When Gatekeepers Exploit the Public Markets: How Aggressive Micro-Cap Structuring Ruined It for Everyone
The micro-cap IPO window did not close by accident. It did not shut because investors suddenly lost interest in growth companies, nor because capital vanished from the system. It narrowed because structural flexibility was pushed too far, for too long, and in ways that ultimately forced a response. Between 2021 and 2025, U.S. IPO activity…