Yesterday I was again humbled to share a panel with John Borer of Rodman & Renshaw and Dave Bukzin of Marcum LLP in Boston to talk about reverse mergers and other IPO alternatives. Thanks to Marcum and sponsors of the morning for putting it together. Headlines from the morning? Educating folks outside of New York as to the benefits of these alternatives is starting to have an impact. Many investors are frustrated by the lack of exit strategies and are seeking other choices. The strong turnout for our breakfast is evidence of this. Substantive headlines? As usual John Borer was not able to speak about Rodman's plans for the OTC Bulletin Board if they complete the acquisition that is currently the subject of a letter of intent. There was much talk about Brazil possibly being "the next China." There also continues to be consolidation of the accounting profession that deals with China to ensure that there are sufficient resources to audit these companies properly. We are seeing a bit more SEC attention to "footnote 32″ shells – though not until after the merger when a registration is filed. So be careful in completing a merger with an "operating company" that recently started up or otherwise probably should not have been public on its own. The two-step "WRASP" method of combining with a Form 10 shell, completing a PIPE and then a secondary public offering to move directly to Nasdaq or NYSE AMEX continues to be popular and successful on multiple levels. No more travel through the holidays!
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