PART 2CAPITAL MARKETS
While a stock’s price and the manner in which it trades are important to public companies of all sizes, these matters take on an altogether different poignancy for small-cap companies—they’re often a matter of life and death.
A small-cap company can dutifully follow every nuance set forth in Part One and still end up with an egregiously dilutive financing or no capital all, if it has a bad stock. As discussed in the introduction to Part One, it is a uniquely small-cap phenomenon that there are comparatively well-run companies that have bad stocks, and there are less compelling companies that have good stocks.1 It goes without saying that having a good stock is preferable (and being a high-quality company with a good stock ...
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