Reprinted with the permission of  The Legal Intelligencer.

For years, as private companies grew and sought to raise funds in the capital markets, they faced significant challenges from the constraints of the rules and regulations administered by the Securities and Exchange Commission. 

If a company grew beyond a certain size, it would find itself subject to rules such as reporting requirements under the Securities Exchange Act of 1934 without having made the conscious decision to go public. ... 

 

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