After a record-breaking year for initial public offerings (IPOs) and special-purpose acquisition companies (SPACs) in 2021, the market began slowing down significantly in 2022 amid various challenges, including volatile markets; geopolitical conflicts; inflation; and supply chain issues. The capital markets have continued to remain slow into 2023. In light of such challenges, private companies continue to evaluate the methods used to go public. Such methods include a “traditional” IPO, in which a private company sells its equity in a public underwritten offering. However, over the past several years, nontraditional IPOs have become more popular. Rather than undertaking traditional IPOs, many private operating companies choose to merge with SPACs to raise capital or use other financing alternatives, such as direct listings, which have also become more frequent. Companies can also go public by registering debt securities, distributing shares in a spin-off transaction, or registering securities issued by real estate investment trusts (REITs).