Initial Public Offering

News & Analysis as of

M&A Team News - January 2016

Here is a look back at the top M&A developments that affected deal-making last year and a look forward to our expectations for 2016....more

SEC Further Enhances the IPO On-Ramp

The SEC’s rule changes further streamline the pathway for many companies to conduct their initial public offerings and reduce the burdens associated with their subsequent SEC periodic reporting obligations. On January...more

A Guide to AIM: The Junior Market of the London Stock Exchange

AIM is the junior market of the London Stock Exchange, and has become a leading market for companies all over the world to raise funds for growth and development. The number of companies trading on AIM as of December 2014 was...more

The Effect of Companies’ Late Stage Venture Financings on Their IPOs 2014 - 2015

To better understand the effect that the terms and valuations of late stage financings are having on IPOs, we undertook an analysis of the 41 US-based technology companies that went public in 2014-2015 and that had undertaken...more

SEC Adopts Rules Implementing FAST Act Provisions

The U.S. Securities and Exchange Commission (SEC) recently approved interim final rules implementing two provisions of the Fixing America’s Surface Transportation (FAST) Act that ease the financial statement disclosure...more

December 2015 IPO Market Review

The December IPO market produced a pair of new offerings. Only once in the preceding 15-year period has the month of December seen a lower IPO count, as 2008 failed to produce a single IPO for the month in the midst of the...more

Pre-IPO Companies Cannot Protect Non-Classified Directors from Removal Without Cause

One of the fundamental issues that companies preparing for an IPO must consider is the type of corporate governance mechanisms to put in place after their IPO. Under Delaware law, public companies can have a classified board,...more

Digital health funding hits $4.3 billion in 2015

A new report from Rock Health states that digital health funding in 2015 reached $4.3 billion from 180 merger and acquisition deals in the past year, primarily with IPOs in the first half of 2015. This represents 7 percent of...more

Orrick Technology IPO Insights - Q3 2015

For initial public offerings, particularly those of technology companies, the second half of 2015 got off to a slow start and the pace has continued to be sluggish into December. Please see full Publication below for...more

Need for Speed: The FAST Act Impacts Securities Laws

On December 4, 2015, President Obama signed a five-year transportation bill, the Fixing America’s Surface Transportation, or FAST Act. While the 490-page act, which received broad bi-partisan support, is designed to free up...more

President Signs FAST Act (Updated December 10, 2015)

The President has signed the FAST Act into law. As previously discussed, this transportation bill contains several measures that modify the JOBS Act or otherwise relate to capital raising for emerging growth companies,...more

The ABCs of SPACs: Canadian Experience

While market uncertainty and volatility have affected other sectors of Canadian capital markets, the Canadian Special Purpose Acquisition Corporation (SPAC) market has continued to thrive in the second part of 2015. Since...more

Changes to the JOBS Act and SEC Disclosure Requirements

Last Friday, President Obama signed into law the Highway Transportation Bill, otherwise known as the FAST Act. Among its many provisions, the Act includes changes to the JOBS Act, changes to SEC disclosure requirements and a...more

Blog: President Signs FAST Act

The President has signed the FAST Act into law. As previously discussed, this transportation bill contains several measures that modify the JOBS Act or otherwise relate to capital raising for emerging growth companies,...more

Blog: Provisions To Modify The JOBS Act And Otherwise Benefit Smaller Companies Survive Conference And Will Soon Be Up For Vote

As discussed in this PubCo post, HR 22, now called the “FAST Act” – it was the “DRIVE Act” and before that the “Hire More Heroes Act” – is not just about transportation and highways (as important as that may be). Buried in...more

ISS Updates Equity Plan Scorecard and Governance QuickScore

ISS has issued a series of 26 FAQs on its Equity Plan Scorecard, or EPSC. The basic EPSC policy has not changed, but effective for meetings as of Feb. 1, 2016, the FAQs state the following adjustments will apply to EPSC...more

Crowdfunding Regulations

On October 30, 2015, the Securities and Exchange Commission (SEC) adopted final crowdfunding rules. More than two years after the publication of the proposed crowdfunding rules, the SEC approved regulations that permit...more

California District Court Holds Class Action Alleging Securities Act Claims Not Removable Under SLUSA

The United States District Court for the Northern District of California recently clarified the criteria for removal of a securities class action filed in state court under the Securities Act of 1933, 15 U.S.C. §§ 77a, et...more

Investing in the Next “Big Thing” Just Got Easier – SEC Promulgates New Crowdfunding Rules

On October 30, 2015, the United States Securities and Exchange Commission (“SEC”) moved forward in implementing Title III of the JOBS Act and adopted new rules permitting companies to offer and sell securities to all...more

SEC Adopts Rules to Permit Crowdfunding: Proposes Amendments to Existing Rules to Facilitate Intrastate and Regional Securities...

On October 30, the Securities and Exchange Commission adopted final rules under Title III of the JOBS Act (“Regulation Crowdfunding”) to permit a company to offer and sell securities through crowdfunding transactions that...more

They've Arrived: Long-Awaited Federal Crowdfunding Rules Adopted by SEC

On October 30, 2015, the U.S. Securities and Exchange Commission (SEC) voted three to one to adopt equity crowdfunding rules pursuant to Title III of the Jumpstart Our Business Startup Act of 2012 (JOBS Act)....more

Consider Refreshing Your Existing SEC Disclosure

As the fiscal year wraps up and SEC registrants begin to think about their 10-K and proxy, this is a good time for businesses to refresh their disclosure and to consider whether language that reappears annually still...more

ISS Launches 2016 Benchmark Policy Consultation

ISS has made available for public comment certain proposed voting policies for 2016. In the United States ISS has proposed policies relating to unilateral board actions, director overboarding and compensation at...more

What's Market? Update: Securities

Amendments to Regulation A adopted by the SEC to comply with a mandate in the JOBS Act took effect on June 19, 2015. Regulation A as amended (often referred to as “Regulation A+”) expands the maximum aggregate amount that...more

Blog: A “Public Benefit Corporation” Takes The IPO Plunge

As previously discussed on this blog, , a few companies have gone public as “Certified B Corporations,” but now we apparently have the first company to file for its IPO as an actual Delaware “public benefit corporation”...more

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