A wonderful 2020 Xmas present to the founders, employees, & investors at VC-backed startups. SEC just APPROVED the ability to add primary capital (fundraise) to a direct listing. It's very exciting to see the SEC enable innovation in this way. (more) https://www.sec.gov/rules/other/2020/34-90768.pdf

This is HUGE & will hopefully end 40 years of mispriced IPOs through an old antiquated process that failed to match supply/demand & wasn't open to all investors. 2018:$6B in underpricing. 2019 $7B. 2020, new record => $34B in one day gains for i-bank customers with allocation.

The SEC properly honed in on the two key advantages of a Direct Listing. The first key point is "open access to all investors." Hot IPO access is limited to a few selected ibank customers. Now anyone can participate.

The second superiority of the Direct Listing as actually matching supply & demand to determine price and allocation. It's surprising we haven't done it this way all along, but no better time than the present!

Lastly - here is the final paragraph and the conclusion. All 100% consistent with what is "right" and "fair" for our public markets. Thank you so much to the SEC for making this happen. Very proud of our government today.