WestPark Capital Research
Advisory Approach
WestPark Capital is a FINRA-registered broker-dealer (CRD#39914) founded in 1999 by Richard Rappaport, primarily focused on capital markets transactions rather than traditional M&A sell-side advisory. The firm specializes in taking emerging growth companies public through IPOs, executing private placements, registered direct offerings, and PIPE transactions. WestPark has completed 200+ capital raises and public offerings over its 25+ year history, establishing itself as a consistent participant in the small-cap and microcap public markets.
The firm operates with a thesis centered on emerging growth sectors—particularly healthcare, biotechnology, technology, and specialty consumer products—where they help companies access public capital markets through institutional-quality underwriting and placement services. Their sweet spot is microcap and small-cap companies seeking $5M-$75M in capital, with particular expertise in bringing foreign companies (especially Chinese firms) to U.S. markets and healthcare/biotech IPOs.
Sector Focus
WestPark Capital's transaction history demonstrates deep expertise in healthcare services, biotechnology, and medical devices. Recent transactions include Picard Medical ($50M financing), iSpecimen (multiple rounds totaling $7.75M), and Ideal Power ($14M CMPO as financial advisor). The firm has also been active in technology, particularly lidar and sensors (MicroVision $43M private placement + $8M registered direct, Innoviz $40M), software and digital services (Bridgeline Digital $2.2M, Infobird $25M IPO), and e-commerce/fashion technology (Star Fashion Culture $8.6M IPO).
Deal Track Record
WestPark has been highly active in capital markets transactions from 2024-2026. Recent completed financings include MicroVision's $43.0 million private placement (March 2026), Ideal Power's $14 million CMPO where WestPark served as financial advisor (March 2026), Picard Medical's $50 million financing (December 2025), and Safe & Green Holdings' up to $50 million convertible preferred stock offering (November 2025). In 2025 alone, the firm completed IPOs for Brag House Holdings ($5.9M), OneConstruction Group ($7M), Jinxin Technology ($5M), Star Fashion Culture Holdings ($8.6M), JIADE Limited ($8M), CDT Environmental Technology ($6M), and Wetouch Technology ($10.8M). The firm has also completed multiple registered direct offerings and ATM facilities, demonstrating consistent deal flow across market conditions.
Process & Fee Structure
WestPark operates primarily as an underwriter and placement agent, earning fees through underwriting discounts and placement commissions typically ranging from 5-8% of capital raised, depending on transaction size and complexity. For private placements and registered direct offerings, the firm generally acts as exclusive placement agent, earning structured placement fees. The firm also maintains a full-service brokerage and wealth management division, providing additional revenue diversity. Unlike traditional sell-side M&A advisors, WestPark does not typically charge retainers—their compensation is success-based on completed capital raises.
Buyer Network
As a capital markets firm, WestPark's network consists primarily of institutional investors, family offices, hedge funds, and accredited investors who participate in their PIPEs, private placements, and IPOs. The firm has relationships with retail brokerage networks through its clearing arrangement with Axos Clearing, LLC. For transactions where they act as financial advisor rather than placement agent, they coordinate with other investment banks serving as lead underwriters or bookrunners.
Competitive Positioning
WestPark differentiates itself through consistent execution in the microcap/small-cap space where many bulge bracket firms do not operate. The firm has developed particular expertise in bringing international companies—especially Chinese firms—to U.S. markets, with dozens of cross-border IPOs completed over the past decade. Their healthcare and biotechnology practice is another differentiator, with multiple MDs including Dr. John Armstrong (35+ years life sciences experience) and Dr. Morten Marott (biotech/pharma focus). The firm's 25+ year track record through multiple market cycles provides stability and credibility that newer entrants cannot match.
Not a Fit If
WestPark Capital is not an ideal fit for founders seeking traditional M&A sell-side advisory to sell their business to a strategic or private equity buyer. The firm does not run broad M&A processes, identify acquirers, or negotiate sale transactions—those services are better served by boutique M&A advisors. Additionally, companies seeking capital raises above $100M may find WestPark's institutional reach limited compared to larger mid-market banks. The firm is also not suited for companies not ready to consider public markets or institutional financing structures.
Team
The firm is led by Founder & CEO Richard Rappaport, who has 33+ years in small-cap investment banking. Key team members include: Robert Schultz (Managing Director, Investment Banking), John McAuliffe (Managing Director, Investment Banking, focused on Asian companies), Dr. John M. Armstrong (Head of Healthcare Banking, 35+ years life sciences), Yaniv Tesler (Managing Director, two decades investment banking and private equity experience), Dr. Morten Marott (Managing Director, biotech/pharma focus, 25+ years transactional experience), Brandon Ross (Senior Managing Director, Head of Placements, 30 years financial services), Jason Stern (Chief Operating Officer & Syndicate Manager, 30+ years experience), Dr. Ed Arce (Senior Research Analyst, Biotechnology), and Russell Holub (Managing Director, Institutional Sales & Trading, formerly Bear Stearns). The firm employs 25+ investment banking professionals across its Los Angeles headquarters and regional offices.
Geographic Coverage
Headquartered at 1900 Avenue of the Stars, Suite 310, Los Angeles, CA 90067, with additional offices in Boca Raton, FL; Newport Beach, CA; New York, NY; and international partner offices in Shanghai, Hong Kong, Taipei, and Istanbul (non-FINRA registered operations). The firm's clearing arrangement is with Axos Clearing, LLC in Omaha, NE.