CHAPTER 8

Secondary Markets and Regulation A+ Securities

We discuss throughout this book that one of the great potential advantages of Reg A+ securities is the ability to freely trade shares. However, beyond isolated, negotiated trades between brokers or investors, the development of the infrastructure of a real secondary market is still nascent and has a lot of room to grow. In this chapter—to give context and to help you understand the needs of a vibrant secondary market and how new trading options may develop for Reg A+ shares—we discuss the history of the development of exchanges, dynamics of the current stock market and, in particular, those dynamics when investing in “small-cap” companies. We also discuss venture exchanges as an analog ...

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