News & Analysis as of

8 IPO Market Trends in Honor of the JOBS Act's Second Anniversary

Two years ago, the JOBS Act became law. Title I of the JOBS Act significantly changed the IPO playbook, creating a new category of issuer called an emerging growth company (EGC) and rewriting the rules for EGC IPOs. We...more

The JOBS Act, Two Years Later: An Updated Look at the IPO Landscape

Two years ago, the Jumpstart Our Business Startups (JOBS) Act became law. Title I of the JOBS Act significantly changed the IPO playbook, creating a new category of issuer called an emerging growth company (EGC) and rewriting...more

Testing the Waters

An issuer that is considering or that has commenced an initial public offering (“IPO”) should take special care to familiarize itself with the communications rules applicable to offerings....more

The plus side of Reg A

To date, the Jumpstart Our Business Startups Act (the JOBS Act) is best known for legalizing securities crowdfunding (better called ‘crowd investing’), lifting the ban on the mass marketing of private offerings, and fostering...more

"The JOBS Act: The Resurgent IPO Market and What We Learned in Year Two"

Almost two years have passed since the Jumpstart Our Business Startups Act (the JOBS Act) was signed into law to ease regulatory burdens on smaller companies and facilitate public and private capital formation. The provisions...more

"Will 2014 Be the ‘Year of the Foreign Private Issuer’?"

Experience in 2013 has shown that U.S. securities exchanges are once again becoming increasingly popular venues for listings by non-U.S. companies. The number of non-U.S. companies that conducted initial listings in the U.S....more

Anti-Dilution Provisions – A New Twist

We are all familiar with the modified ratchet and full ratchet anti-dilution provisions that relate to subsequent down rounds in the financing of start-up and emerging growth companies. A new twist on anti-dilution...more

The Short Field Guide To IPOs

The emerging growth Company - The JOBS Act created a new class of issuer: the emerging growth company (EGC). An EGC is defined as an issuer with total annual gross revenue of less than $1 billion during the most recent...more

The baby, the bathwater and BDCs

We have written a fair bit about business development companies and the important role that they serve as alternative capital providers. During the financial crisis and in the immediate aftermath of the financial crisis,...more

JOBS Act: Confidential Submissions

The Jumpstart Our Business Startups Act (the “JOBS Act”) was signed into law to facilitate capital raising by reducing certain initial public offering (“IPO”) and reporting requirements for Emerging Growth Companies. An...more

IPO On-Ramp - Smoothing the Road to an IPO

Highway on-ramps: you’ve probably driven on them thousands of times and never given them another thought. But it turns out that they are marvels of engineering. In this installment we are summarizing a legislative marvel: the...more

Jaffe Sees 'A Lot' of IPOs in 2013 'Pipeline' [Video]

Mar. 26 (Bloomberg) -- Marc Jaffe, co-chair of the Global Capital Markets Practice Group at Latham & Watkins LLP, talks with Bloomberg Law's Spencer Mazyck about the global outlook for the 2013 IPO market. Jaffe, in this...more

SEC Approves FINRA Amendments to Implement JOBS Act Changes Regarding Research Quiet Periods and Analyst Participation in Pitch...

On October 17, 2012, the SEC approved changes to NASD Rule 2711, as administered by the Financial Industry Regulatory Authority (FINRA), and NYSE Rule 472, to bring both rules into compliance with the JOBS Act mandate to...more

FINRA Proposes Rule Changes in Connection with JOBS Act

The Financial Industry Regulatory Authority, Inc. (FINRA) (f/k/a National Association of Securities Dealers, Inc. (NASD)) filed with the SEC proposed rule changes intended to conform to certain requirements of the JOBS Act,...more

More SEC Guidance on Title I of the JOBS Act

The Staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the “SEC”) recently updated its Frequently Asked Questions on Title I of the Jumpstart Our Business Startups Act (“JOBS Act”) to...more

Jumpstart Our Business Startups Act (JOBS Act)

On April 5, 2012, President Obama signed into law the Jumpstart Our Business Startups Act (JOBS Act). The JOBS Act’s stated purpose is to increase job creation and economic growth by improving access to public capital markets...more

Legal Update - June 2012: The JOBS Act: Sure, It’s a Catchy Name, But Will It Boost Capital Formation and Create New Jobs?

On April 5, 2012, President Obama signed into law the Jumpstart Our Business Startups Act (the “JOBS Act”). The full formal name for the legislation: “An Act to increase American job creation and economic growth by improving...more

IPO On-Ramp: The Emerging Growth Company

Originally published in Business Law Today - May 2012. The JOBS Act springs from a belief that smaller companies are the engines of economic growth and job creation. In this view, the decline of the smaller company...more

Current SEC Guidance for “Emerging Growth Companies” Seeking to Take Advantage of JOBS Act

The Jumpstart Our Business Startups Act (the “JOBS Act”) became law in April with a goal of improving access to capital markets and easing compliance burdens for newer and smaller public companies. Among other things, the...more

The JOBS Act: Emerging Growth Companies and the IPO On-Ramp

On April 5, 2012, President Obama signed into law the Jumpstart Our Business Startups Act (the “Act”), a wide-ranging legislative response to the private sector which repeatedly voiced concerns regarding the existence of...more

JOBS Act Gives Confidential Review Option for U.S. Emerging Growth Company IPOs

New guidance outlines key rules for the new confidential review option for initial public offerings by emerging growth companies in the United States. The Jumpstart Our Business Startups Act (also known as the JOBS...more

JOBS Act Eases IPO Process and Public Reporting Requirements for Emerging Growth Companies April 27, 2012

On April 5, 2012, the JOBS Act was signed into law, culminating a bipartisan effort by Congress to ease restrictions on capital raising that have affected and guided companies and investors for decades. The JOBS Act is...more

JOBS Act Means New Funding Opportunities for Start-Ups and Other Small Businesses

On April 5, 2012, President Obama signed the Jumpstart Our Business Startups (JOBS) Act into law. The JOBS Act seeks to reduce securities law burdens on start-ups and small businesses to make capital more accessible. In a...more

JOBS Act to Ease Capital Formation for Public and Private Companies and Reduce Regulatory Burdens on Emerging Growth Companies...

On April 5, 2012, after overwhelming bi-partisan support in Congress but criticism from regulators and investor protection groups, President Obama signed into law the Jumpstart Our Business Startups Act (the JOBS Act). The...more

JOBS Act to Ease Capital Formation for Public and Private Companies and Reduce Regulatory Burdens on Emerging Growth Companies...

On April 5, 2012, after overwhelming bi-partisan support in Congress but criticism from regulators and investor protection groups, President Obama signed into law the Jumpstart Our Business Startups Act (the JOBS Act). The...more

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