United States: Next SEC Small Business Capital Formation Advisory Committee Meeting on Changing Dynamics Before IPO and IPO
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The Securities and Exchange Commission recently announced the agenda for the next September 27, 2021 meeting of the SEC’s Small Business Capital Formation Advisory Committee. The committee will meet virtually and the meeting will be webcast on the SEC website. The committee will discuss pre-IPO investments and the role of cross-investors in late-stage pre-IPO cycles. The detailed agenda cites Pitchbook data from a report titled “Crossing Over Into Venture,” which notes that last year, 74% of IPOs by number and 77% by value included cross-investment in rounds. pre-IPO. The committee will hear from the PitchBook team who wrote the report and discuss how this trend is changing the dynamics of raising capital leading to public offerings. In addition, the committee will discuss alternatives to traditional IPOs, including direct listings and combinations with SPACs.
See the press release and agenda here.
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