As we noted in our prior post, the Office of the Advocate for Small Business Capital Formation recently issued its Staff Report for fiscal year 2025, which provides information on the Office’s activities. We discussed the Report’s findings with respect to reliance on exempt offerings as well as
On this blog, we have commented quite a number of times regarding a number of trends affecting our capital markets—many of which have been a factor since the early 2000s and which have become more pronounced since the adoption of the Sarbanes-Oxley Act and related reforms. For example, we have noted the decline in the
On December 8, 2025, the Securities and Exchange Commission (“SEC”) approved proposed rule changes submitted by The Nasdaq Stock Market LLC (“Nasdaq”) that exempt certain over-the-counter (“OTC”)-traded SPACs from the reverse merger rule and minimum average daily trading volume requirements. Citing a recent increase in the number of SPACs that were listed at the time
Today, the US House of Representatives passed a bipartisan capital formation bill, H.R. 3383 or the Incentivizing New Ventures and Economic Strength Through Capital Formation (“INVEST”) Act of 2025, 302 to 123. Announced by the US House Committee on Financial Services (the “Financial Services Committee”) on December 2, 2025, the INVEST Act includes more than
Earlier this week, Securities and Exchange Commission Chair Atkins gave remarks that provided a perspective on measures intended to promote capital formation. Speaking at the New York Stock Exchange, of course, he noted the now all too familiar statistics regarding the decline in the number of public companies in the United States—from over 7,000 in
Nasdaq Private Market’s State of the Private Market: 2025 report shows private company valuations beginning to recover, liquidity programs surging, and private company performance stabilizing relative to public benchmarks following two years of turbulence.
In 2024, total proceeds raised through secondary tender offers surpassed venture-backed IPO volume. Over that same period, the number of private
PitchBook’s recently published Q3 2025 Analyst Note shows how the market has shifted since the 2021 IPO boom. Through June 30, 2025, only 18 US companies completed IPOs, pacing the year for the lowest total in a decade. Within that small group, 10 unicorns went public, including seven tech companies. Median IPO valuations this year
Webinar | September 10, 2025
1:00 a.m. – 2:00 p.m. EDT
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Join Solebury and Mayer Brown for a webinar on legal, regulatory, and strategic issues arising in connection with offering related communications, especially in connection with an IPO or a de-SPAC transaction. Panelists will offer practical guidance for remaining compliant with securities
In No Exit, a recent paper, authors Brian J. Broughman, Matthew T. Wansley, and Samuel N. Weistein, describe how increased antitrust restrictions caused a decline in M&A exits by startups. However, instead of this leading to an increase in IPOs, companies remained private and used alternatives to access capital and liquidity.
Source: Broughman, Wansley
On July 21, 2025, the House of Representatives (the “House”) passed five bills relating to capital formation, in particular affecting small entities and emerging growth companies (“EGCs”). As discussed in a previous post, these bills were reported to the House by the House Committee on Financial Services. Each bill was passed by unanimous voice