VENU has always been a company with big goals. The company builds, owns, and operates entertainment and hospitality venues across the United States and is on a mission to reinvent the future of live entertainment.
With venues in Colorado and Georgia ranging from legendary restaurants to luxury 8,000-seat amphitheaters, VENU crafts unforgettable entertainment experiences in partnership with their investors thanks to an innovative fan-first ownership structure.
VENU was at an inflection point when they were referred to Grassi in 2023. The Company aimed to go public, but their previous audit firm, a top 20 CPA firm, was getting out of the business of public company accounting. They needed a new partner: a firm that could guide them through the complex journey of becoming a public company while supporting their rapid expansion. They found Grassi, and since then, they haven’t looked back.
Committing to the IPO Process
When Grassi was first brought on board, VENU was pursuing an acquisition in a reverse merger through a publicly traded company. Ultimately, the deal failed to close despite getting relatively far.
VENU’s leadership quickly resolved on a new strategy: to go public via the traditional IPO process. They doubled down on their partnership with Grassi and began completing the compliance activities required to satisfy SEC accounting requirements and launch on the public markets.
From Intention to IPO: How Grassi Supported VENU
After deciding to proceed with a public listing through the S-1 process, VENU expanded its engagement with Grassi. In addition to the regular audits and reviews Grassi had previously conducted, VENU started to undergo much more in-depth PCAOB audits.
Grassi completed an audit for the most recent financial year and a PCAOB audit on the previous year’s financial statements, which VENU’s previous auditors had initially conducted. Grassi streamlined the process, giving VENU a consistent point of contact throughout the audit process.
In addition to conducting PCAOB audits, Grassi’s professionals supported VENU through various other elements of the S-1 process. Grassi provided VENU with:
- Interim reviews
- Comfort letters for VENU’s underwriter
- Consent on S-1s and S-4s
- Assistance addressing SEC comments during multiple rounds of amendments
After months of preparation in partnership with its team at Grassi, VENU raised $13.8 million in late November of 2024. The company’s stock has traded close to its IPO levels in the months since.
On Tuesday, January 21, VENU’s leadership team will travel to New York City to ring the bell on the New York Stock Exchange and celebrate the company’s successful IPO. It’s a milestone event for the Colorado-based company: a proper validation of their unwavering vision to be the premiere fan-founded, fan-owned music and entertainment business.
Grassi’s Lou Pizzileo and Paul Plevritis, who led the engagement with VENU, VENU will join them at the bell-ringing ceremony. Paul comments:
“It’s been a privilege to support VENU in their journey to becoming a public company. Their team has been fantastic to work with, and we’re excited to play a small role in helping them accomplish their goals in reshaping the live entertainment landscape.”
––Paul Plevritis, Audit Manager, Grassi
Heather Atkinson, CFO of VENU, remarked:
“Grassi has provided tremendous support in our process to go public and thereafter. They have been extremely timely and flexible in the needs of our audits and SEC filings. We feel fortunate to have worked alongside them in this entire process.”
––Heather Atkinson, CFO, VENU
Toward the Future: An Ongoing Partnership
VENU has ambitious plans, and at Grassi, we’re delighted to continue supporting them as they navigate their SEC reporting obligations. The company is raising additional capital for exciting new venues in Colorado, Texas, and Oklahoma, offering fans the opportunity to invest in groundbreaking developments and access luxury concert experiences.
Grassi’s ongoing support of VENU underscores our commitment to helping companies navigate the complex IPO process. By combining our technical expertise with a relationship-driven approach and a willingness to go the extra mile, our team served as a trusted partner that helped VENU accomplish its goal of becoming a publicly traded company.
We were proud to support VENU’s transition to a publicly traded company and are honored to have been invited to their bell ringing ceremony. Everyone at Grassi is excited to support VENU in the coming years as they continue expanding into new markets.
