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July 27, 2022

Meeting of SEC Small Business Capital Formation Advisory Committee

Location: Public will be able to view on 

Date: Tuesday, August 2, 2022

Time: 10:00 a.m. – 1:00 p.m. (ET)

10:00   Call to Order; Introductory Remarks by Commissioners

10:15   Committee Members’ Outlook: What’s on the Horizon for Small Business Capital Formation?

11:00   Secondary Market Liquidity for Investors in Regulation A and Regulation Crowdfunding Companies and for Smaller Public Companies   

Companies that raise capital via exempt offerings—sometimes referred to as private offerings—issue securities to investors that are often illiquid.  Even for smaller companies that enter the public markets, many of them and their investors continue to face challenges with secondary market liquidity.

What exit opportunities are there for investors in Regulation A and Regulation Crowdfunding deals where the companies continue to provide ongoing reports?  What secondary market liquidity challenges do these private and other smaller public companies and their investors encounter?  The Committee will explore whether there are changes that could help facilitate secondary liquidity for these investors.


  • Ryan Feit, CEO and Co-Founder, SeedInvest
  • Joan Adler, Partner, Ellenoff Grossman & Schole LLP

1:00     Wrap-up and Adjournment

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