FNEX Newsletters

  • Are you selling securities legally?

    In the public capital markets and in particular markets involving retail investors, SEC regulations and FINRA rules are straight forward when it comes to the definition of a security and what constitutes securities activity. In the private capital markets, not …

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  • SEC adopts the Private Fund Advisor Rule (1A-5955)

    On August 23, 2023, the Securities and Exchange Commission (SEC) adopted new rules and amendments to the Investment Advisers Act of 1940 that significantly affect the operations of private fund managers. While the new regulations do not directly affect broker/dealers, …

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  • Top 10 CES 2024 Takeaways

    As investment bankers providing M&A, capital raise, and strategic growth advisory services to entrepreneurial leaders inventing the digital future in emerging technology and media companies, the Consumer Electronics Show (CES) is a tentpole event for Progress Partners. We had 8 …

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  • Caplight Pre-IPO Secondary Market Update

    In October of 2023, some institutions came back to the market, indicated by increased trading volume and average deal size. As indicated in the Caplight graphs below, Pre-IPO price performance continues to rebound and trading volume has picked up since …

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  • Takeaways from the FINRA 2024 Annual Conference

    Every spring, hundreds of compliance and legal professionals from across the financial industry head to our nation’s capital for the Financial Industry Regulatory Authority (FINRA) Annual Conference. The purpose of the conference is for FINRA and Member Firms to meet …

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  • Avoiding Pitfalls in SPV Transactions

    After a few lean years of venture financing, 2024 has featured a few blockbuster financing rounds for relatively young companies in generative AI. Unlike prior years in which large rounds sparked movement in the secondary market, this year we’ve seen …

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  • Q1 2024 Pre-IPO Secondary Market Update

    Our Connect marketplace quality increased in Q1. Here’s what we’re tracking: More looks at primaries & blocks w/ diligence:  Since March 2024, ~70% of deals matched on Caplight were SPVs, and 77% of those came with diligence materials

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  • Q3 2024 Pre-IPO Secondary Market Update

    FNEX’s pre-IPO brokers, saw a slowdown from Q1-Q2 with most of the activity focused on primary fundraising. AI, Defense and Space continue to be the only verticals experiencing buyer demand.  Caplight’s recent market report shows secondary market activity down 28% …

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  • State of the Venture Capital Market in 2024

    Earlier this month, AI market-leader OpenAI made headlines with a $6.6B capital raise. Structured as a convertible note, this raise may either show a return to a vibrant venture market like 2020-2021 or signal the peak of a frothy AI …

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  • FINRA Disciplinary Actions September 2024: Key Takeaways

    In its latest report, FINRA highlighted several significant disciplinary actions for September 2024, targeting both firms and individuals for violations of securities laws and regulatory requirements. These enforcement actions are crucial in maintaining integrity and investor protection within the financial …

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  • Westlake Securities Oct 2024 Update: The Perfect Storm

    As we approach the second half of 2024, the merger and acquisition landscape is poised for significant activity. With evolving market conditions and emerging opportunities, companies must be proactive in their strategies. Westlake Securities emphasizes the importance of preparedness and …

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