From my read of FTA, being able to raise money in a direct listing is a new capability: > A company can also sell its shares in the open market to raise capita

From my read of FTA, being able to raise money in a direct listing is a new capability: > A company can also sell its shares in the open market to raise capital following a direct listing without restrictions, typically after it has reported quarterly earnings. Some companies opting for direct listings also choose to raise money before they go public through private fundraising rounds. (i.e. direct listing was restricted to only shares held by not-the-company) > The NYSE now offers companies the option to raise money in a direct listing after the U.S. Securities and Exchange Commission approved it in December.