Whether a company is considering a traditional IPO, uplisting from a junior exchange, or a Reg A+ offering, every small-cap company listing on Nasdaq or NYSE faces a very different capital markets ecosystem than even just five years ago.
Scrutiny from institutional investors on executives, on boardrooms, and on performance has never been more exacting. And, like in other areas of life, first impressions are critical.
Ask any seasoned institutional investor, and they will say that newly public, small-cap companies often make three lethal mistakes:
- Failing to adequately prepare for the rigors and precision of quarterly financial reporting and related investor communications;
- Believing that they have an extended grace period to acclimate to being an exchange-listed company; and
- Looking, acting, and operating more like a “private company that happens to have a ticker symbol” as opposed to a “real public company.”
Third Creek Advisors strategically and tactically collaborates with CEOs and boards both before and after listing to exceed investor expectations. Our unique value-driver is that unlike virtually every advisor in the capital markets, we’re not speculating about how institutional investors will react to your critical decision making… because Third Creek’s founder was a small-cap institutional investor.
We specialize in:
- Delivering the only buy-side driven, pre-listing website audit available in the market (i.e., your post-listing investor meetings will be over before they even start if you don’t understand how institutional investors analyze your website).
- Optimizing the manner in which your company is conveying its story to investors (again, we’re definitely not speculating about how investors will react).
- Uniquely analyzing board composition so that companies get a fulsome sense of how institutional investors and proxy advisors will assess their corporate governance infrastructure post-listing.
- De-mystifying investment banker selections to minimize dilution and maximize post-listing trading support (i.e., choosing the biggest bank that shows interest is not going to benefit your shareholders nearly as much as the right bank will).
- Providing frank feedback on your company’s professional service providers (i.e., too many small-cap companies utilize law, audit, and investor relations firms that are not well-regarded by the buy-side, and they don’t find out until it’s too late).
- Educating CEOs and boards about what is actually expected of them post-listing.
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Adam wrote The Perfect Corporate Board: A Handbook for Mastering the Unique Challenges of Small-Cap Companies (McGraw Hill); it was the #1 ranked corporate governance book on Amazon.com in June 2017. In its review of The Perfect Corporate Board, Bloomberg Businessweek said: “Attention, directors of small-cap companies. Help is on the way.”
Adam was a contributing author to The Handbook of Board Governance: A Comprehensive Guide for Public, Private and Not for Profit Board Members (Wiley), which was the #1 “New Release” in corporate governance on Amazon.com when it was published in 2016. His chapter is entitled, “Systemically Overlooked Anomalies of Governing Small-Cap Companies.”
Adam also writes the “Entrepeneurial Governance” column in industry-leading Directorship magazine.