Angel Acquisition Corp (fka AGEL)

[knoxweb1]

Secondary markets have grown increasingly popular as funding sources, in part because requirements imposed by the 2002 Sarbanes-Oxley Act and last year’s Dodd-Frank Act have made accessing public markets more expensive. The trend has spawned new exchanges for unregistered shares, including New York-based SecondMarket Inc., San Bruno, California-based SharesPost Inc., San Mateo, California-based Xpert Financial Inc. and New York- based Gate Technologies LLC.

Trading on those exchanges is reserved for so-called accredited investors -- people with at least $1 million in assets or $200,000 in annual income -- and a basic premise of securities laws is that they are sophisticated enough to fend for themselves without regulators’ protection.