But in fact they are IPOing on the NYSE using the new regulation that just changed: http://ww2.cfo.com/regulation/2015/03/sec-approves-new-rules-for-ipo-lite-o

But in fact they are IPOing on the NYSE using the new regulation that just changed: http://ww2.cfo.com/regulation/2015/03/sec-approves-new-rules-for-ipo-lite-offerings-regulation-a/ http://ww2.cfo.com/regulation/2015/03/sec-approves-new-rules... https://www.sec.gov/Archives/edgar/data/1594805/000119312515129273/d863202df1.htm https://www.sec.gov/Archives/edgar/data/1594805/000119312515... "We qualify as an “emerging growth company” pursuant to the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of specified exemptions from various requirements that are otherwise applicable generally to public companies in the United States. These provisions include:" And yes the advantage is that you open up emerging companies to retail investors. The problem is the tech industry's history with small companies and retail investors is not so great, I would say the danger outweights the benefits.