News & Analysis as of

Initial Public Offerings

PTAB Chief Judge Discusses Post-grant Review Statistics at IPO Meeting

The value of the post-grant review programs (post-grant review, inter partes review, and covered business methods review) has been debated since these provisions were enacted as part of the Leahy-Smith America Invents Act in...more

Venture Capital Valuations

In a recent paper, “Squaring Venture Capital Valuations with Reality,” authors Will Gornall and Ilya A. Stebulaev review and consider valuations for a sample of unicorns. The valuations are on average 49% above fair value...more

Snap Judgment: Unicorns Under Pressure and Addressing Risks of Private Lawsuits

The recent IPOs of Snap, Inc. and Blue Apron indicate that while the IPO pipeline continues to flow, there may be a cautionary tale for “unicorns” – venture-backed companies with estimated valuations in excess of $1 billion....more

A Conversation with the Division Director

At the September 15, 2017 meeting of the American Bar Association, the Director of the Division of the SEC’s Corporation Finance provided some comments regarding the Division’s work and priorities. Mr. Hinman reiterated the...more

Go West? What the NYSE Has to Offer for Gulf IPOs

by Bracewell LLP on

Saudi Aramco’s planned IPO has put the region’s companies in sharp focus for global investors. As GCC nations continue to experience shifts in economic activity, including less government spending, more companies (both state...more

Ten early-stage legal missteps that may come back to haunt a company’s sale or IPO

by Bryan Cave on

In the fast-paced, high-stakes and high-pressure world of startups, financial resources are scarce. Time is of the essence. Product and business development are high priorities....more

2017 Mid-Year Technology and Life Sciences IPO Report

Wilson Sonsini Goodrich & Rosati’s 2017 Mid-Year Technology and Life Sciences IPO Report presents key data related to the pricing of 26 U.S.-based technology and life sciences issuers between January 1 and June 30, 2017. Just...more

SEC Extends IPO Accommodations by Permitting Exclusion of Interim Financial Information in Confidential Draft Registration...

by Shearman & Sterling LLP on

On August 17, 2017, the SEC’s Division of Corporation Finance issued guidance further extending an important accommodation provided to companies contemplating going public. Under the updated guidance, all issuers, including...more

SEC Reduces Financial Information Requirements for Draft Registration Statements

On August 17, 2017, the Securities and Exchange Commission (SEC) updated its June 29, 2017 guidance on the confidential review process for draft registration statements and financial information that may be omitted from draft...more

SEC Expands Nonpublic Draft Registration Statement Processing Procedures

by Fox Rothschild LLP on

Beginning July 10, 2017, the Division of Corporation Finance of the Securities and Exchange Commission (SEC) will permit all companies to submit draft registration statements relating to initial public offerings (IPOs) for...more

Roundtable on Access to Capital Letter

The IPO Task Force seems to have come together again. The Center for Capital Markets released a letter dated August 22, 2017 addressed to the Treasury Secretary setting out a few suggestions, which are quite similar to those...more

SEC Expands Confidential Review of IPO Registration Statements

The SEC announced earlier this summer (and supplemented that announcement late last week with additional information) that it has expanded the availability of its popular procedure for confidential non-public review of, and...more

SEC Staff Issues New C&DIs Clarifying Financial Information Required for Draft Registration Statements

On August 17, 2017, the Securities and Exchange Commission (SEC) Staff issued new Compliance and Disclosure Interpretations (C&DIs) that clarify the financial information that Emerging Growth Companies (EGCs) and non-EGCs may...more

Corporate Finance Alert: SEC Issues New Guidance on Draft Registration Statements, Including Omission of Interim Financial...

On August 17, 2017, the staff (Staff) of the Securities and Exchange Commission (SEC) issued new guidance that will streamline significantly the confidential submission process for emerging growth companies (EGCs) and...more

SEC Updates IPO Guidance: Issuers can Omit Interim Financial Information that will be Superseded

by Locke Lord LLP on

On August 17, 2017, the Securities and Exchange Commission (“SEC”) updated its guidance with respect to interim financial information that issuers may omit from draft registration statements. Under the updated guidance, both...more

Update to Registration Statement Processing Procedures

The Staff of the SEC also recently updated the procedures relating to nonpublic review of draft registration statements. Specifically, the following guidance was added...more

Blog: Corp Fin supplements information regarding expanded process for confidential filing of IPO registration statements

by Cooley LLP on

On August 17, 2017, the SEC supplemented the information in its June 29 announcement regarding its expanded draft registration statement processing procedures, which allowed companies that were not emerging growth companies...more

News Round Up - August 2017

by Morrison & Foerster LLP on

SEC Permits Draft Registration Statements for All Initial Public Offerings and Direct Listings - On June 29, 2017, the Securities and Exchange Commission (SEC) announced that the Division of Corporation Finance will permit...more

Confidentially Speaking, This Could be a Big Deal: The Commission’s Approach to Confidential Submissions

Even amidst all the other news crowding the headlines these days, it would be hard to miss the many stories discussing the U.S. initial public offering (“IPO”) market. By now, the trends are well-reported. Many promising U.S....more

Blog: Decline in IPOs—blame Dodd-Frank?

by Cooley LLP on

A frequent lament these days is the decline in the number of IPOs and public companies generally, with much of the discussion—particularly at the agency and Congressional levels—focused on the adverse impact of increased...more

It’s Back: NYSE Amends Proposal Allowing Listing Without IPO

On July 31, 2017, the NYSE amended its proposal, originally issued on March 13, 2017 and then withdrawn on July 19, 2017, to modify its listing qualifications to facilitate direct offerings. Section 102.01B of the NYSE Listed...more

Blog: Q2 2017 Quarterly VC Update: Hans Tung on the State of Venture Capital Investing

by Cooley LLP on

In conjunction with our Q2 Venture Financing Report, I sat down with Hans Tung managing partner at GGV Capital, to get his take on the current state of venture capital investing. A few highlights from Hans: On...more

Non-Public Review of Registration Statements

by King & Spalding on

On July 10, 2017, the SEC’s Division of Corporate Finance started accepting confidential submissions for draft registration statements for all initial public offerings (IPOs) for non-public review. Previously, in connection...more

Changes From the SEC: Confidentiality is Key

In a recent effort to foster increased public offering activity, the U.S. Securities and Exchange Commission (SEC) announced on June 29, 2017 that it will permit all companies to submit voluntary draft registration statements...more

What Startups Need to Know About the Revised Reg D

Startups need funding, and most startups want to raise money with as little legal red tape as possible. But when a startup takes investment money, it is issuing securities, and federal securities laws generally require a...more

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