In a direct listing, as opposed to a traditional IPO, those insiders can sell their shares without a lock-up period, allowing them, rather than IPO underwriters, to reap most of the benefits of the public offering. These “direct listings” were supposed to be a faster, less expensive alternative to traditional IPOs for private companies that didn’t necessarily need to raise capital but wanted to reward insiders and investors. The Securities and Exchange Commission cleared the way in 2018 for privately held companies to go public through the sale of shares held by corporate insiders and early investors. Supreme Court to review a first-of-its-kind appellate ruling that, according to the company and its friends in the business lobby, has thwarted access to capital markets for successful private companies. May 4 - Slack Technologies Inc will ask the U.S.
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