News & Analysis as of

Emerging Growth Companies

Emerging Growth Companies (EGC) are companies with total yearly gross revenues of under $1 billion for the most recently completed fiscal year.  

Regulation Crowdfunding Surpasses $100 Million but Still Needs Reform

by Farrell Fritz, P.C. on

A recent report on the state of Regulation Crowdfunding published by a major crowdfunding advisory firm is cause for both celebration and renewed reform efforts. The $100 million aggregate funding milestone and the prorated...more

Capital Formation Related Bills Pass in the House

A bill, H.R. 3978, that includes various disparate measures passed in the House of Representatives by a vote of 271 to 145. Among the measures included in H.R. 3978 are the Fostering Innovation Act of 2017, about which we...more

China’s Greater Bay Area Puts Hong Kong In The Lead As Super Connector To The World

by Dorsey & Whitney LLP on

China’s open door policy is further opening up to welcome the world for business. The country is now building a landmark megalopolis on its southern coast with the name the “Greater Bay Area” (the “GBA”). ...more

Insights from the Director of the Division of Corporation Finance

Bill Hinman, Director of the Securities and Exchange Commission’s Division of Corporation Finance delivered the keynote address at the Practising Law Institute’s annual Securities Regulation in Europe program. During his...more

Technology and Life Sciences IPO Survey – 2017, Full Year

by Fenwick & West LLP on

This report analyzes key aspects of initial public offerings (IPOs) for technology and life sciences companies that went public in 2017, with emphasis on data from the second half of the year. Our IPO Survey was developed for...more

Depositary Receipt Trends in 2017

Citibank’s recently released year-end report on depositary receipts (DR) reported that in 2017, $15.6 billion of DR capital was raised across 65 deals, which was a 126% year-over-year change in total capital raised versus...more

“Open For Business” Mantra Takes Hold – And SEC Streamlines

Recent developments demonstrate that the SEC Staff is taking to heart the “Open for Business” mantra propagated by political appointees from the recent change in administrations....more

Cybersecurity 101 for Startups

Every business, including startups, has data to protect. So, it’s not really a matter of if, but when an organization will experience cyber and data privacy threats. This post will provide tips on how to proactively protect...more

Reminders for Foreign Private Issuers for the 2018 Annual Reporting Season

by White & Case LLP on

This memorandum outlines certain considerations for foreign private issuers ("FPIs") in preparation for the 2018 annual reporting season. Part I of this memorandum discusses new developments and practical action items for the...more

Breweries, Breweries, Everywhere!

by Bowditch & Dewey on

It’s not your imagination, breweries really are popping up everywhere. In December of 2017, the U.S. Bureau of Labor Statistics released a “Spotlight on Statistics” for the brewing industry. Titled “Industry on Tap:...more

Small & Mid-Cap Public Company Update: 2018 Annual Report and Proxy Season Highlights

by Williams Mullen on

With 2017 being another active year for regulators and governance activists, Small & Mid-Cap Public Companies should be aware of the following changes and trends for the upcoming reporting season....more

2017 Technology and Life Sciences IPO Report

Wilson Sonsini Goodrich & Rosati’s 2017 Technology and Life Sciences IPO Report sets forth data related to 61 U.S.-based technology and life sciences initial public offerings that priced between January 1 and December 15,...more

ThinkingCapMarkets Podcast – Directly to a National Securities Exchange: Direct Listings

In June 2017, the SEC’s Division of Corporation Finance (“Corp Fin”) announced a new policy effective July 2017 that essentially extends the confidential submission process to all issuers while keeping the EGC process...more

Guide to Financial Statement Requirements in US Securities Offerings by Non-US Issuers 2018

by Latham & Watkins LLP on

The most frequently asked question at all-hands meetings for a securities offering is “What financial statements will be needed?” The question seems simple enough. But the answer is rarely straightforward. This User’s...more

Dear Littler: Does Equity Compensation Count as Wages under Federal and California Law?

by Littler on

Dear Littler: We need to hire some key personnel for our new tech company. We intend to offer them equity in the enterprise as compensation. The equity should be very valuable in the long run, and the deal we have in mind is...more

Trade Secrets And Start-Ups: What To Do When Secrets Walk Out The Front Door

Start-ups often face a complex relationship with their trade secrets. Many of the strengths of early stage start-ups, such as collaborative work among a small number of business partners and open access to proprietary...more

SEC Updates Financial Reporting Manual (Again)

On December 1, 2017, the SEC’s Division of Corporation Finance updated its Financial Reporting Manual for the following changes...more

Crowdfunding 101

by LeClairRyan on

“Crowdfunding” offers an option to startups and small businesses to raise capital, although it is a greatly misunderstood and misused term. It refers to the pooling of money from a crowd for the funding of a project or...more

Is Your Startup Prepared for the GDPR?

by WilmerHale on

Last month’s QuickLaunch University webinar focused on European data privacy legislation and more specifically, the ambitious General Data Protection Regulation (GDPR) that goes into full effect on May 25, 2018. WilmerHale...more

SEC Chairman Clayton Expects New Rules on Smaller Reporting Company Definition Soon

by Bass, Berry & Sims PLC on

We thought you may find of interest prepared remarks by SEC Chairman Jay Clayton at the annual Government-Business Forum on Small Business Capital Formation held on November 30, 2017, where he stated, “In the coming months I...more

Food for Thought, part 6

Below, a continuation of our bibliography of thought-provoking articles on issues related to right-sizing regulation, staying private versus going public, and related topics...more

Blog: New Guidance From Corp Fin Related To Adoption Of New Accounting Standards

by Cooley LLP on

Corp Fin recently revised some of the guidance in its Financial Reporting Manual related to adoption of new accounting standards. One revision relates to the adoption of a new accounting standard in the context of a...more

Legislative developments: Tech sector dodges blow and picks up limited win under tax reform bills—for now

by Dentons on

Technology sector startups and other emerging growth companies that typically rely on equity compensation to attract talent should be relieved—for now—by the Tax Cuts and Jobs Act bill (HR 1) passed by the House on November...more

The Short Field Guide to IPOs - November 2017

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 $1.07 billion (originally $1 billion,...more

Many Paths for IPO Submissions

The following chart highlights the alternatives for EGCs and non-EGCs and now the three paths for FPIs pursuing IPOs....more

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