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Peter Goldstein

Peter Goldstein is a seasoned executive and entrepreneur with more than 30 years as a C-suite executive for public and private companies. An expert in navigating the everchanging climate of Wall Street, Goldstein has emerged as an international voice for the evolving industry and has successfully launched several highly innovative companies amidst today’s disruption and shifting investment practices.

Goldstein is the founder, chairman, and chief executive officer of Grandview Capital Partners, Inc., a specialized boutique investment bank that provides innovative financial services to select entrepreneurial emerging growth companies. He serves as managing director of Exchange Listing, LLC, which provides a myriad of services in the strategic planning and implementation of listing on a senior exchange, such as Nasdaq or NYSE, for private companies or those that are listed on alternate exchanges.

In the first quarter of 2021, Goldstein formed a new partnership between Exchange Listing and The Conscious Fund to form The Conscious Acquisition Company — a range of Special Purpose Acquisition Companies (SPAC) in the burgeoning field of psychedelic medicine. In February 2021, Goldstein was appointed as Chairman of the Board of Directors for Siyata Mobile Inc. (Nasdaq: SYTA, SYTAW), a leading global developer and provider of cellular communications solutions for enterprise customers.

He continues to usher entrepreneurial emerging growth businesses to their IPOs and SPACs that are uniquely positioned to access growth capital and global capital markets.

How does Exchange Listing work with clients?

We partner with our clients in the planning, managing, and implementation of their capital markets and exchange listing objectives. We facilitate the process by connecting them with the right investment banking partners and guide them in all aspects of company structuring and execution to meet their listing and funding requirements so they can become a public company.

Does Exchange Listing work with domestic and global enterprises?

Our clients are based in markets around the globe, including North America and Europe.

What industry does Exchange Listing specialize in?

Exchange Listing specializes in Capital Market Advisory services for companies in a wide array of industries, including medical technology, fintech, and renewable energy.

What is an IPO?

An initial public offering (IPO) refers to the process through which a private company goes public by selling its stock to the general public. An IPO helps establish a trading market for the company’s shares. The shares may be listed on the New York Stock Exchange, NASDAQ, or another exchange. The listing process can be complex and expensive.

What are the advantages of going public?

  • Creating more capital-raising opportunities and expanding the investor base. Unlike a private offering, there are no restrictions imposed on a company concerning offerees or how many securities it may sell.
  • Establishing a ‘value’ for the company’s securities by creating a public market for them
  • Increasing liquidity for existing and future investors and providing an exit strategy for venture and hedge fund investors.
  • Providing gravitas and visibility that is often associated with being a public company which may, in turn, generate interest in the company among journalists covering capital markets.
  • After an IPO, a company gains greater access to capital, and once it goes public, it may be able to use that equity instead of cash, which results in a lower cost of capital relative to debt financing

Does Exchange Listing provide Pre-IPO Counsel?

Yes, we provide pre-IPO counsel to our clients. Our professional team makes the process smooth, systematic and successful through advanced strategic planning.

What is a senior exchange?

Senior exchanges are the larger global stock market in the world. NYSE and Nasdaq sit on the top of the stock exchange list based on their market capitalization. For a company to list on a senior exchange, it must meet a series of specific requirements.

When is a company ready for an IPO?

There are certain factors which draw our serious attention:

  • A rising trend in money following certain industry niches or companies
  • The volume of IPO activity and performance and seeing where liquidity is flowing into new public offerings
  • The “Retail Revolution” where a new group of retail investors are trading due to the ease of entry
  • Industry “buzz” is being shared in peer conversations, at events and conferences
  • Consistent news coverage on a company or emerging market niche

What size must a company be for an IPO?

While there is no specific size requirement for a company to go public, most operate at a certain level generally, for public investors, the scale is around $100 (+) million in revenue. However, companies with as little as $50 million in revenue can go public if they demonstrate growth potential.

What is the process of getting enlisted?

The IPO process is divided into three distinct parts:

Pre-filing:

In this “quiet period,” a company contracts with the investment banking firm (which acts as a managing underwriter) and decides to proceed with the public offering. They file a registration statement with the SEC, and limits are placed on the company’s public communications.

Waiting Period:

The waiting period begins from the date of the registration statement with SEC to its effective period. During this period, the company is only permitted to make oral offers or certain written offers. Moreover, by conforming to certain conditions, a company can take part in written communications regarding the selling or buying of securities relating to a registered offer. Furthermore, the company is also not allowed to enter any binding agreements about the sales of the securities.

Pricing and Post-Effective Period:

The post-effective period starts as soon as the registration statement is declared effective by the SEC and ends with the completion of the offering. At this point, the underwriters are no longer required to deliver a prospectus according to the Securities Act. During this period, sales and certain communications such as free writing prospectuses (for an IPO issuer, it must be accompanied or preceded by a final prospectus) are allowed.

What is a SPAC?

A special purpose acquisition company (SPAC) or “blank check company” is a company formed for the sole purpose of raising investment capital through an IPO with the intention of acquiring a private company. It allows companies to go public without any paperwork of a traditional IPO.

What is an Emerging Growth Company (EGC)?

A company qualifies as an emerging growth company if the issuer has a total gross revenue of less than $1 billion during its most recently completed fiscal year (subject to inflationary adjustment by the SEC every five years). On the last day of the fiscal year, the issuer’s total annual gross revenue should approach $1 billion.

How is an IPO offering priced?

In most cases, after the “roadshow,” representatives of a company and underwriters will meet to decide the offering price, one of the key stages in preparing for an IPO. In small IPOs, the offering price is determined by the book runner, while in major IPOs, underwriters are required for this process. The offering price will be set on the basis of the demand for the stock, current market conditions, and the price range stated in the preliminary prospectus referred to as the book-building process. If there is a significant change in the numbers of shares of the offering that is not priced within the range, a free writing prospectus is then issued to the investors to ensure they have sufficient information regarding the shares.

Is there a price band?

Yes. The price band consists of an upper and a lower limit of the share price within which the company offers the shares to the public. Then investors bid equal to or between the two limits.

Who is involved in an IPO?

An IPO team consists of a lead underwriter (typically an investment bank), co-managers (underwriters), an independent auditing firm with a significant amount of industry experience, legal counsel, a transfer agent, and a financial printer. Exchange Listing has an experienced internal IPO team, including CEO, CFO, general counsel, and an investor/public relations manager.

Can companies list on a stock exchange without an IPO?

Yes. Companies can get listed on stock exchanges without going through the IPO process as long as they meet the conditions set by SEC. However, such companies will exempt from 25% of the minimum public shareholding.

How many days will an IPO remain open for the public?

An IPO remains open for at least three, but not more than ten business days.

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