On August 26, 2020, the Securities and Exchange Commission approved allowing the New York Stock Exchange to permit "direct listings" of newly public companies. The Nasdaq has had this ability for several years- companies like Spotify took advantage of this alternative method of going public....
Originally pioneered in the 1990s, special purpose acquisition companies, or SPACs, have gone in and out of Wall Street favor since. Currently enjoying a renaissance, SPACs are public companies that raise money then seek a private business that wishes to go public and access the...
I was honored Thursday to speak on a panel at the SEC's annual small business capital formation forum. I also co-moderated a breakout session developing recommendations to improve regulation of smaller reporting companies. My talk on the panel provided an update on Regulation A+ and...
I have now had a chance to read the 23-page, very well-written, clear and concise DC Circuit court opinion on the Reg A+ challenge brought by two states. The ruling started with a brief history of securities law, how it started with the states but...
June 19 will be one year since the effectiveness of the SEC's new rules on Regulation A+ under the Jumpstart our Business Startups (JOBS) Act of 2012. So what's happened in the interim? According to information I very recently received: 99 deals filed, of which 55...
We on Wall Street like to think we do important things. Some say it's just moving money from one pocket to another. Others say we are helping finance the next cancer cure or solution to climate change or game-changing new technology. But in the end...
As reported by Bloomberg Business yesterday, an innovative entrepreneurial group has launched Amercanex Corp., where cannabis can trade on an electronic platform. They're already handling sales of up to 150 pounds of pot per week. It's not dissimilar to how the New York Mercantile Exchange started....
A Greek historian first wrote of them in the 5th Century BC. Marco Polo thought he saw some (but they were rhinos). Genghis Khan turned his army back from a planned invasion of India because one apparently bowed to him, which he thought was a...