity for a limited amount of time it could do that directly with the ELE and still retain all of its equity. The ELE beneficiary registrar would act purely a snapshot to distribute that share of revenue. The company would retain full rights on the offer itself.
Architecture