00:00We're joined by Joseph Lukoski, founder and managing partner of Lukoski-Brookman.
00:04Joseph, you know, Anthony was talking about the fact that we've seen a lot of fintechs come to market.
00:09We really have seen a lot of foreign companies come to market as well.
00:14But I imagine we'll be seeing a pretty serious IPO slowdown if this war continues.
00:21Yeah, well, I think really the market is segmented in two facets for me.
00:27So the top end of the market is still having some energy and some backing from institutional players, especially anything
00:33around technology, artificial intelligence.
00:35Obviously, everybody is waiting to see what SpaceX does.
00:38But that's not the case for the lower end of the market, which is the emerging growth market.
00:43You know, in December of 2025, Nasdaq passed some new rules on a discretionary basis to approve these listings, which
00:50has really slowed down, at least temporarily.
00:53The emerging growth market, which accounts for 100 plus IPOs a year and really is starting to recalibrate that market
01:00at a higher level.
01:00So walk us through that.
01:02I mean, what are the new Nasdaq rules?
01:05Why did they pass them and how are they affecting the market?
01:08Right.
01:09So every year, the emerging growth market accounts for 100 plus IPOs.
01:12Last year, in 2025, there were 134 emerging growth IPOs.
01:17101 of them were foreign private issuers, meaning generally came from abroad.
01:22Because of extreme volatility in a number of those IPOs last year, which obviously the exchanges and the Securities and
01:29Exchange Commission don't like,
01:31Nasdaq passed on its own accord new rules that now take into account discretionary factors to approve a company for
01:39listings.
01:39So they're going to look at things like the quality of your management, the quality of your advisors, where you
01:44are located, and really see if you are on a basis worthy to be listed.
01:51Even if you meet all of the qualitative and qualitative listing requirements, they're still going to take a discretionary pass
01:56at your listing.
01:57And that is causing the market to temporarily slow.
01:59All right, Joe, we are running into a break, so we're going to have to cut this short.
02:04But I hope we can get you back, because I know you're overseeing both the transactional and litigation departments at
02:09Lukoski-Brookman.
02:10And it would be fascinating to have a broader conversation on how regulation has changed business during this second Trump
02:18administration.
02:19So, Joseph Lukoski, thanks so much for joining us.
02:21Hope we get you back soon.
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