Fabry-Pérot Interferometer, SA is a highly successful non-US company known to the world as FPI. FPI is considering doing a debt or equity offering in the United States. What are the key legal issues it, and its underwriters...more
Calendar notes when financial statements go stale for issuers with fiscal years ending December 31, 2024....more
Coming out of the Great Recession, there was a rush by real estate sponsors to raise “blind pool” capital to take advantage of displacement and distress in the real estate market. From 2009 through 2010, 30 new public real...more
On 6 July 2021, the Hong Kong Exchanges and Clearing Limited (the “HKEx”) published its conclusions in response to its concept paper on the introduction of a new IPO settlement platform – Fast Interface for New Issuance...more
In the regular corporate world, the capital structure of a company usually means the ratio between the company’s equity (money the company’s owners invested in it) and debt capital (external funding injected into the company...more
What you need to know about this IPO alternative - On December 22, 2020, the Securities and Exchange Commission (SEC) approved a NYSE rule that permits an issuer, at the time of an initial listing on the NYSE, to conduct a...more
In the News. The Securities and Exchange Commission (SEC) adopted broad exempt offering reforms; the Department of Labor (DOL) finalized a rule, with significant revisions from the original proposal, on ESG investments; the...more
In a House Select Subcommittee meeting on Tuesday, Treasury Secretary Steven Mnuchin called for more Congressional action to provide coronavirus relief and promised a White House initiative to protect renters from eviction....more
The Office of the Advocate for Small Business Capital Formation published its annual report to the Committee on Banking, Housing and Urban Affairs of the U.S. Senate and the Committee on Financial Services of the US House of...more
We Work’s largest investor, SoftBank, is reportedly sketching out plans in which it would drop billions of additional money on the company in return for giving Masa Son control of WeWork “and further sidelin[ing] its founder...more
This guide covers all related information that a securities practitioner needs when working with a Business Development Company (BDC). It provides an overview of the industry and covers applicable securities laws and...more
Jobs Report Friday! Here’s what to look for in the numbers – WSJ and Bloomberg and NYTimes The White House has rolled out its “long-awaited plan” to return federal mortgage giants Fannie Mae and Freddie Mac to the private...more
The SEC is proposing to extend the testing-the-waters ("TTW") accommodation to all issuers, including investment company issuers.1 Citing the dominance of the IPO market by emerging growth companies ("EGCs")2 and evidence...more
According to statistics from Dealogic and the Citi Capital Markets Review and 2019 Outlook, there was a modest decline in 2018 follow-on offering volume compared to 2017. ...more
A recent paper titled, “Why do firms go public through debt issuance instead of equity?” reviews the characteristics of companies that choose to access the public market through debt issuance....more
Last week, we looked at Angola’s near-miss on a $500 million scam stopped at the last possible second by a diligent teller. Today, we consider the plight of Denmark’s Tax Agency, which wasn’t so lucky. Like “$2 billion is...more
In a recent paper titled, “Voluntary Disclosure and Firm Visibility: Evidence from Firms Pursuing an Initial Public Offering,” authors Michael Dambra, Bryce Schonberger, and Charles Wasley review the benefits of pre-IPO press...more
In a recently published Practical Law Capital Markets Global Guide 2018 article, “Equity Capital Markets in the United States: Regulatory Overview,” Counsel Brian Hirshberg and Partners Anna Pinedo and Remmelt Reigersman...more
On June 29, 2017, the SEC announced that starting on July 10, 2017 all companies can take advantage of confidential SEC review of certain registration statements submitted in connection with an IPO. Confidential SEC review...more
White Collar Watch dates itself considerably with its Perry Mason allusion, but its bigger point is an interesting one–good luck finding a true “gotcha” moment when dealing with what are “quintessentially offenses of the...more
The struggle to attract and retain businesses and the jobs they provide has increasingly led to states and cities squaring off against others, with competing tax incentive packages the very real currency of the battle....more
The SEC is set to decide this week whether to okay a new ETF that could provide investors easier access to bitcoin, a potentially transformative move for the virtual currency....more
In this week’s Common Sense entry, James Stewart lets us in on how an entity that loses so much money (Snap) could be worth so much [it gained 44 percent on its offering price in the first day of trading]. The answer is being...more
SoftBank’s been burning up the deal scene in recent months (Fortress, anyone?), and it keeps right on rolling by helping orchestrate the merger of satellite operator and investee OneWeb with Intelsat in a bid to increase...more
It may lack some of the flourish of a BBG missive, but you can be sure that plenty of insiders are paying close attention to Mr. Buffet’s annual letter to Berkshire Hathaway shareholders....more