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Private Investment in Public Equity (PIPEs) Securities and Exchange Commission (SEC)

DarrowEverett LLP

SEC’s New Rules Give SPACs, Target Companies Much to Consider

DarrowEverett LLP on

On January 24, 2024, the U.S. Securities and Exchange Commission (the “SEC”) adopted new final rules relating to special purpose acquisition companies (“SPACs”). The new rules affect both initial public offerings (“IPOs”) for...more

Troutman Pepper

Going Public? For Life Sciences Companies, Pivoting in a Down Market

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As part of their growth strategy, private biotech and pharmaceutical companies often seek to raise capital through initial public offerings (IPOs). In addition to raising capital, an IPO can give a life sciences company a...more

Skadden, Arps, Slate, Meagher & Flom LLP

Despite Slowdown in SPAC Activity, Opportunities Remain

Key Points - The first half of 2022 experienced a slowdown in SPAC activity when compared to recent years. Only 77 de-SPAC M&A deals were announced in the first half of 2022, compared to 167 de-SPAC transactions in the same...more

Troutman Pepper

SEC Targets SPAC Conflicts of Interest

Troutman Pepper on

On September 6, investment advisory firm Perceptive Advisors LLC (Perceptive) agreed to a cease-and-desist order with the U.S. Securities and Exchange Commission (SEC) for failing to disclose alleged conflicts of interest...more

Bass, Berry & Sims PLC

Reverberations Felt from SEC’s SPAC Proposal Even Before Rules Are Adopted

In March 2022, the Securities and Exchange Commission (SEC) proposed sweeping new rules to regulate the disclosures and liabilities associated special purpose acquisition companies (SPACs). The proposing release is available...more

Woodruff Sawyer

SPAC Market in Limbo: Takeaways from the Annual SPAC Conference

Woodruff Sawyer on

About 600 SPAC market participants came together June 15-16 to discuss latest developments, trends, worries, and innovations at the annual SPAC Conference organized by DealFlow Events....more

White & Case LLP

2021: A spectacular year for SPACs

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Last year was nothing short of a rollercoaster ride for the SPAC market. While SPACs have long been a feature of financial markets, 2021 began with explosive growth in new listings, followed by a rapid cool-off in the second...more

Skadden, Arps, Slate, Meagher & Flom LLP

Needs of Strategics, PE Firms and SPACs Led to Record US M&A Levels, Likely To Sustain Dealmaking in 2022

Takeaways - The record level of M&A in 2021 was widely dispersed across industries and was driven by the strategic needs of companies to add technology and adapt to the pandemic, and was supported by strong markets. ...more

Goodwin

SPAC 2021 Year-End Review and 2022 Preview: Tailwinds, Headwinds, and Regulatory Landscape

Goodwin on

The SPAC market has withstood many challenges throughout 2021, including softening of the private investment in public equity (PIPE) market for a majority of the year after a very robust first quarter for initial business...more

Cooley LLP

Gensler on SPACs: treat like cases alike

Cooley LLP on

What could Aristotle possibly have to say about SPACs? In remarks on Thursday before the Healthy Markets Association, SEC Chair Gary Gensler shared his thoughts on the regulation of SPACs with a theme drawn from antiquity:...more

Cooley LLP

2021 Update: 10 Key Considerations for Going Public with a SPAC

Cooley LLP on

It is a reasonable extrapolation – and we are nothing at Cooley if not wildly reasonable – that, since the beginning of time, more operating companies are considering going public through a merger with a SPAC (Special Purpose...more

Morgan Lewis

Important Considerations for SPAC Investments in the Automotive and Mobility Sectors

Morgan Lewis on

Special purpose acquisition companies (SPACs) have been around for decades, but have grown in size and prominence in recent years. Last year, 237 SPAC IPOs raised approximately $80 billion. Q1 2021 eclipsed that entire year’s...more

Mayer Brown Free Writings + Perspectives

What’s the Deal? – Rule 144A

What’s the Deal? An ATM offering is a follow-on offering of securities utilized by publicly traded companies in order to raise capital over a period of time. In an ATM offering, an issuer sells newly issued shares into...more

Cooley LLP

Blog: Early SEC Enforcement Trends from Chairman Gary Gensler’s First 100 Days

Cooley LLP on

Gary Gensler was sworn in as chair of the Securities and Exchange Commission on April 17, 2021. Chairman Gensler has promised to strengthen transparency and accountability in the financial markets. Under Chairman Gensler, we...more

Farrell Fritz, P.C.

“Do Your Homework!”: SEC Order Sends Strong Message to SPAC Participants on Due Diligence

Farrell Fritz, P.C. on

The Securities and Exchange Commission announced on July 13, 2021 that it settled fraud charges against a special purpose acquisition company, its sponsor, its sponsor’s CEO and its proposed merger target for making...more

Proskauer - Corporate Defense and Disputes

SEC Chair Gensler Testifies on “Unprecedented Surge” in SPACs

SPACs remain on everyone’s mind, especially the country’s chief regulator. On May 26, 2021, SEC Chair Gary Gensler testified before the U.S. House Subcommittee on Financial Services and General Government on “key capital...more

Perkins Coie

SEC Speaks Out on SPACs

Perkins Coie on

When a significant volume of capital is raised from investors through nontraditional capital markets transactions, the U.S. Securities and Exchange Commission (SEC) is sure to follow with increased scrutiny. The SEC made that...more

Proskauer - The Capital Commitment

Top Ten Regulatory and Litigation Risks for Private Funds in 2021

The regulatory and litigation risks for private funds are greater than at any time since the financial crisis in 2008. Just a few examples prove the point: the pandemic (which caused extraordinary volatility in revenues and...more

Skadden, Arps, Slate, Meagher & Flom LLP

SPACs: Reshaping M&A and IPOs for European Companies

Special purpose acquisition companies (SPACs), also referred to as “blank check” companies, have reached record numbers in the United States, with 242 SPACs conducting an initial public offering (IPO) on either NYSE or Nasdaq...more

Proskauer - Corporate Defense and Disputes

SPACs Explained, in Five Minutes or Less

In the financial world, 2020 was the year of the SPAC. During the past few years, many Silicon Valley start-ups were chomping at the bit to get listed and cash out via initial public offering (IPO). And in 2020, over half of...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Year of the SPAC

Transactions by special purpose acquisition companies, or SPACs, exploded in 2020, resulting in a 320% increase in the number of SPAC initial public offerings (IPOs) compared to 2019. SPACs have been around for 15 years and...more

Vinson & Elkins LLP

Alternative Routes To Going Public: Initial Public Offering, De-SPAC Or Direct Listing

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Private companies go public for a variety of reasons, including: •raising capital- •providing liquidity for existing owners- •establishing publicly traded currency for acquisitions... ...more

Cooley LLP

Blog: 10 Key Considerations for Going Public with a SPAC

Cooley LLP on

It is a reasonable extrapolation – and we are nothing at Cooley if not wildly reasonable – that more operating companies are considering going public through a merger with a SPAC (commonly referred to as a backdoor IPO) since...more

Proskauer Rose LLP

NYSE Facilitates Private Financing to Assist Public Companies through the COVID-19 Period

Proskauer Rose LLP on

SEC Approves Temporary Waiver of NYSE Shareholder Approval Rules to Provide Companies Additional Flexibility to Raise PIPE Financing - On April 6, 2020, the Securities and Exchange Commission (the “SEC”) announced the...more

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