I agree that direct listing aren't in jeopardy. But the points you mention are all symptoms of the low interest rate, tech bubble environment we have been livin

I agree that direct listing aren't in jeopardy. But the points you mention are all symptoms of the low interest rate, tech bubble environment we have been living in for the last few years, where investors have been desperately throwing money at anything that promised a positive yield. Same with cov-lite loans. It's probable that we are entering a period where investors can afford to be more picky. So companies trying to avail of structures and processes that give them more protection at the expense of investors may find their cost of capital is higher. Which is fine! Different processes to suit different issuer and investor risk profiles is no bad thing.