Today’s small-cap1 boards face an expanding continuum of risks that threaten shareholder returns like never before. In a post-financial crisis setting characterized by heightened scrutiny and diminished risk tolerance, the margin of error for small-cap companies is small. And getting smaller.
- Inadequate trading volume
- Minimal equity research coverage
- Attracting/growing institutional investor bases
- Garnering/maintaining senior exchange listings
- Evaluating buy-backs and dividends
- Assessing reverse stock splits
- Communicating better with the Street
- Avoiding unnecessary dilution
- Debating registered vs. unregistered financings
- Weighing RDs vs. CMPOs vs. follow-ons
- Analyzing ATMs vs. equity lines
- Negotiating/administering structured financings
- Mitigating warrant overhangs
- Retaining the right deal lawyers
- Flat fees vs. hourly legal fees
- Cost-effectively purchasing legal
- Choosing the right investment bankers
- Managing bankers – IPOs & follow-ons
- Hiring/managing the right investor
- Selecting the right auditors
Depending upon the situation, TCA works with boards, board committees, and/or management of pre-IPO and small-cap companies with respect to discrete issues or in an ongoing advisory capacity.2
TCA’s compensation is purposely not linked to the consummation of any transactions, so there are no conflicts of interest.
1The market capitalizations of companies advised by TCA vary considerably. For simplicity, the term “small-cap,” as used on this site, incorporates by reference small-cap, micro-cap, and nano-cap companies.
2Almost as important as what TCA does, is what it doesn’t do. TCA doesn’t: raise or find capital for companies, make capital introductions to investors, value or perform any due diligence or analysis with respect to securities, provide advice as to the advisability of buying, holding or selling securities, buy or sell securities, provide advice in connection with restructurings or work-outs, provide legal advice, or provide audit, attest, or public accounting services. TCA is independently owned and operated; it is not a broker-dealer or an investment adviser, and is not directly or indirectly related to any broker-dealers, investment advisers, investment banks, or professional service providers.