Large companies heading toward an IPO usually have entire teams devoted to getting them ready. Smaller issuers rarely do, and that imbalance is the problem Gregg Jaclin set out to solve, according to reporting by BBN Times on the micro-cap listing market.

In the micro-cap segment, companies are generally valued under $150 million and raise $20 million to $30 million. Investment banks working at that level are compensated when deals close, which leaves little incentive to spend months on preparation. As a result, readiness work is frequently left to the final weeks before a filing. Jaclin, whose background is profiled on his personal website, saw that gap firsthand.

“There really was a void in the marketplace where the bankers weren’t really doing this, the attorneys weren’t doing it, they were just focused on what they need to do,” he said.

His answer was the listing advisory firm Exchange Listing LLC, a firm that works with companies on IPOs, uplistings, SPAC mergers, and direct listings on NASDAQ and NYSE. Its work covers the less visible parts of going public: independent board composition, employment agreements, stock option plans, valuation, how much capital to raise, and the narrative a company presents to investors.

The need for that support has grown. NASDAQ’s Rule IM-5101-3, adopted in December 2025, allows the exchange to deny listings based on qualitative factors even when numerical standards are met. Lucosky Brookman LLP has described a listing environment that now rewards transparent ownership, credible governance, and experienced advisers. The exchange’s qualitative review weighs factors such as board composition, ownership concentration, and adviser track records.

Jaclin has also adapted by offering alternatives. When traditional IPO paths slowed, he helped clients move toward SPAC mergers or direct listings, and he recently launched Emmis Acquisition Corp to focus on high-growth ASEAN companies.

He argues that tighter standards will lead to a healthier market. For micro-cap companies weighing a listing, the message from the micro-cap listing advisor is that raising money is only one piece of becoming a successful public company.