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On September 22, 2025, the Securities and Exchange Commission’s (the “Commission” or “SEC”) Office of the Advocate for Small Business Capital Formation (“OASB”) published its report summarizing policy recommendations made during the 44th Annual Small Business Forum (the “Forum”).  The Forum brought members of the public and private sectors together to provide feedback relating to…

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…

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…

The Securities and Exchange Commission’s (SEC) Small Business Capital Formation Advisory Committee will meet on February 25, 2025 to discuss capital-raising challenges for emerging fund managers and smaller public companies the securities of which are not listed on a national securities exchange.  The meeting, available via webcast on SEC.gov, will begin with an overview of…

As discussed in our prior post, the Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation recently issued its 2024 Annual Report.  

The Report provides data on the reliance on crowdfunding and Regulation A to raise capital.  Interestingly, the number of new crowdfunded offerings has remained fairly consistent with the…

The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation issued its 2024 Annual Report just recently.  The Office is required to deliver an annual report to Congress, to the Committee on Banking, Housing and Urban Affairs of the U.S. Senate and the Committee on Financial Services of the U.S. House…

Based on data in Carta’s recently published State of the Markets report, the venture markets have experienced a slight uptick in number of deals and in dollars raised quarter-over-quarter.  Companies on Carta’s platform completed 4% more deals and raised 12% more capital during the second quarter of 2024 compared to the first quarter.  During the…

Introduced under Title III of the JOBS Act, Regulation Crowdfunding (“Regulation CF”) was promulgated to allow startups and emerging companies to raise capital from a wider pool of investors through equity crowdfunding platforms.  Regulation Crowdfunding allows non-accredited investors to invest through these platforms.  Currently, a company may raise up to $5 million in a 12-month…

Not long ago, the SEC hosted the Annual Small Business Forum.  The Forum provides an opportunity to consider a broad array of issues affecting private companies as well as smaller public companies seeking to raise capital and allows the public an opportunity to comment and suggest policy recommendations.  In the last few years, the SEC…