How NOT to go public👎

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Good morning, Boardroom!

I wanted to send a special invite for the Gamma Wealth Revolution happening TODAY at 1pm EST → use this link to hear about how I’m looking to gain an edge on trading with AI.

We talk a lot in Boardroom about the “holy grail” for private companies – which I guess could be two holy grails – being acquired for a bananas 🍌valuation or the – one I want to talk about today…going public.

Going public is literally the Superbowl for private companies (yes Football 🏈is on my mind, people as we are now ONE WEEK away from our first real game of the season!!!)...so get ready to hear a lot more football analogies.

However, does going public translate to automatic success for a company? Not so much.

In fact, I have been digesting over the week just one such company that had a swing and a huge miss…

Yep you likely guessed it: Better.com

You might remember this company from its famous HR blunder in 2021 when CEO Vishal Garg brutally laid off 900 employees on a Zoom call (looks like someone didn’t take HR 101 seriously in business school!).

Beyond even more bad headlines, the real estate startup has been clearly struggling amid high mortgage interest rates and a national housing market slowdown. Yet it continued its march forward to go public, as Garg defended his past mistakes by saying he had been through “a lot of leadership training,” and that he had worked “very very hard…”

Whelp fast-forward to last week, where they trudged ahed with going public. And guess what happened? Shares fell so quickly that trading was halted FOUR TIMES in the FIRST 30 MINUTES! I have never seen something go public and drop 95% in the same day!

That right there, folks, is the Market taking care of business.

Headlines were brutal – like this one from Yahoo:

Vishal Garg, the CEO who mass-sacked employees over Zoom, suffers epic SPAC disaster as Better.com shares nose-dive over 90%

The key takeaway is that the market has no patience for BS stocks anymore. This company had NO business going public.

There are definitely some hard lessons to take away from Better.com’s story - and I hope that all private companies can learn a thing or two to set themselves up for the best possible outcome.

So believe me, when done right - it’s a beautiful thing to see a small company advance healthily and patiently through all the stages of going public. And my hope is that all the Boardroom partners and sponsors would apply lessons like these to their journeys.

And oftentimes it is done right (hooray 🎉). I have had the pleasure of personally being in the midst of such an exciting accomplishment.

Ringing the bell at the Nasdaq for a newly listed company was one of my most memorable experiences, especially as a trader. I was an early investor in this company, got in pre-IPO, and after they went public they were eventually bought out.

So hats off to them, and many others that traveled the same path!

And on that note, our sponsored company below is in the midst of launching a pre-IPO offering — who know what the future will hold for this innovative company? I will be watching as their story unfolds!

*A message from Mode Mobile

Tech Startup With Traction: Turn your phone from a cost to an income source. Intriguing idea, isn't it? This is why we have our eyes on the launch of Mode Mobile’s Pre-IPO Offering. It’s the latest in a series of impressive raises among smartphone innovators, likely spurred by Apple’s recent $3+ trillion valuation.

Mode saw 150x revenue growth from 2019 to 2022, a leap that has made them one of America’s fastest growing companies. Mode is on a mission to disrupt the entire industry with their "EarnPhone," a budget smartphone that’s helped consumers earn and save $150M+ for activities like listening to music, playing games, and ... even charging their devices?!

Over 11,000 investors already acquired shares — and with only days remaining prior to their bonus tier closing, allocations are limited.

*Disclosure: Please read the offering circular at invest.modemobile.com. This is a paid advertisement for Mode Mobile’s Regulation CF Offering.

That’s it for today’s edition — hope you enjoyed it and stay tuned for our newest Boardroom partner coming around the corner…and I hope to see you at 1pm EST!

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