December 27, 2023 • 34 mins
MapableUSA.com: Did you know that many companies are successfully using Regulation A+ to complete their public offering and list their deals on the capital markets? Do you want to know how it's done? In this podcast, Mark Elenowitz - the managing director at Digital Offering - goes over the current status of the US capital markets for small cap IPOs and explains the path to going public with a Reg.A offering from start to finish, including why Reg.A+ works versus tradition S1 deals, NASDAQ listing requirements, procedures on book building, key tips for Regulation A to IPO success, and much more!
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(00:22):
Well, we want to welcome toanother mapple USA podcast where we put you
on the map. That good RonCosta Broadcasting lives from the Mappable USA studios
in Las Vegas, Nevada, andfolks, Today we're going to talk about
crowd financed I PO. That's prettyinteresting. Are you guys gonna like this?
(00:42):
Before we get this going, let'sintroduce Vicky Hatchmala from the World Talking
Market. Vicky, how are youdoing today? I'm doing fabulous Ron where
you know where. I'm excited aboutthis podcast because our guest, we've done
podcas past with him before, buthe's so exceptional in what he's doing and
(01:04):
creative and how he goes about whathe's doing and crowdfunding and sec regulations and
launching IPOs and that is so bigof a subject and Mark is going to
help us bring it down to everybody'sunderstanding of how it works and how you
(01:26):
can strategize in the future. Ithink we should just start, you know,
right into it. Let's get started. Well, let's introduce Mark a
Letterwiz. Mark is the managing directorof Digital Offering. Mark, how are
you doing today? I'm great,Ron, Thanks for you and VICKI having
me here today our pleasure. It'sour pleasure. Yeah. We haven't han't
(01:48):
done a podcast with you in along time. And I was one of
these persons we know on the planet. Thank you. I think I was
one of your first podcasts. Absolutely, you were. It's it's been right.
We are on road as we've grown, and yes, and the time
fly. Why we are We're we'redoing another podcast. Well, I guess
(02:12):
today's topic. We're going to talkabout small cap i pos and bringing back
what I like to call is bringingback the small cap IPO using crowds financed
capabilities and seeing it change in thecapital markets to finally allow the world of
retail to participate side by side,which was always limited to institutions. It
(02:36):
was always the big guy that's rightand now right, and now we got
an opportunity for everyday investors to getin on this market. And there's so
much that going on here. Butbefore we get into that mark, maybe
we can just go into your backgroundreal quickly. And I know you've done
so much. Can you just tellour audience little bit about yourself? Absolutely
so. I've been an investment bankernow for going on over thirty years and
(02:59):
my firm, it was very activeoriginally in doing cross border m and A
and activities bringing companies public out ofthe Asian market into the US market.
And then back in two thousand andten twenty twelve, we started seeing something
here called the Jobs Act, andwhen we looked at it, we said,
(03:21):
wait a minute, this is agreat way to modernize the way IPOs
are conducted. And we started investigatingand looking at what the Jobs Act meant.
There was three areas, Title two, which was private placements, Title
three, which was crowdfunding, andthen there was something called Title four that
we got pretty excited about because itwas a great way to basically allow main
(03:46):
Street to participate in public offerings andallow individual investors access to what, as
I said earlier, was more ofan institutional product. So I ended up
getting involved and we are firm atthe time. Since that firm is I've
moved on to a new firm calledDigital Offering, where it was a competitor,
(04:09):
partner, frenemy, whatever you wantto describe, where we combine our
efforts together and we've now emerged asthe leader in doing crowds announced reggae offerings
onto Nasdaq. How did Yeah,I mean the ability to go from reggae
to an actual IFO is really fantastic. But like you talk about small cap
(04:30):
IPOs, when people mentioned small capital, what does that actually mean though?
Is there is there a dollar figurethere that they're talking about. Yeah,
I'd like to say so small capused to be sub five hundred million,
sub billion. I mean that's reallyin today's market considered nanocap. What I'm
talking about our companies that are lookingto raise these earlier stage companies that go
(04:54):
on the Nasdaq Small Cap Market oronto the NYS the American that are looking
to to capital raises in the inthe ten ten to thirty million dollar range.
And when we look at what smallcap IPOs are as a whole,
in twenty twenty twenty twenty one,we saw a very active market at the
(05:15):
time, we saw SPACs, wesaw other types of financing instruments that were
being utilized. And then twenty twentytwo we really saw an end to that
the kind of the go go yearsof our go go year really of twenty
twenty one of doing these small capIPOs where transactions went from being ten twenty
thirty million dollar deals to twenty twentytwo and twenty twenty three, these deals
(05:41):
are now in the four to sixmillion range. So I'm excited to say
that the transactions that we've conducted arelarger in nature in that ten to twenty
and we've done the larger or reallyI think the largest IPOs of this past
year in that arena. But I'malso embarrassed to say that as an industry
as a whole, the market hasbecome so terrible that companies are only able
(06:02):
to raise four to six million,four to eight million, and that when
I'm doing a seventeen or twenty milliondollars offering, it's no longer considered to
be a normal transaction. It's anout of the box transaction. So I'm
hoping that twenty twenty four, twentytwenty five we start to see a better
marketplace as a whole, because there'sso much opportunity. These entrepreneurs are creating
(06:26):
technology and creating new types of businessesthat they need capital and capital formation in
order to grow. And that's reallywhat the Jobs Actor offers. These individuals
the ability now to tap a largeaudience in order to get the funding they
need to succeed, right right.You mentioned a while back about the facts
(06:46):
the SPACs raised a tremendous amount ofmoney there a while, and then all
of a sudden that market just seemsto die down. I don't know if
that's coming either, but yeah,I mean you're talking some big time money
here, and now, you know, talk about the reggae regulation in general.
You need to at the topity Atthe podcast, I reference this as
a crowd finance financed IPO using reggae, So maybe we could talk about that
(07:12):
process a little bit now. Sure, So, securities in the US need
to be registered or exempt, andwhat when you think of a registered offering,
what you think of as an Sone or an IPL. And that's
been the norm, and that's what'sbeen done for decades, and it enables
the company to go out and raisecapital from the public, and upon price
(07:33):
discovery and effectiveness from the regis fromthe sec the companies and the underwriters able
to do what's called a firm commitmentunderwriting, where they buy down the offering,
sell it out to their customers,and the shares begin to trade the
next morning onto the marketplace, whetherit's NASDAK or the New York Stock Exchange,
and that's been the common way transactionshave been done. And S one
(07:57):
has certain rules and regulations about andwhen things can be so communicated to the
marketplace, how that communication occurs,what can be left behind or really not
left behind. And when reggae cameout and the Jobs Act came out in
specifically titled for the Jobs Act,which is modernizing reggae and to terms people
(08:18):
use now is reggae plus. Andwhat that did is it really created the
ability to modernize capital formation because theyrecognize that the world today operates a mile
a minute. People are communicating usingsocial media, people are communicating using their
phones, and it's in an instantgratification world. When you look at S
(08:41):
one, you need to go intoa quiet period and that doesn't really work
in this modern way of communication.Reggae allowed that ability to now communicate in
a modern world. It enabled investorsto be able to watch videos and be
able to see webinars and other typesof presentations by issuers, which, if
you think about it, allowed thatinvestor now to travel to the site or
(09:03):
to the warehouse or to the manufacturerof that particular widget and actually do an
on site visit virtually using videos andother types of experiences that you wouldn't able
to do in a traditional IPL.It also allowed the ability to market across
all fifty states without violating state BlueSky. And what we did is we
(09:24):
looked at it and said, waita minute, this is a great way
to bring back the small cap IPLand to allow using the crowd to finance
companies to now trade and instead ofusing an S one, use a form
one a as the form of registrationor quasi registration because reggae is actually an
exemption, and then upon closing,become what's known as a thirty four Act
(09:48):
filer, which is what the Sone company does, and the next morning
trade on Nasdaq or the New YorkSo we did the first one ever back
in twenty seventeen that was on theNew York Stock Exchange. It was a
company called my Ol. We wenton to do several more. Most recently
right after that, we did theFat Brands, which as a matter of
disclosure, I currently sit on theirboard, and then continued on. In
(10:11):
this past year we've done quite afew of them and we have over thirteen
slated to come out over the nextseveral months. Wow, that's great,
Well, so let me let meask you this. Mark. If I'm
a company, regardless of my sizeor my industry or whatever, and I
(10:33):
see something about crowdfunding and raising money, how do I know it's what I
should do? How do I knowif my company is ready or able to
do it? What's the first thingI have to consider after I want to
Well, let me look into thisand see what it is. What's the
most important thing for me to thinkof before I even start the process.
(10:58):
I think the very first thing CEOneeds to do is look in the mirror
and decide is this really the paththey want to take. Being a public
company comes with great responsibility, notonly responsibility to yourself and to your customers
and to your employees, but alsoto the shareholders because you're no longer having
a few investors, you're potentially havingthousands of investors, so that undertaking when
(11:22):
you become a public company, it'smore in essence, really running two companies,
the private operating entity and now thisnew public company. That it's important
that you understand that you need tocommunicate on a regular basis. You have
a responsibility to report your financial earningsand quarterly statements and annual annual audited statements.
(11:45):
So a lot of CEOs don't realizewhat they're getting into. And there's
a lot of groups out there thatdo reggae's and other types of crowd funding,
and they don't really give the issuerthe full education when you go public.
The day you go public is whenthe hard work begins. A lot
of people think the day you getthe money is the day it ends,
(12:05):
and that's really something that that CEOneeds to look at. We use Form
one A as an alternative to anS one registration, but ultimately the same
disclosure is required to an S onethat we use in our Form one AS,
meaning that the companies have to havethe audit of financial statements, they
have to have the corporate governance inplace. They have to understand that when
(12:28):
you come public, you're going toneed to continually to market your securities through
doing investor relations programs and conferences andworking with analysts and beating expectations, not
just meeting expectations in terms of yourrevenue growth. The capital that's raised is
the catalyst for you to grow thebusiness, and a lot of CEOs don't
realize that. So that would bethe first thing I would say to them,
(12:52):
and then you have to figure outwhich reggae reggae reg CF reg You
know, there's so many sub potentialways of crowdfunding. How do you know
which one is going to work foryou? Well, I think ultimately when
you think about what financing instruments areis they're just tools in a tool delt.
(13:15):
So your advisors, your banker,your lawyer should really sit with you
and discuss what your needs and wantsare. Each one of those exemptions that
you just mentioned, whether it's regDF, which is the ability now under
the Jobs Act to do general solicitationof private placements. That's when you're not
ready to be a publicly reporting company, but you want to work with a
credit and institutional investors, So youneed to have at least a two hundred
(13:39):
thousand dollars income three hundred thousand dollarsjoiner a million dollar net worth in order
to participate in those transactions. REGCFwas a new interesting way to crowdfund companies.
It can be done where a nonaccredited investor could come in the company
can raise up to five million dollars. They need to have all the financial
statements and it needs to be donethrough a registered portal. But the downside
(14:03):
to crowdfunding is that those securities arerestricted for twelve months. And the reality
and I don't get involved really withcrowdfunding companies is it's great for young entrepreneurs
to be able to raise capital,but for the investors there's no real exit
strategy. So unless it's a companythat's going to go IPO or be taken
out through a merger, I liketo say crowdfunding is nothing other than a
(14:24):
charitable donation. You're going to drinkyour beer, eat your bread, and
at some point you're going to wantto get your money back. Reggae is
for a company that wants to tradeon a national securities exchange and be able
to provide liquidity they're existing investors andgrow. But there are also reggae's that
are being done where they can bedone for companies that aren't ready to trade
(14:45):
yet. So we've seen a lotof companies have a tremendous amount of success
raising capital from the crowd where they'reable to raise up to seventy five million
through the filing of a Form oneA and then twelve month period and these
companies are used that capital to growin fact, we did one last year
where we raised eighteen and a halfmillion for them as a non traded reggae
(15:05):
and we're getting ready to file inthe next week a twenty million dollar reggae
that will trade onto Nasdaq. Sothey're great to stay. It's a great
way. But each one of thosecapital tools could be used in various manners
to allow that company to grow andwhen it's an appropriate time, then they
can come public as that final steppingstone into the public marketplace. So each
(15:31):
of those is applical, applicable toany company. It's not like if you're
in a certain industry, if you'rea certain size, if you're in a
certain state. Those are not reallyrelative because anyone anywhere can use any of
these depending on what they want toaccomplish. Well, yes, it's not
(15:52):
restricted. Yeah, all of thosetools are available, but each tool has
its own benefit and requirements. Sothe beauty of doing a reg D is
you don't need auditive financial statements andyou can use alternative financial statements in a
PPM and Risk Disclosure Document. REGCFrequires auditive financial statements if you're raising over
(16:17):
a certain amount of money. Butthe reggae non traded reggae. A lot
of companies utilize that where they're earlierstage in nature. But if you're using
reggae the way we use reggae tobe listed on a national securities exchange,
you really need to be a companythat's mature enough to attract investors and that
understands that it's going to be theongoing compliance costs or anywhere from seven hundred
(16:41):
and fifty thousand to a million ayear, and there's responsibility as a filer
than now you're a reporting issuer.So we don't work with companies that are
startups or early stage for those typesof listing opportunities. Ideally you need to
at least have one hundred and fiftymillion dollars market gap, and that would
really be on the low end toqualify for a listing. Now on the
market we've seen here recently, there'sa lot of companies that have been coming
(17:04):
public that are a lot smaller innature. But the worst thing you can
do is go public too early andthen find that you're not able to afford
the compliance costs. And they're allalternatives. Like the OTC markets is a
great marketplace where companies that aren't quiteready to be on nas dec or the
New York or the expense of itcan find benefit by listing in that market
(17:26):
and attract investors that have interest inthose type of earlier stage opportunities. So
a lot of your success depends onwho's giving you advice to do whatever it
is you want to do. Iwould say that's certainly a part of the
path. Ultimately, the success liesin the ability of the CEO and the
(17:47):
company to execute its business plan.But I think it's important that as companies
are evaluating which path to go downto that they do have appropriate adequate council,
whether it's securities council, investment bank, or a financial advisor, because
there's a lot of companies that arebeing taken advantage of by individuals who might
be a marketing firm and does understandroles and responsibilities. You know, it's
(18:11):
with raising money from the crowd comesgreat responsibility because you're not getting priced discovery
like you would in a traditional offeringfrom Wall Street, so that comes it's
more of an art than a sciencein order to determine evaluation, and it's
important that transactions are priced to selland that their priced in a reasonable manner.
(18:33):
Based on comps and peers that whatyou don't want to do is prices
at the high and have it comedown. And why I'm saying this is
that I find that with a lotof the companies that are coming to us,
where they've done previous rounds, they'vehad bankers or individuals that really didn't
look towards the future. And whenyou don't have one institution or a large
group that's setting price, discovery andthe CEO thinks he's worth a billion dollars
(18:56):
and if an investor is investing fivehundred dollars, he might agree with that
billion. When we come along andsay that company, maybe on a good
dick, would be worth forty million. It's hard for those type of companies
to come public because the prices aren'tgoing to be reflective of where the CEO
previously sold the stock. It's goingto be reflecting of where the market dictates
(19:17):
should be today. Right, Yeah, it's the ceo is you never know,
they always think that they're better thanthey are. I guess a lot
of times, but you know,all these all these examples that you just
gave us, all these are ourour tier two offerings. Is that right
for the reggae, right, weonly when I when I speak of reggae
(19:37):
Tier two because the Tier two allowsyou to raise up to seventy five million.
But the concept is that the disclosuredocuments that are required for the public
offerings we're doing are to an Fone standard. They're utilizing Form one a's
as their filing statements and it's calledan offering circular, but ultimately the disclosure
is almost identical, right right,Okay, Yeah, I mean I could
(20:03):
definitely see the advantage of all thisbecause obviously liquiding is something that everybody wants,
and what did you mentioned before,Sometimes you kind of get stuck in
something where you're just basically donating,you know, and nobody wants that exactly,
And that's what I'm yeah, someof the da that we're looking at.
I mean, one of the reasonwhy I think reggae is attractive now
(20:25):
to companies that are looking to comepublic is that, unfortunately, the new
norm of the small cap IPO iswhat we call structured financings. So these
are investors driven transactions that have lowerevaluations and smaller in size. So bankers
are optimistic and feel that the companymight raise up to ten million dollars or
(20:45):
twenty million dollars, and let's sayone hundred million dollar valuation or two hundred
million dollar valuation. And that washow it was in the past, where
the company, the banker thinks weremore issue were driven. What we've seen
in today's market doss or was whatI call investor driven. So where it
might have been a two hundred milliondollar valuation, it's now an eighty million
(21:06):
dollar valuation, and the deal getsdownsized from a ten million dollar deal to
a four million dollar deal. Andwhat used to be straight common stock is
now a unit offering with combinant warrantsor pre hunted warrants, or toxic convertibles
or roafers that reset our warrants.So basically what you're having is, instead
of being the true definition of apublic offering that's diversified with thousands of shareholders,
(21:30):
you're talking now today's market is reallyone or two institutions with a small
shareholder base of three or four hundredto qualify for Nasdaq, and then those
investors really have only one hundred ortwenty five hundred shares. The syndicate players
buy them, immediately sell it.The stock gets sold down and basically you're
seeing IPOs go from four or fivedollars to share it to a dollar in
(21:53):
a week, in two weeks.It's devastating. So I call it really
the death of the small cap iplSo what we do and our success has
been around finding transactions that don't requirethe use of institutions or those type of
toxic structures. These are straight commonstock deals. Instead of having three hundred
(22:14):
shareholders, you have ten thousand shareholders, so you have a true definition of
diversified offering where there's not any typeof concentration in one investor, and it
allows the company to focus on usingthat money to grow their business and focus
on executing rather than having every dayto deal with the stock prices going down
and worried about how they're going toraise their next round of capital. Because
(22:37):
what's also happened is that same clientthat wanted to raise ten or twenty million
that now raised four and is public. Their opportunity to raise capital out of
reasonable valuations is now diminished significantly becausethe prices have come down, so suddenly
they're diluting themselves much greater, andthey don't have enough capital in order to
execute their business plan. On thesecrowd finance IPOs. Then then you're speaking
(23:07):
of well what is the what isthe role of let's say a broker dealer
or a transfer engine. They willhave to have them in right. Well,
the broker dealer is the investment bankerand the underwriter, so they're there.
It's just like in a S one. It are a firm like ourselves,
and there's a lot of other goodfirms that are out there. We
come in and we underwrite and workwith the company in order to facilitate the
(23:29):
capital raise and listing onto the higherexchange. The transfer as is important because
every public company requires a transform agentin order to maintain the books and records.
But ultimately these securities. Again,it's no different at the end result
that the company is listed on NASDAC. It's the form of registration or quasi
registration exemption like a Form one Athat disclosure documents. What's different. But
(23:52):
the ultimate benefit and the ultimate endpointis the companies now listed raised capital and
is able to then move forward tolook towards executing their business plan and increasing
shareholder value as long as they havethe means and the value of the cash
or whatever the state listed on theseexchanges, like you mentioned before, they're
(24:15):
quite instance, they're not in it, they're not inexpensive. So companies,
going back to what Vicki said,the company needs to look into the mirror
and then choose which one of thosethree buckets of capital raising, capability or
exemptions are best for them. Sowe advise a lot of companies that come
(24:36):
to us they're not quite ready forNASDAK, come back to us in a
year and maybe go and we referthem on to another firm to do a
crowd funding raise some capital there.They then go do a friends and family
and institutional round, do the regD. Then they might do a non
traded reggae where they're able to growtheir business, not have the pressure of
dealing with the public company, butdealing now with the ability to execute.
(24:59):
They still on that crowds money thatthey've raised, and then they come back
to us in a year or twoand they're able then to come and raise
capital with us where then where they'reready to go on to a national securities
exchange. So there's roles for everybody. It's what's great about Jobs ACT is
it enabled now entrepreneurs to have varioustools in order to have capital formation that
(25:22):
work previously available. It used tobe reserved primarily for the elite, for
the institutions and for the accredited investors. And now Jobs Act between Title three
and Title four, as long asyou're over the age of eighteen, you
don't invest more than ten percent ofyour income or net worth. You now
have an opportunity to participate in earlystage opportunities and be able to find that
(25:45):
diamond that maybe become or that timein the rough that maybe becomes that next
Facebook or Twitter or whatever. Itmight be. Kind of putting everybody in
the equal position levels the playing field. Certainly, absolutely, so we're talking
sec and the Jobs Act and that, and that's all federal regulation and what
(26:08):
have you. But how much doyou have to or how much does state
regulations impact these crowdfunding various crowdfunding platforms, Do they have much of an effect?
Well, certain states certainly have theirstate blue sky requirements and other type
of filing requirements on a state bystate basis. The one thing about reggae
(26:33):
is that it's blue sky exempt,so all fifty states are available. When
there's a broker dealer involved for thesale of those securities and certainly, listing
on the National Securities Exchange, you'reexempt. But issuers need to speak with
their counsel and determine on a stateby state basis what regulatory filings are required,
and then determine on how those filingsare made. So if you're in
(26:57):
Nevada, for example, do Ihave to register or my company have to
be located in Nevada in order totake advantage of these various platforms or does
it matter initially? Initially, so, I can't give you advice on Nevada
(27:18):
law. But what I can tellyou is that reggae and crowdfunding is available
to North American companies. So theseare companies located in the United States and
Canada. There are other tools forcompanies that are outside the United States and
other types of filing requirements that areavailable, but for purpose of this conversation,
reggae is for North American companies,and certainly Nevada companies can participate.
(27:44):
But whatever requirements in your local jurisdiction, the company would need to speak with
their council. Okay, very good. I'll tell you what I'd love that
somebody wants to be a lawyer.Nobody wants to be a lawyer. But
(28:08):
anyway, I want to ask you, if somebody wanted to get more information
on this or wants to meet withyou, et cetera house, what's the
best way that they would contact youor how would they go about getting in
more information? Thanks? Ron,Absolutely, you can reach out to us.
We're at Digital Offering dot com.I'm also you can look myself up
directly. I'm on LinkedIn and thenmy email is m I Lenowitz spelled E
(28:34):
L E N O W I tz at Digital Offering dot com and we
would welcome and encourage everyone to contactus. We'd love to talk to you.
If you're not quite ready for us, we're still happy to see you
succeed, so we'll give you asmuch advice as we can in order to
have you come back at a laterdate. We're also very active now going
(28:56):
back on the conference circuit. We'rehaving a conference a webinar later this week.
Today's December fourth. I don't knowwhen this podcast is going to air,
but there's going to be a webinarthat we're doing with NASDAC on December
seventh, and there's an event comingup at the end of January or early
February, which is a small capconference. But if you do a little
(29:21):
searching on the internet, you'll findinformation on digital offering and the offerings that
we do. And certainly if yougo through the SEC websites or website,
you'll be able to see some ofthe filings of the IPOs that we've recently
conducted. Yeah, and we'll linkto your website and everything else in the
show notes for sure on this.But your last thing I want to mention
was that you mentioned it earlier inthe podcast, how the real work starts
(29:45):
after you get the money and theCEO is think about, oh, I've
got money now, I could justkind of like glide along. And that
is certainly not the case. Iheard it mentioned. Somebody told me like,
once you get the money, youthink, well, you want to
go to public? Do you wantto have gray hair or no hair?
There's a lot of things. There'sa lot of stress in there. But
(30:06):
yeah, absolutely, but and I'msure you see it every day with your
curents and but but it must begreat when when it actually all happen is
the right way and you're listed,you've gone reggae and now you're now you're
you're listed, you give your investorsliquidity, everybody's happy, you make your
money, companies being great. That'sthe ideal situation and that's where we'll strive
for right absolutely, Well, we'rewe're excited to thank you for having us
(30:32):
here today, for having me heretoday, and uh, you know,
I'd look forward to continuing the conversationswith you and your listeners. I think
twenty twenty four is going to bea pretty interesting year and I'm sure there's
going to be new types of capitalformation techniques that come out and about to
come back and talk about it.I'm sure we'll have you one if you
(30:53):
have any closing comments or questions.Well, like I said, we've had
Mark on before many years ago whenand we were talking about blockchain. And
what's exciting about Mark and what hedoes in his companies is like with the
Jobs Act, it came out,they saw something, they saw the potential,
(31:15):
and they made it happen, andthey made it happen to teach companies
and businesses, well, this ishow you can raise money, and this
is how you can do it right, but also being able to adapt it
to what it fits so that youactually can be successful that's what I find
(31:36):
impressive about Mark. And also hedoes it right. He helps you.
If it's not a good thing,he's going to tell you it's not a
good thing. And this is whyor this is what you need to do.
Come back. It's not There's somany businesses out there that take advantage
of I don't want to say ignorant, uneducated people who have heard some little
(32:02):
thing that said, oh you cando this yourself. It's real easy.
But it's not. And Mark willhelp you through the process to be successful.
And that's what makes Mark and hisbusinesses impressive. And why every one
of our listeners if you're contemplating this, talk to Mark, because he will
help you and eventually you will besuccessful in your IPO, your raise,
(32:27):
your launch, whatever crowdfunding you wantto do. And why we will have
Mark back again to continue the conversationto educate our listeners, because that's what
we're all about, making sure youhave the right information. Not whatever you
found on the Internet that told you, oh, this is easy, go
do it. No, that's notwhat we're about. We're about giving you
(32:50):
the right information. With people likeMarco Lenowitz and his companies, I appreciate
that make you thank you. It'san absolute lot. Well it's not just
me, but I think any anyservice provider that's reputable in the industry is
the first first stop. Things can'tbe done on your own. If they
were, everybody would be doing it. It's always great to have good financial
(33:12):
advisors, lawyers, accountants and teammembers around you. Absolutely absolutely all right,
Mark, thanks again for being aguest on the show today, Vicki,
thanks for co hosting this episode.And folks are listening to the Mappable
USA podcast on MATHINGLEUSA dot com.If you go to that website, you
scroll down, you see all oursyndication sources, click the one you like
best, subscribe and you'll never missanother one of more episodes. If you
(33:36):
want to be a guest on theshow, like Mark or today is a
guest there, fill that out.We'll see what you can do about getting
on the show. And if youlike what you're heard today, send us
an email at info at mapping USAdot com or just leave a comment on
whatever page. Listening to this songright now, so thanks for listening.
Thanks gives a plot with you minytime or another nothing wile USA. My
dad not a great view everyone s
Well, we want to welcome toanother mapple USA podcast where we put you
on the map. That good RonCosta Broadcasting lives from the Mappable USA studios
in Las Vegas, Nevada, andfolks, Today we're going to talk about
crowd financed I PO. That's prettyinteresting. Are you guys gonna like this?
(00:42):
Before we get this going, let'sintroduce Vicky Hatchmala from the World Talking
Market. Vicky, how are youdoing today? I'm doing fabulous Ron where
you know where. I'm excited aboutthis podcast because our guest, we've done
podcas past with him before, buthe's so exceptional in what he's doing and
(01:04):
creative and how he goes about whathe's doing and crowdfunding and sec regulations and
launching IPOs and that is so bigof a subject and Mark is going to
help us bring it down to everybody'sunderstanding of how it works and how you
(01:26):
can strategize in the future. Ithink we should just start, you know,
right into it. Let's get started. Well, let's introduce Mark a
Letterwiz. Mark is the managing directorof Digital Offering. Mark, how are
you doing today? I'm great,Ron, Thanks for you and VICKI having
me here today our pleasure. It'sour pleasure. Yeah. We haven't han't
(01:48):
done a podcast with you in along time. And I was one of
these persons we know on the planet. Thank you. I think I was
one of your first podcasts. Absolutely, you were. It's it's been right.
We are on road as we've grown, and yes, and the time
fly. Why we are We're we'redoing another podcast. Well, I guess
(02:12):
today's topic. We're going to talkabout small cap i pos and bringing back
what I like to call is bringingback the small cap IPO using crowds financed
capabilities and seeing it change in thecapital markets to finally allow the world of
retail to participate side by side,which was always limited to institutions. It
(02:36):
was always the big guy that's rightand now right, and now we got
an opportunity for everyday investors to getin on this market. And there's so
much that going on here. Butbefore we get into that mark, maybe
we can just go into your backgroundreal quickly. And I know you've done
so much. Can you just tellour audience little bit about yourself? Absolutely
so. I've been an investment bankernow for going on over thirty years and
(02:59):
my firm, it was very activeoriginally in doing cross border m and A
and activities bringing companies public out ofthe Asian market into the US market.
And then back in two thousand andten twenty twelve, we started seeing something
here called the Jobs Act, andwhen we looked at it, we said,
(03:21):
wait a minute, this is agreat way to modernize the way IPOs
are conducted. And we started investigatingand looking at what the Jobs Act meant.
There was three areas, Title two, which was private placements, Title
three, which was crowdfunding, andthen there was something called Title four that
we got pretty excited about because itwas a great way to basically allow main
(03:46):
Street to participate in public offerings andallow individual investors access to what, as
I said earlier, was more ofan institutional product. So I ended up
getting involved and we are firm atthe time. Since that firm is I've
moved on to a new firm calledDigital Offering, where it was a competitor,
(04:09):
partner, frenemy, whatever you wantto describe, where we combine our
efforts together and we've now emerged asthe leader in doing crowds announced reggae offerings
onto Nasdaq. How did Yeah,I mean the ability to go from reggae
to an actual IFO is really fantastic. But like you talk about small cap
(04:30):
IPOs, when people mentioned small capital, what does that actually mean though?
Is there is there a dollar figurethere that they're talking about. Yeah,
I'd like to say so small capused to be sub five hundred million,
sub billion. I mean that's reallyin today's market considered nanocap. What I'm
talking about our companies that are lookingto raise these earlier stage companies that go
(04:54):
on the Nasdaq Small Cap Market oronto the NYS the American that are looking
to to capital raises in the inthe ten ten to thirty million dollar range.
And when we look at what smallcap IPOs are as a whole,
in twenty twenty twenty twenty one,we saw a very active market at the
(05:15):
time, we saw SPACs, wesaw other types of financing instruments that were
being utilized. And then twenty twentytwo we really saw an end to that
the kind of the go go yearsof our go go year really of twenty
twenty one of doing these small capIPOs where transactions went from being ten twenty
thirty million dollar deals to twenty twentytwo and twenty twenty three, these deals
(05:41):
are now in the four to sixmillion range. So I'm excited to say
that the transactions that we've conducted arelarger in nature in that ten to twenty
and we've done the larger or reallyI think the largest IPOs of this past
year in that arena. But I'malso embarrassed to say that as an industry
as a whole, the market hasbecome so terrible that companies are only able
(06:02):
to raise four to six million,four to eight million, and that when
I'm doing a seventeen or twenty milliondollars offering, it's no longer considered to
be a normal transaction. It's anout of the box transaction. So I'm
hoping that twenty twenty four, twentytwenty five we start to see a better
marketplace as a whole, because there'sso much opportunity. These entrepreneurs are creating
(06:26):
technology and creating new types of businessesthat they need capital and capital formation in
order to grow. And that's reallywhat the Jobs Actor offers. These individuals
the ability now to tap a largeaudience in order to get the funding they
need to succeed, right right.You mentioned a while back about the facts
(06:46):
the SPACs raised a tremendous amount ofmoney there a while, and then all
of a sudden that market just seemsto die down. I don't know if
that's coming either, but yeah,I mean you're talking some big time money
here, and now, you know, talk about the reggae regulation in general.
You need to at the topity Atthe podcast, I reference this as
a crowd finance financed IPO using reggae, So maybe we could talk about that
(07:12):
process a little bit now. Sure, So, securities in the US need
to be registered or exempt, andwhat when you think of a registered offering,
what you think of as an Sone or an IPL. And that's
been the norm, and that's what'sbeen done for decades, and it enables
the company to go out and raisecapital from the public, and upon price
(07:33):
discovery and effectiveness from the regis fromthe sec the companies and the underwriters able
to do what's called a firm commitmentunderwriting, where they buy down the offering,
sell it out to their customers,and the shares begin to trade the
next morning onto the marketplace, whetherit's NASDAK or the New York Stock Exchange,
and that's been the common way transactionshave been done. And S one
(07:57):
has certain rules and regulations about andwhen things can be so communicated to the
marketplace, how that communication occurs,what can be left behind or really not
left behind. And when reggae cameout and the Jobs Act came out in
specifically titled for the Jobs Act,which is modernizing reggae and to terms people
(08:18):
use now is reggae plus. Andwhat that did is it really created the
ability to modernize capital formation because theyrecognize that the world today operates a mile
a minute. People are communicating usingsocial media, people are communicating using their
phones, and it's in an instantgratification world. When you look at S
(08:41):
one, you need to go intoa quiet period and that doesn't really work
in this modern way of communication.Reggae allowed that ability to now communicate in
a modern world. It enabled investorsto be able to watch videos and be
able to see webinars and other typesof presentations by issuers, which, if
you think about it, allowed thatinvestor now to travel to the site or
(09:03):
to the warehouse or to the manufacturerof that particular widget and actually do an
on site visit virtually using videos andother types of experiences that you wouldn't able
to do in a traditional IPL.It also allowed the ability to market across
all fifty states without violating state BlueSky. And what we did is we
(09:24):
looked at it and said, waita minute, this is a great way
to bring back the small cap IPLand to allow using the crowd to finance
companies to now trade and instead ofusing an S one, use a form
one a as the form of registrationor quasi registration because reggae is actually an
exemption, and then upon closing,become what's known as a thirty four Act
(09:48):
filer, which is what the Sone company does, and the next morning
trade on Nasdaq or the New YorkSo we did the first one ever back
in twenty seventeen that was on theNew York Stock Exchange. It was a
company called my Ol. We wenton to do several more. Most recently
right after that, we did theFat Brands, which as a matter of
disclosure, I currently sit on theirboard, and then continued on. In
(10:11):
this past year we've done quite afew of them and we have over thirteen
slated to come out over the nextseveral months. Wow, that's great,
Well, so let me let meask you this. Mark. If I'm
a company, regardless of my sizeor my industry or whatever, and I
(10:33):
see something about crowdfunding and raising money, how do I know it's what I
should do? How do I knowif my company is ready or able to
do it? What's the first thingI have to consider after I want to
Well, let me look into thisand see what it is. What's the
most important thing for me to thinkof before I even start the process.
(10:58):
I think the very first thing CEOneeds to do is look in the mirror
and decide is this really the paththey want to take. Being a public
company comes with great responsibility, notonly responsibility to yourself and to your customers
and to your employees, but alsoto the shareholders because you're no longer having
a few investors, you're potentially havingthousands of investors, so that undertaking when
(11:22):
you become a public company, it'smore in essence, really running two companies,
the private operating entity and now thisnew public company. That it's important
that you understand that you need tocommunicate on a regular basis. You have
a responsibility to report your financial earningsand quarterly statements and annual annual audited statements.
(11:45):
So a lot of CEOs don't realizewhat they're getting into. And there's
a lot of groups out there thatdo reggae's and other types of crowd funding,
and they don't really give the issuerthe full education when you go public.
The day you go public is whenthe hard work begins. A lot
of people think the day you getthe money is the day it ends,
(12:05):
and that's really something that that CEOneeds to look at. We use Form
one A as an alternative to anS one registration, but ultimately the same
disclosure is required to an S onethat we use in our Form one AS,
meaning that the companies have to havethe audit of financial statements, they
have to have the corporate governance inplace. They have to understand that when
(12:28):
you come public, you're going toneed to continually to market your securities through
doing investor relations programs and conferences andworking with analysts and beating expectations, not
just meeting expectations in terms of yourrevenue growth. The capital that's raised is
the catalyst for you to grow thebusiness, and a lot of CEOs don't
realize that. So that would bethe first thing I would say to them,
(12:52):
and then you have to figure outwhich reggae reggae reg CF reg You
know, there's so many sub potentialways of crowdfunding. How do you know
which one is going to work foryou? Well, I think ultimately when
you think about what financing instruments areis they're just tools in a tool delt.
(13:15):
So your advisors, your banker,your lawyer should really sit with you
and discuss what your needs and wantsare. Each one of those exemptions that
you just mentioned, whether it's regDF, which is the ability now under
the Jobs Act to do general solicitationof private placements. That's when you're not
ready to be a publicly reporting company, but you want to work with a
credit and institutional investors, So youneed to have at least a two hundred
(13:39):
thousand dollars income three hundred thousand dollarsjoiner a million dollar net worth in order
to participate in those transactions. REGCFwas a new interesting way to crowdfund companies.
It can be done where a nonaccredited investor could come in the company
can raise up to five million dollars. They need to have all the financial
statements and it needs to be donethrough a registered portal. But the downside
(14:03):
to crowdfunding is that those securities arerestricted for twelve months. And the reality
and I don't get involved really withcrowdfunding companies is it's great for young entrepreneurs
to be able to raise capital,but for the investors there's no real exit
strategy. So unless it's a companythat's going to go IPO or be taken
out through a merger, I liketo say crowdfunding is nothing other than a
(14:24):
charitable donation. You're going to drinkyour beer, eat your bread, and
at some point you're going to wantto get your money back. Reggae is
for a company that wants to tradeon a national securities exchange and be able
to provide liquidity they're existing investors andgrow. But there are also reggae's that
are being done where they can bedone for companies that aren't ready to trade
(14:45):
yet. So we've seen a lotof companies have a tremendous amount of success
raising capital from the crowd where they'reable to raise up to seventy five million
through the filing of a Form oneA and then twelve month period and these
companies are used that capital to growin fact, we did one last year
where we raised eighteen and a halfmillion for them as a non traded reggae
(15:05):
and we're getting ready to file inthe next week a twenty million dollar reggae
that will trade onto Nasdaq. Sothey're great to stay. It's a great
way. But each one of thosecapital tools could be used in various manners
to allow that company to grow andwhen it's an appropriate time, then they
can come public as that final steppingstone into the public marketplace. So each
(15:31):
of those is applical, applicable toany company. It's not like if you're
in a certain industry, if you'rea certain size, if you're in a
certain state. Those are not reallyrelative because anyone anywhere can use any of
these depending on what they want toaccomplish. Well, yes, it's not
(15:52):
restricted. Yeah, all of thosetools are available, but each tool has
its own benefit and requirements. Sothe beauty of doing a reg D is
you don't need auditive financial statements andyou can use alternative financial statements in a
PPM and Risk Disclosure Document. REGCFrequires auditive financial statements if you're raising over
(16:17):
a certain amount of money. Butthe reggae non traded reggae. A lot
of companies utilize that where they're earlierstage in nature. But if you're using
reggae the way we use reggae tobe listed on a national securities exchange,
you really need to be a companythat's mature enough to attract investors and that
understands that it's going to be theongoing compliance costs or anywhere from seven hundred
(16:41):
and fifty thousand to a million ayear, and there's responsibility as a filer
than now you're a reporting issuer.So we don't work with companies that are
startups or early stage for those typesof listing opportunities. Ideally you need to
at least have one hundred and fiftymillion dollars market gap, and that would
really be on the low end toqualify for a listing. Now on the
market we've seen here recently, there'sa lot of companies that have been coming
(17:04):
public that are a lot smaller innature. But the worst thing you can
do is go public too early andthen find that you're not able to afford
the compliance costs. And they're allalternatives. Like the OTC markets is a
great marketplace where companies that aren't quiteready to be on nas dec or the
New York or the expense of itcan find benefit by listing in that market
(17:26):
and attract investors that have interest inthose type of earlier stage opportunities. So
a lot of your success depends onwho's giving you advice to do whatever it
is you want to do. Iwould say that's certainly a part of the
path. Ultimately, the success liesin the ability of the CEO and the
(17:47):
company to execute its business plan.But I think it's important that as companies
are evaluating which path to go downto that they do have appropriate adequate council,
whether it's securities council, investment bank, or a financial advisor, because
there's a lot of companies that arebeing taken advantage of by individuals who might
be a marketing firm and does understandroles and responsibilities. You know, it's
(18:11):
with raising money from the crowd comesgreat responsibility because you're not getting priced discovery
like you would in a traditional offeringfrom Wall Street, so that comes it's
more of an art than a sciencein order to determine evaluation, and it's
important that transactions are priced to selland that their priced in a reasonable manner.
(18:33):
Based on comps and peers that whatyou don't want to do is prices
at the high and have it comedown. And why I'm saying this is
that I find that with a lotof the companies that are coming to us,
where they've done previous rounds, they'vehad bankers or individuals that really didn't
look towards the future. And whenyou don't have one institution or a large
group that's setting price, discovery andthe CEO thinks he's worth a billion dollars
(18:56):
and if an investor is investing fivehundred dollars, he might agree with that
billion. When we come along andsay that company, maybe on a good
dick, would be worth forty million. It's hard for those type of companies
to come public because the prices aren'tgoing to be reflective of where the CEO
previously sold the stock. It's goingto be reflecting of where the market dictates
(19:17):
should be today. Right, Yeah, it's the ceo is you never know,
they always think that they're better thanthey are. I guess a lot
of times, but you know,all these all these examples that you just
gave us, all these are ourour tier two offerings. Is that right
for the reggae, right, weonly when I when I speak of reggae
(19:37):
Tier two because the Tier two allowsyou to raise up to seventy five million.
But the concept is that the disclosuredocuments that are required for the public
offerings we're doing are to an Fone standard. They're utilizing Form one a's
as their filing statements and it's calledan offering circular, but ultimately the disclosure
is almost identical, right right,Okay, Yeah, I mean I could
(20:03):
definitely see the advantage of all thisbecause obviously liquiding is something that everybody wants,
and what did you mentioned before,Sometimes you kind of get stuck in
something where you're just basically donating,you know, and nobody wants that exactly,
And that's what I'm yeah, someof the da that we're looking at.
I mean, one of the reasonwhy I think reggae is attractive now
(20:25):
to companies that are looking to comepublic is that, unfortunately, the new
norm of the small cap IPO iswhat we call structured financings. So these
are investors driven transactions that have lowerevaluations and smaller in size. So bankers
are optimistic and feel that the companymight raise up to ten million dollars or
(20:45):
twenty million dollars, and let's sayone hundred million dollar valuation or two hundred
million dollar valuation. And that washow it was in the past, where
the company, the banker thinks weremore issue were driven. What we've seen
in today's market doss or was whatI call investor driven. So where it
might have been a two hundred milliondollar valuation, it's now an eighty million
(21:06):
dollar valuation, and the deal getsdownsized from a ten million dollar deal to
a four million dollar deal. Andwhat used to be straight common stock is
now a unit offering with combinant warrantsor pre hunted warrants, or toxic convertibles
or roafers that reset our warrants.So basically what you're having is, instead
of being the true definition of apublic offering that's diversified with thousands of shareholders,
(21:30):
you're talking now today's market is reallyone or two institutions with a small
shareholder base of three or four hundredto qualify for Nasdaq, and then those
investors really have only one hundred ortwenty five hundred shares. The syndicate players
buy them, immediately sell it.The stock gets sold down and basically you're
seeing IPOs go from four or fivedollars to share it to a dollar in
(21:53):
a week, in two weeks.It's devastating. So I call it really
the death of the small cap iplSo what we do and our success has
been around finding transactions that don't requirethe use of institutions or those type of
toxic structures. These are straight commonstock deals. Instead of having three hundred
(22:14):
shareholders, you have ten thousand shareholders, so you have a true definition of
diversified offering where there's not any typeof concentration in one investor, and it
allows the company to focus on usingthat money to grow their business and focus
on executing rather than having every dayto deal with the stock prices going down
and worried about how they're going toraise their next round of capital. Because
(22:37):
what's also happened is that same clientthat wanted to raise ten or twenty million
that now raised four and is public. Their opportunity to raise capital out of
reasonable valuations is now diminished significantly becausethe prices have come down, so suddenly
they're diluting themselves much greater, andthey don't have enough capital in order to
execute their business plan. On thesecrowd finance IPOs. Then then you're speaking
(23:07):
of well what is the what isthe role of let's say a broker dealer
or a transfer engine. They willhave to have them in right. Well,
the broker dealer is the investment bankerand the underwriter, so they're there.
It's just like in a S one. It are a firm like ourselves,
and there's a lot of other goodfirms that are out there. We
come in and we underwrite and workwith the company in order to facilitate the
(23:29):
capital raise and listing onto the higherexchange. The transfer as is important because
every public company requires a transform agentin order to maintain the books and records.
But ultimately these securities. Again,it's no different at the end result
that the company is listed on NASDAC. It's the form of registration or quasi
registration exemption like a Form one Athat disclosure documents. What's different. But
(23:52):
the ultimate benefit and the ultimate endpointis the companies now listed raised capital and
is able to then move forward tolook towards executing their business plan and increasing
shareholder value as long as they havethe means and the value of the cash
or whatever the state listed on theseexchanges, like you mentioned before, they're
(24:15):
quite instance, they're not in it, they're not inexpensive. So companies,
going back to what Vicki said,the company needs to look into the mirror
and then choose which one of thosethree buckets of capital raising, capability or
exemptions are best for them. Sowe advise a lot of companies that come
(24:36):
to us they're not quite ready forNASDAK, come back to us in a
year and maybe go and we referthem on to another firm to do a
crowd funding raise some capital there.They then go do a friends and family
and institutional round, do the regD. Then they might do a non
traded reggae where they're able to growtheir business, not have the pressure of
dealing with the public company, butdealing now with the ability to execute.
(24:59):
They still on that crowds money thatthey've raised, and then they come back
to us in a year or twoand they're able then to come and raise
capital with us where then where they'reready to go on to a national securities
exchange. So there's roles for everybody. It's what's great about Jobs ACT is
it enabled now entrepreneurs to have varioustools in order to have capital formation that
(25:22):
work previously available. It used tobe reserved primarily for the elite, for
the institutions and for the accredited investors. And now Jobs Act between Title three
and Title four, as long asyou're over the age of eighteen, you
don't invest more than ten percent ofyour income or net worth. You now
have an opportunity to participate in earlystage opportunities and be able to find that
(25:45):
diamond that maybe become or that timein the rough that maybe becomes that next
Facebook or Twitter or whatever. Itmight be. Kind of putting everybody in
the equal position levels the playing field. Certainly, absolutely, so we're talking
sec and the Jobs Act and that, and that's all federal regulation and what
(26:08):
have you. But how much doyou have to or how much does state
regulations impact these crowdfunding various crowdfunding platforms, Do they have much of an effect?
Well, certain states certainly have theirstate blue sky requirements and other type
of filing requirements on a state bystate basis. The one thing about reggae
(26:33):
is that it's blue sky exempt,so all fifty states are available. When
there's a broker dealer involved for thesale of those securities and certainly, listing
on the National Securities Exchange, you'reexempt. But issuers need to speak with
their counsel and determine on a stateby state basis what regulatory filings are required,
and then determine on how those filingsare made. So if you're in
(26:57):
Nevada, for example, do Ihave to register or my company have to
be located in Nevada in order totake advantage of these various platforms or does
it matter initially? Initially, so, I can't give you advice on Nevada
(27:18):
law. But what I can tellyou is that reggae and crowdfunding is available
to North American companies. So theseare companies located in the United States and
Canada. There are other tools forcompanies that are outside the United States and
other types of filing requirements that areavailable, but for purpose of this conversation,
reggae is for North American companies,and certainly Nevada companies can participate.
(27:44):
But whatever requirements in your local jurisdiction, the company would need to speak with
their council. Okay, very good. I'll tell you what I'd love that
somebody wants to be a lawyer.Nobody wants to be a lawyer. But
(28:08):
anyway, I want to ask you, if somebody wanted to get more information
on this or wants to meet withyou, et cetera house, what's the
best way that they would contact youor how would they go about getting in
more information? Thanks? Ron,Absolutely, you can reach out to us.
We're at Digital Offering dot com.I'm also you can look myself up
directly. I'm on LinkedIn and thenmy email is m I Lenowitz spelled E
(28:34):
L E N O W I tz at Digital Offering dot com and we
would welcome and encourage everyone to contactus. We'd love to talk to you.
If you're not quite ready for us, we're still happy to see you
succeed, so we'll give you asmuch advice as we can in order to
have you come back at a laterdate. We're also very active now going
(28:56):
back on the conference circuit. We'rehaving a conference a webinar later this week.
Today's December fourth. I don't knowwhen this podcast is going to air,
but there's going to be a webinarthat we're doing with NASDAC on December
seventh, and there's an event comingup at the end of January or early
February, which is a small capconference. But if you do a little
(29:21):
searching on the internet, you'll findinformation on digital offering and the offerings that
we do. And certainly if yougo through the SEC websites or website,
you'll be able to see some ofthe filings of the IPOs that we've recently
conducted. Yeah, and we'll linkto your website and everything else in the
show notes for sure on this.But your last thing I want to mention
was that you mentioned it earlier inthe podcast, how the real work starts
(29:45):
after you get the money and theCEO is think about, oh, I've
got money now, I could justkind of like glide along. And that
is certainly not the case. Iheard it mentioned. Somebody told me like,
once you get the money, youthink, well, you want to
go to public? Do you wantto have gray hair or no hair?
There's a lot of things. There'sa lot of stress in there. But
(30:06):
yeah, absolutely, but and I'msure you see it every day with your
curents and but but it must begreat when when it actually all happen is
the right way and you're listed,you've gone reggae and now you're now you're
you're listed, you give your investorsliquidity, everybody's happy, you make your
money, companies being great. That'sthe ideal situation and that's where we'll strive
for right absolutely, Well, we'rewe're excited to thank you for having us
(30:32):
here today, for having me heretoday, and uh, you know,
I'd look forward to continuing the conversationswith you and your listeners. I think
twenty twenty four is going to bea pretty interesting year and I'm sure there's
going to be new types of capitalformation techniques that come out and about to
come back and talk about it.I'm sure we'll have you one if you
(30:53):
have any closing comments or questions.Well, like I said, we've had
Mark on before many years ago whenand we were talking about blockchain. And
what's exciting about Mark and what hedoes in his companies is like with the
Jobs Act, it came out,they saw something, they saw the potential,
(31:15):
and they made it happen, andthey made it happen to teach companies
and businesses, well, this ishow you can raise money, and this
is how you can do it right, but also being able to adapt it
to what it fits so that youactually can be successful that's what I find
(31:36):
impressive about Mark. And also hedoes it right. He helps you.
If it's not a good thing,he's going to tell you it's not a
good thing. And this is whyor this is what you need to do.
Come back. It's not There's somany businesses out there that take advantage
of I don't want to say ignorant, uneducated people who have heard some little
(32:02):
thing that said, oh you cando this yourself. It's real easy.
But it's not. And Mark willhelp you through the process to be successful.
And that's what makes Mark and hisbusinesses impressive. And why every one
of our listeners if you're contemplating this, talk to Mark, because he will
help you and eventually you will besuccessful in your IPO, your raise,
(32:27):
your launch, whatever crowdfunding you wantto do. And why we will have
Mark back again to continue the conversationto educate our listeners, because that's what
we're all about, making sure youhave the right information. Not whatever you
found on the Internet that told you, oh, this is easy, go
do it. No, that's notwhat we're about. We're about giving you
(32:50):
the right information. With people likeMarco Lenowitz and his companies, I appreciate
that make you thank you. It'san absolute lot. Well it's not just
me, but I think any anyservice provider that's reputable in the industry is
the first first stop. Things can'tbe done on your own. If they
were, everybody would be doing it. It's always great to have good financial
(33:12):
advisors, lawyers, accountants and teammembers around you. Absolutely absolutely all right,
Mark, thanks again for being aguest on the show today, Vicki,
thanks for co hosting this episode.And folks are listening to the Mappable
USA podcast on MATHINGLEUSA dot com.If you go to that website, you
scroll down, you see all oursyndication sources, click the one you like
best, subscribe and you'll never missanother one of more episodes. If you
(33:36):
want to be a guest on theshow, like Mark or today is a
guest there, fill that out.We'll see what you can do about getting
on the show. And if youlike what you're heard today, send us
an email at info at mapping USAdot com or just leave a comment on
whatever page. Listening to this songright now, so thanks for listening.
Thanks gives a plot with you minytime or another nothing wile USA. My
dad not a great view everyone s
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