Fundamentals of pre-IPO Shares
By: Robert N. Rapp, Calfee, Halter & Griswold
'But as originally conceived, the model for an intermediated secondary market for private company...
By: Robert T. Slee
A private placement is a non-public offering of securities exempt from full SEC registration...
A new private trading platform for restricted securities: Liquidity for accredited investors at what price?
By: Robert Rapp, Calfee, Halter & Griswold LLP
A new private trading platform, The Nasdaq Private Market, presents an opportunity for accredited investors who have held restricted securities of a private company for at least one year to exit their investments. Prequalification of accredited investors for access to these markets presents a greater challenge today as the SEC grapples with rulemaking implementing accredited investor status “verification” requirements that must go beyond former pre-qualification procedures based on questionnaires and self-accreditation procedures for accessing the on-line platforms. Recent history illustrates what problems will arise.