Member Observations on the State of Small Business Capital Raising

Update from the SEC’s Office of the Advocate for Small Business Capital Formation

The SEC’s Office of the Advocate for Small Business Capital Formation will provide an overview of the Office’s FY2023 Annual Report, which includes in-depth data on the state of capital raising activity from startup to small cap along with the Office’s policy recommendations.

As a follow up to the Committee’s November 29, 2023 discussion, the Committee will deliberate possible recommendations related to the accredited investor definition.

Remarks from Allison Wise, Acting Director, SEC’s Office of Minority and Women Inclusion

The SEC’s Office of Women and Minority Inclusion (OMWI) will discuss its role in the SEC's mission and provide an overview of its work. 

Where Have All the IPOs Gone? 
The State of the IPO Market 

IPO activity has fallen significantly in recent years, and there are a declining number of small public companies. Invited speakers will share data and their views on the state of the IPO market, trends, and factors that may be at play. As part of this discussion, the Committee will discuss how decreased IPO activity and market shifts are impacting smaller companies (including growth and exit strategies) and related capital raising challenges.

Speakers:

• Brian A. Johnson, Partner, Vice Chair, Corporate Practice Group, Co-Chair Capital Markets, WilmerHale
• Elizabeth Reed, Partner and Global Head of the Equity Syndicate Desk at Goldman Sachs