Venture Exchanges: Providing Liquidity for Small Cap Companies? (On-Demand CLE)

    Venture Exchanges: Providing Liquidity for Small Cap Companies? (On-Demand CLE)
    CLE 90 min

    Venture Exchanges: Providing Liquidity for Small Cap Companies? (On-Demand CLE)

    The creation of venture exchanges has been proposed as a way to facilitate capital formation for smaller, growth-stage companies. But what exactly does that entail, and what are the pros and cons? Take this course to find out.

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    Venture exchanges involve:
    • A public trading venue (open to individual retail investors and functioning as an exchange, with some transparency in pricing);
    • A commitment to smaller, growth-stage companies;
    • The ability for existing investors to sell their shares to new investors on the exchange; and
    • The ability of the issuer to raise capital in connection a decision to list the shares for secondary trading.

    A venture exchange may make it less expensive for companies to raise money, as investor funds would not be tied up indefinitely; investors could have some assurance that there would be a market for their shares. Employees and service providers who receive options or shares as compensation would also have a market for their shares. Ordinary retail investors would be able to participate in this market, thereby giving them access to an asset class with potentially higher growth trajectories than the stock of larger and more fully developed companies.

    The realization of this venture exchange model under the U.S. law requires several layers of regulation. Panelists will discuss the regulatory scheme applicable to venture exchanges under U.S. securities laws and explore the benefits and potential pitfalls of this method of accessing capital.

    Product Details

    Moderators

    Bonnie J Roe

    Panelists

    Annemarie Tierney, Gary J Ross, Linda Lerner, Sara Hanks

    Product Code

    CECL19KNW11OLC

    Duration

    90

    Publication Date

    7/30/2019 12:00:00 AM

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