Stock Market

House Passes Regulation A+ Limit Increase

The US House of Representatives yesterday passed the Regulation A+ Improvement Act of 2017 (although Congress.gov reports it as the “Regulation At Improvement Act”). This bill would increase the cap on amounts to be raised under Regulation A from $50 to $75 million. If the Senate approves, most believe the President will sign this bill,

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Direct Stock Listings Approved for NYSE

Following interest from companies like Spotify, the New York Stock Exchange last week received SEC approval to list companies on the Exchange even if they are not conducting an IPO. These direct listings, sometimes known as self-filings, already are permitted on the Nasdaq. The Exchange had filed their original request back in June. Following some

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Nasdaq Decides to Get Small

In a HUGE announcement last week, Nasdaq, Inc., the parent company of the various stock exchanges bearing that name, decided the exchanges should no longer be called NASDAQ. Instead they are “re-branding” as just plain Nasdaq, ie initial cap then lower case. Why? Well, the name had been upper case because it stood for the

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Remembering (the Second) Black Monday

Thirty years ago today, October 19, 1987, the Dow Jones Industrial Average crashed with a whopping 22.6% decline in prices, the second biggest one day drop in the market (the biggest was in 1914). I was a young lawyer working at a large law firm at the time. Young enough that I had no real

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SEC Proposes Disclosure Simplification

A week ago, the Securities and Exchange Commission, as required by the Fixing America’s Surface Transportation (FAST) Act, released a proposal to simplify and modernize Regulation S-K, which governs most public company disclosure. None of the proposals individually is that huge, but as a group they could noticeably ease the compliance burden. It includes things

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SEC Expands Confidential IPO Filing to All Issuers

The Jumpstart Our Business Startups (JOBS) Act of 2012 ushered in a very popular alternative for “emerging growth companies” going public and those utilizing Regulation A+: confidential submission to the SEC of your initial planned registration or offering statement. Unfortunately, companies not considered EGCs or eligible for Reg A+ do not have the benefit of

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Is Cannabis the New “Alternative” Alternative Investment?

The New York Hedge Found Roundtable, made up of professional investors who generally focus on “alternative investments,” the other day said its members believe investing in cannabis companies is “appealing.” The normal alternative investments one thinks of, derivative securities, hedge and private equity funds and managed futures, tend to be reserved for rich people, institutions

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Spotify May Go Public With “Self-Filing”

IPO alternatives appear to be alive and well as we learn from press reports that unicorn music service Spotify may go public through a “self-filing.” In my first book, over 10 years ago, I talked at length about the potential value of this very straightforward technique. Assuming you otherwise qualify for an exchange listing, you

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