from the on-ramp to the freeway - refueling job creation and growth by reconnecting investors with...

8/13/2019 From the on-Ramp to the Freeway - Refueling Job Creation and Growth by Reconnecting Investors With Small-Ca

1/31

P .. D

F F:

R J C G

R I C C

I E C F F

N 11, 2013


2/31

ABLE OF CONEN

C

I. E ............................................................................................................................................. 1

II. P ......................................................................................................................................... 4

III. I ........................................................................................................................................................ 5

I. R P M .......................................................................................................................... 6

A. JOB A R OR ........................................................................................................... 6

B. A ......................................................................................................................................... 6

C. I IPO F ...................................................................................................................................... 6

. R EGC R ......................................................................................................... 9

A. N M O C F .......................................................................... 9

B. PIPO, C I N L C F ................................................ 11I. R ............................................................................................................................................ 12

A. I A C: C OR P C ......................... 13

B. M : I C F F...................................................................... 16

II. R A ................................................................................................................................................ 23

III. C ......................................................................................................................................................... 24

I. A........................................................................................................................................................ 25


3/31

CHAR INDE

C I

C A: E L ..................................................................................................................................... 5

C B: JOB A I ......................................................................................................................... 7

C C: JOB A I .................................................................................................................... 8

C D: C C C F ............................................................................................ 16

C E: M F ............................................................................................................................. 18

C F: H O M F ............................................................................................................ 18

C G: .. E O & C ................................................................................... 19

C H: I . I O A .. L ................................................................. 21


4/31

EECIE MMAR

1

I. E F , .. A

.

. B

2000, ,

.. (I)

.. .

I 2012, C J O B (JOB A) IPO

. JOB A ,

. I,

. L , JOB A

. A ,

IPO ,

. M

, JOB A , IPO,

.

.. .

D JOB A,

.

IPO . F ,

. ,

. B ,

, IPO. R , I JOB A R A . H,

I, A

1933 JOB A . A

,

.

#1:

E JB A

A .

1.1 I I JB A A+

.

1.2. A 18()(4)(D) A :

() A A+;

() A A+

.

1.3. A , 18()(4)(D)

A A+ .


5/31

EECIE MMAR

2

1.4. A 18()(4) A A+

.

F, IPO

. C

.

,

.

, , .

,

. ,

.

, , $409 1

.. . G ,

,

. A ,

IPO.

. A,

. G , E C F

F

,

. F ,

(

R, R,) ,

.

#2:

E ,

.

2.1. , EC,

C (). :

2.1.1 $750 .

2.1.2 $0.05

, .

2.2 EC

.

2.3.

. M () , () , () .

2.4.

.

2.5 A , EC

1M. A J 2013. , , .


6/31

EECIE MMAR

3

C

.

E C F F ,

. I , 2

.. .2

..

, A . A ,

,

A . ,

A .

.

. G. , B I M3

2B.

3://../2013/10/20//?=0


7/31

AEMEN OF PRPOE

4

II. C A ,

E C F (ECF) F J 2013 1) A

, 2)

.

E C D

R (F 2013), IPO,

, ; C A I

D B A J 2013,

JOB A 2012

. E C F

F .


8/31

INRODCION

5

III. IF , .. A

.

. I

,

. A K F,

45 (I). M ,

IPO, 156 .4

B 2000, , ,

, . A , IPO

1996 2011,

.. .. ,

, , , . I , .. 1.87

5 .

C A: E L

: : , D K, E. I. , J. CFA I.

.. 1.87

.

4PIPO E R G .. IPO, J 19962010. (M 2012)

5R, J R. R IPO M. (D 2012).

3,000

5,000

7,000

9,000

11,000

13,000

15,000

17,000

3,000

5,000

7,000

9,000

11,000

13,000

15,000

17,000

1975 1979 1983 1987 1991 1996 2000 2004 2008 2012

A

E

(19751997)


9/31

HE ROAD O HE PBLIC MARKE

6

I. MA. JB A I 2012, IPO . , C J O B (JOB) A, P O

A 2012. JOB A

. M ,

, ,

(EGC).

EGC ,

IPO . I

.

B. A L , JOB A

. , 200

EC . 79

.6 A O 25, 2013, 63 IPO

48 EGC. A, R C P C

225 IPO .7

.

79%

.

JOB A IPO,

IPO

. F,

O 404(), EGC

. M, ,

. ,

, ,

. A

,

, , . F,

EGC IPO

. I

JOB A , 63 EC EGC

.8

C. I I F JOB A ,

IPO . A O 25, 2013,154

9, 121 2012.

10 , , 2013

6D R C O 25, 2013.

7I.

8 JOB A O L: A R N IPO P. L & A 2013.

9A 10/25/2013.

10D.


10/31


7

53 ( $250 ) IPO, 32 2012. I

IPO, $250 34 IPO

2013 26 2012.11

JOB A IPO EGC .

2013, EGC $26.2

, ,

, . I ,

IPO . EGC IPO 64

, 30 EGC.12

I IPO , JOB A

, A . B IPO

EGC , JOB A

, IPO,

.

..

. H, ,

IPO .

C B: JB A I

: 63 EC.13

: 225 IPO

IPO R C P C .

: M 200 EC

JOB A 79%

.14

: O JOB A, 63% EC EGC

.15

: C $250 34% IPO

2013 26% 2012.16

: $28.5 EGC .17

: EGC IPO 64.2% / 30.4% EGC

IPO .18

11I.

12B; D.

13D R C O 25, 2013.

14I.

15 JOB A O L: A R N IPO P. L & A 2013.

16D.

17I.

18B; D.


11/31


8

C C: JB A I

B B

(NADAQ:BLE)

F 1992 / IPO 2013

F: I

.

L, CEO:

O IPO

. JOB A,

,

IPO. I ,

,

.

LL

(NE:LOCK)

F 2005 / IPO 2012

F: L

.

D,CEO:

"LL'

A

.

,

.

."

(NADAQ:PLA)

F 2003 / IPO 2013

F: F

.

M D, CFO:

P IPO,

. ,

20 .

JOB A

,

. I IPO .

A

(NADAQ:AAOI)

F 1997 / IPO 2013

F: A ,

,

, ,

.

J D, CFO:

IPO,

.. ,

,

..

R&D. O

, IPO .


12/31

ROADBLOCK FOR ARP AND EGC REMAIN

9

. EGC A. M C FA IPO 2000, IPO $50 . F 80 IPO

19, $50

IPO 8 2012.20

JOB A,

IPO.

E OR , IPO

. F ,

.

,

. ,

IPO . H, , . F

, IPO

.

H EED EGLAI A+?

R A+ ,

.

: M $250 (

),

.

, . ,

, ,

. P

.

I JOB A21

IPO

R A EC

R A JOB A.

R A, ,

.

22

19R IPO 1991 1997, . : , D, E. K L. N. G

, , ( 2012).

20D.

21J O B A, P. L. N. 112106, I (2012).

22R B. C, J., R A: B A M C, 31 D. J. C. L. (2006); R B.

C, J, R A JOB A: A F R, (2012) (, C, A F R).


13/31


10

, I , R A .23

: 1) EC I, 2) I

R A:

. A ,

.

,

, . K M, CE, C, I.

23I.


14/31


11

B. I, C I L C FI A 1933, JOB A

. H, IPO

, D O . ,

,

.

C . I ,

.

, . B ,

. A ,

,

, IPO

. L

,

, .

.

F , .

, , . C

24

,

, . B ,

, .25

, , .

, , . A ,

. A IPO

, ,

,

.

24K, . K I, A A: A E R 10

G . (J 2013). B .

25I.


15/31

RECOMMENDAION

12

I. A , JOB A

, EGC

. I , . I

,

,

. D

:

I A C: C C

JOB A ,

IPO

. I JOB A R A.

H,

JOB A.

#1:

E JB A

A .

M : I C F F

. , $0.01

. A ,

$409 ..

26 .

IPO ,

.

#2:

E ,

.

.

26M. A J 2013. , , .


16/31

RECOMMENDAION

13

A. I A C: C C #1:

E JB A

A .

P JOB A,

IPO , 506() R D,

R A. B , . I ,

, , (

11.) B , R A , R A

.

R A $5

13 15() E A 1934 ( E A)

.27

R A F 1A

, ,

R A.

R A

( F 1)

.28

I JOB A EC

R A ,

. , I 3()(2) 3() A

1933 ( A), EC

$50 12 . A, 3()(2) :

() .29() ;() 12()(2) ;() ; () ,

EC .30

F, 3()(2) EC

,

, , EC

.31

L, , I 18()(4)

A 3()(2),

, EC. I

27I .. C :

, ,

262. R A, 17 C.F..R. 230.251.263

(2012).

28R B. C, J., R A: B A M C, 31 D. J. C. L. (2006); R B.

C, J., R A JOB A: A F R, (2012) (, C, A F R).

29C R A, .

3015 ..C. 77() (2012).

31I.


17/31

RECOMMENDAION

14

, 3()(2)

,

.

H, I , ,

R A .

R A

( F 1)

.

A I,

R A, . , ,

R A, ,

I. , I

3()(2) ,

. ,

, ,

. ,

,

. A, 18()(4)(D)

. I

R A+ ,

. A ,

R A, I . I

,

I 3()(2),

3()(2).

D :1.1 I I JB A A+

.

1.2 A 18()(4)(D) A :

() A A+;

() A A+

.

1.3 A , 18()(4)(D)

A A+ .

1.4 A 18()(4) A A+ .

M R A+

. I

, ,


18/31

RECOMMENDAION

15

. A ,

R A+ . I

,

. , R A+

JOB A . G, R A+ ,

506() . F,

,

.

,

, ,

, .


19/31

RECOMMENDAION

16

B. M : I C F F #2:

E ,

.

Q ..

1990. M :

,

. B 2010,

70

..32

, .

, ,

,

. F , ECF F

. H,

,

. N

. ,

,

.

F ,

.

IPO . I ,

, ,

. IPO,

, . I ,

IPO .

C D: C C C F

B 1997 A 2001 %

$0.25 $0.01 96%

I ( ) 167 (1994) 39 (2006) 77%

IPO 2,990 (19911997) 233 (20012007) 92%

: , D, E. K L. N. G , , ( 2012).

F , , .

,

.

:

32 ://..//


20/31

RECOMMENDAION

17

1,000

$5.00. ,

1/10

$5.00 . M,

, .

..

. G. ,

B I M, $110 .. .33

,

.

. I

, 10

.34

, . I ,

. :

F, .

35 O ,

. A 11,

. I ,

, ,

. I ,

.

, .

C F,

. F A, . I , ICI, 93

.36

D

$409 37

..

. F ,

.

.

I

A

.

33://../2013/10/20//?=0

34I.

35K, . K I, A A: A E R 10

G . (J 2013).

36I C I. 2013

37M. A J 2013. , , .


21/31

RECOMMENDAION

18

C E: M F

.. M F A: $13 201238

P M F A O H: 89%39

P M F E: 45%40

A H E C M F: $409

41

: M; I C I. 2013.

C F: H M F

: I C I. 2013.42

.

O ,

.

. H,

. A CIQ, 75

43

. B ,

. ,

,

. F , ECF F

38I.

39I C I. 2013.

40I.

41M. A J 2013. , , .

422013 I C F B: A R A I C I. , DC:

I C I. A ..


22/31

RECOMMENDAION

19

.

C G: .. E & C

$750 M C A $750 M C

I O 31.3% 83.3%

R O 68.8% 16.7%

R A 2 14

30D AD 0.3 1.8

30D $AD $2.0 $70.0

: CIQ O 25, 2013. I .. .

G , E C F F

. F , . ,

$750 ,

, , .

R (R)

.

, R

. ,

,

, R ,

EC R .

D :

2.1. , EC,

C (). :

2.1.1. $750 . $750

R

,

. A , $750 R

2 .. .44

2.1.2. $0.05

, . M

IPO .

,

.

,

.

44B.


23/31

RECOMMENDAION

20

F , .

R, . I

, . B

, , R

. I ,

.

2.2. EC

. A JOB A, EC

( )

. H, , EC C J 2012

. D

, EC

. E C F F ,

. .. ,

A , . ,

EC . I , ,

,

.

2.3.

. R

:

() . R ( 5,000 ), (),

() , A D , .

() C . I , ,

.

() . H .

2.4.

. , R

. R

/

R. O,

,

.

2.5. A , EC

C .

.. ,

. I

, .


24/31

RECOMMENDAION

21

E C F F

.

,

" " . P , . A

,

.

O ,

. ,

.

R ,

, . ,

. I , 29

.45

A $250 , 55

.46

P ,

.

F ,

.

, . C,

, .47

.

C H: I . I A .. L

M

M C M C I I

$0M 50M $27.4 10.7% 89.3%$51M 100M 71.7 19.5 80.5

$101M 250M 171.7 35.8 64.2

$251M 500M 348.4 49.3 50.7

$500M 1BN 712.8 70.0 30.0

$1BN + 3,448.3 84.0 16.0

: D CIQ; K I.

I , E C F F

R

. I

. N

45K, . K I, A A: A E R 10

G . (J 2013). M 100

I I M .

46K, . K I, A A: A E R 10

G . (J 2013).

47I.


25/31

RECOMMENDAION

22

, . A,

R 2 ..

.48

2%

.. .

,

.. . F

,

. C

.

. E

, 20

, . R .

48B.


26/31

HE ROAD AHEAD

23

II. AA , , . A

, . B

, , . H, ,

.

I , E C F F ..

. ,

.

A ,

, ,

. ,

. R IPO , JOB A

.

H, . A ,

,

.

. I

, ,

, ,

I

.

R ,

JOB A

, . H,

.

;

. N

. H, JOB

A

EGC. ,

IBM G E

.

G,

. H, ,

IPO,

. ECF F

. E C F F

.


27/31

CONCLION

24

III.CA A G R, ..

. E C

F F , A ,

.

A ,

, A

. A

. C P O 2012 JOB

A,

. E C F F

JOB A

.

, .

B , A .

.. . A

F 500 C .. .


28/31

APPENDICE

25

I. AA A G K

: , IPO. A

.

(EGC): JOB A.

EGC, $1 ,

( ) $700 .

: , , ,

.

: ,

. A .

(I): .

C .

: . I

. E , , ,

.

: .

: / . L

, $5 $10 .

:

, ,

.

: .

: /

.

: / . I

, $1 .

: .

$0.01 .

:

. , ,

, .


29/31

APPENDICE

26

A B C D

A E C F F

C A ,

E C F (ECF) F J 2013 1) A ,

2)

.

E C D

R (F 2013), IPO,

, ; C A I

D B A J 2013,

JOB A 2012

.

M

. ,

.

I & I :

J C, CEO, KCA C C C, M, P & R, BIO K M, P & CEO, C, I.

C I:

C C, H , A I K C, G H , I J , H , D

C:

J C D, P F P, N C A J. K, P, K I K, M P, A H; F CC

A:

H . , D, C C M RI B:

C D. M, P, JMP G I. 'M, CH E, C C J , C E O, C C; F CC

A:

J A. C, P, P P J , P, L &


30/31

APPENDICE

27

E & :

A, P, G A, NE E G. C, H G G R, NADAQ OM J , P & CEO, A


31/31

APPENDICE

A C A

E C F F ,

. P

.

J G, G P, M D ; C, N C A

H, C & CIO, ; F D D M R, EC

H, G P, I P; M, EC I A C

L C K, .. G, R A P P L, PC

L L, COO, NE E

K M, P, P; IPO F C

J , A, C C

D , F, C, I & C.

, D, C G, I.

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