INSIGHTS
Understand the pathway
before choosing
the structure.
A starting guide for company leaders: distinguish the milestones, prepare the business, and ask the infrastructure questions in the right order.
01 / PATHWAYS
Public, reporting,
quoted, listed.
These terms describe different dimensions of a company’s position. Reporting obligations concern required disclosure. Quotation concerns a market mechanism. Exchange listing involves a venue’s admission requirements. Raising capital involves a separate financing process.
A plan should identify which milestones matter to the business, what each requires, and which participants are responsible. Achieving one does not automatically achieve the others.
Reference: SEC — Going Public. Requirements should be reviewed for the specific company and proposed structure.
Explore the pathway decision02 / READINESS + STRATEGY
Prepare before
picking a transaction.
Before considering a reverse merger or de-SPAC, clarify the company’s strategic objective, financial preparation, ownership, capital needs, and management capacity.
Counterparty economics matter, but so does the ability to operate after closing. Ask what dilution, liabilities, financing dependencies, and continuing obligations the proposed structure creates.
A readiness assessment should surface unresolved questions early enough to affect the decision.
Explore preparation and strategy03 / MARKET INFRASTRUCTURE
What changes?
What still matters?
Tokenization changes how some records or processes may be represented and operated. It does not, by itself, define a holder’s rights, remove securities obligations, or create an eligible venue.
Separate the technology from the legal structure and the operating model. Then assess whether the proposed system addresses a real need in access, transfer, settlement, or other infrastructure.
Reference: SEC staff statement — January 28, 2026. Requirements should be reviewed for the specific company and proposed structure.
Read the MPM infrastructure thesisTHE NEXT CONVERSATION
Discuss
Your Pathway.
Start with your operating company, its current position, and what public-market access should accomplish. Share a brief, non-confidential overview.