There are tons of restrictions on public companies that don't apply to companies that are still private. Too many to list, but these include disclosure requirem

There are tons of restrictions on public companies that don't apply to companies that are still private. Too many to list, but these include disclosure requirements (10-K, 10Q, 8-K...), restrictions on who can be on the board, regular independent financial audits, SOX compliance scope, CEO+CFO certifications, shareholder proposal requirements, listing requirements+fees, etc. The restrictions are enough of a pain (especially the disclosure requirements since most companies would prefer their competitors not knowing their financial state) that it isn't uncommon to see a private company put off an IPO for a super long time.