First Black-Owned U.S. Stock Exchange to Open Next Year
The world of securities trading is about to get a new player: The Dream Exchange -- advertised as the first minority-owned stock exchange in the U.S. -- is preparing to open for business in 2021.
Founded in 2018, the Dream Exchange is a partnership between Joe Cecala, a veteran securities lawyer, and Cadiz Capital, a majority Black-owned mergers-and-acquisitions boutique based in St. Louis.
A key mission of the exchange will be to provide a market in which minority-owned businesses can raise capital. It believes that small initial public offerings -- those under $50 million in total -- can be a driver of the economy, but they have essentially vanished in favor of much higher-ticket issues. This has also impacted minority-owned businesses, as many of these that would want to go public would have IPOs falling into the sub-$50 million category.
Source Fool.com
