They don't have to list on a stock exchange, there is just no reason to comply with SEC public sec regs if you aren't going to because they are incredibly arduo

They don't have to list on a stock exchange, there is just no reason to comply with SEC public sec regs if you aren't going to because they are incredibly arduous. They can be sold privately in a bunch of different ways and not necessarily just to accredited investors depending upon how the investment is structured and who it is offered to.