I think that your intentions are good, but approach may be off a bit. I agree that the SEC does protect investors and markets, but I do not agree that a company should be in the black before they IPO.
I think that your main concern is the public market funding VC capital returns. If so, then a more reasonable approach to prevent public market exploitation may be to require a lock up period for investors for a certain amount of time (not sure how you would determine this...) similar to how employees are often beholden to lock up periods post IPO.
I think that your main concern is the public market funding VC capital returns. If so, then a more reasonable approach to prevent public market exploitation may be to require a lock up period for investors for a certain amount of time (not sure how you would determine this...) similar to how employees are often beholden to lock up periods post IPO.