Emerging Company IPO Success

Challenges for Emerging Growth Company IPOs Supply Down Channel Evolution Weak Link To Demand Increased Regulation Makes IPO More Costly Less Likely to "Invest" in IPO in Uncertain Market ■ Regulations Favor High-Volume, Low-Cost Trades Shift In Economics From Investing to Trading IPO Shares Allocated to Traders vs. Investors. ■ Decrease in Information Available Pre- & Post-IPO Confidential 13

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