There are 3 ways that a company can go public: a traditional IPO, a Dutch auction (Google being the prime example), or a direct listing.

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Graphic: Sarah Grillo/Axios

Between the lines: There's a catch with direct listings, however: The way that SEC regulations are currently set up, companies can't raise any money that way. The question, asks Axios' Dan Primack, is whether that can change, with corporations issuing stock into a direct listing. His answer: Yes, probably.

  • The highest hurdle would be finding a company that wants to do it. Most companies don't want the hassle of working out all the complications with SEC officials.
  • The most likely candidate: Airbnb is going public in the next year, more likely in Q1 2020 than in Q4 2019. It's unclear whether CFO Dave Stephenson has the appetite to blaze a new trail.

The bottom line: Just because it can be done doesn't mean it will be done. VC-backed unicorns rarely extend their "disruption" philosophy to their own securities.

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Updated 35 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 12,128,406 — Total deaths: 551,552 — Total recoveries — 6,650,675Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 3,088,913 — Total deaths: 132,934 — Total recoveries: 953,420 — Total tested: 36,979,745Map.
  3. Public health: More young people are spreading the virus Cases rise in 33 statesFlorida reports highest single-day death toll since pandemic began.
  4. Science: World Health Organization acknowledges airborne transmission of coronavirus.
  5. 1 🐂 thing: How the world could monitor for potential pandemic animal viruses.

More young people are getting — and spreading — the coronavirus

Illustration: Annelise Capossela/Axios

More young people are being infected with the coronavirus, and even though they're less likely to die from it, experts warn the virus' spread among young adults may further fuel outbreaks across the United States.

Why it matters: Some people in their 20s and 30s face serious health complications from COVID-19, and a surge in cases among young people gives the virus a bigger foothold, increasing the risk of infection for more vulnerable people.

Judge asks full appeals court to review panel's dismissal of Flynn case

Photo: Alex Wroblewski/Getty Images

D.C. District Judge Emmet Sullivan on Thursday petitioned for the full D.C. Court of Appeals to rehear a three-judge panel's decision to order the dismissal of the case against former national security adviser Michael Flynn.

Why it matters: The panel's 2-1 decision could be overturned by the full 11-judge appeals court if it decides to take up the en banc review.