Investor Bill Ellison, chairman of Cadiz Capital Holding, and securities lawyer Joe Cecala plan to launch the country’s first majority Black-owned stock exchange.
Ellison and Cecala told Built In Chicago’s Nona Tepper that they plan to take their new stock exchange, called the Dream Exchange, public as a listing site later next year. To date, executives from around 6,000 Black-owned businesses have expressed interest in being listed, the outlet reported.
“The Dream Exchange plans to act as a platform for listing companies whose valuation falls below the $40 million minimum listing threshold required by the New York Stock Exchange,” Tepper wrote.
For the Plug In South LA Beat, our regular curation of the innovation and tech news that our team is reading, we take a closer look at how this new stock exchange could break down the institutionalized barriers that Black founders face in accessing capital: