News & Analysis as of

Initial Public Offering The Jump-Start Our Business Start-Ups Act

Corporate Finance Alert: House Passes Bipartisan Legislation Intended to Ease Capital Formation

On November 1, 2017, the House of Representatives passed two bills intended to ease regulatory burdens on capital formation. The bills would amend the Securities Act of 1933 (Securities Act) to extend the “testing the waters”...more

SEC Extends to Non-EGCs Process For Nonpublic Review of Registration Statements

by Hogan Lovells on

On June 29, the SEC announced that its Division of Corporation Finance will allow all companies to submit for nonpublic review draft registration statements relating to initial public offerings and other specified...more

SEC Staff Expands Confidential Review Procedures for Registration Statements under the Securities Act and Exchange Act

by K&L Gates LLP on

On June 29, 2017, the Division of Corporation Finance of the Securities and Exchange Commission (the “SEC Staff”) issued an announcement (the “Announcement”) expanding its confidential review process in several areas,...more

SEC Allows All Companies to Submit Confidential Initial Registration Statements

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

SEC Expands Popular JOBS Act Benefit to All Companies Filing Registration Statements

by Ballard Spahr LLP on

Starting July 10, 2017, all companies filing certain registration statements may take advantage of a popular benefit currently allowed only to Emerging Growth Companies (EGCs) under the Jumpstart Our Business Startups (JOBS)...more

SEC Extends Key JOBS Act Benefit for All IPOs and Recently Public Companies

by Fenwick & West LLP on

On June 29, 2017 the U.S. Securities and Exchange Commission announced that it would permit all companies registering for an initial public offering to take advantage of the confidential review process that was previously...more

Blog: You No Longer Have To Be An EGC To…

by Cooley LLP on

…submit a confidential draft registration statement for IPOs, as well as for most offerings made in the first year after going public, Corp Fin announced on June 29, 2017. Until now, that beneficial process, first permitted...more

Blog: What’s Up With The Declining Number Of IPOs?

by Cooley LLP on

At a meeting on Thursday of the SEC’s Investor Advisory Committee, a panel discussed the declining number of IPOs, a topic that seems to be top of mind for many in the securities arena. Of course, there’s a reason for that;...more

Food for Thought, part 2

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

SEC changes filing cover pages, raises thresholds for EGCs and crowdfunding

by DLA Piper on

The SEC has adopted a number of technical amendments to the Jumpstart Our Business Startups Act (the JOBS Act) to conform its existing rules and regulations to the requirements of the JOBS Act and implement statutory...more

News Round Up - April 2017

by Morrison & Foerster LLP on

Momentum Builds in the U.S. IPO Market - Renaissance Capital reported a strong start to the year in its U.S. IPO Market 1Q 2017 Quarterly Review. The first quarter of 2017 saw 25 IPOs, which raised $9.9 billion, a jump...more

The Snap IPO: Speculation Without (Board) Representation

by Farrell Fritz, P.C. on

The just completed IPO of Snap Inc. has received enormous buzz and plenty of press coverage, mostly about its eye-popping valuation and offering proceeds, the big winners among the founders and early investors and the...more

The Short Field Guide to IPOs - 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 billion during the most recent...more

Valuation Disconnect Leads to 2016 IPO Drought

by Farrell Fritz, P.C. on

2016 turned out to be a terrible year for IPOs, both in terms of number of deals and aggregate proceeds. According to Renaissance Capital’s U.S. IPO Market 2016 Annual Review, only 105 companies went public on U.S....more

In Case You Missed It: Launch Links - November, 2016 #4

by WilmerHale on

Some interesting links we found across the web this week: The Tough Questions You Must Discuss Before You Take the Money - VCs and the founders should get on the same page before signing on the dotted line. ...more

TechConnect - Your Law Firm Link to Industry News - September 2016

by Mintz Levin on

Letter from the Editors - Dear Readers, The world of raising capital for emerging companies has experienced a revolution. Prior to the enactment of the JOBS Act in 2012, raising capital for private companies was...more

Various Ways to Raise Capital

by Mintz Levin - Mintz Edge on

The world of raising capital has been evolving over the last several years. Offerings of securities generally used to fall into two main buckets: (i) private placements under the old Rule 506 or (ii) a public offering. With...more

What is the RAISE Act and How Useful will it be to Sellers of Private Company Shares?

With the enactment of the Jumpstart Our Business Startups (JOBS) Act of 2012, private companies have the ability to defer an IPO and SEC reporting, and remain private longer than at any time in the past. One result, however,...more

A Lofty Concept: Disclosure Effectiveness

by Morrison & Foerster LLP on

Even before the JOBS Act had been proposed, policymakers focused on the downturn in the number of initial public offerings (IPOs) speculated that the burdensome disclosure requirements applicable to public companies were...more

Late Stage Financings

As privately held companies choose to remain private longer and defer their initial public offerings or other liquidity opportunities, these companies are focused on raising capital in private placements made principally to...more

FAST Act Offers More Goodies to Emerging Growth Companies

by WilmerHale on

Once again proving that you can’t judge a gift by its box, emerging growth companies (EGCs) received a pleasant, but oddly wrapped, surprise in December with the enactment of a new law authorizing spending on highway and...more

Practical Guidance on FAST Act Changes to JOBS Act and SEC Disclosure Requirements

by Perkins Coie on

Tucked into the 490 pages of the Highway Transportation Bill that President Obama signed into law in December 2015, known as the Fixing America’s Surface Transportation Act (FAST Act) and which largely deals with...more

Jobs Act Revamped by Fast Act

by Carlton Fields on

The Jumpstart Our Business Startup Act of 2012 (the "JOBS Act") was enacted on April 5, 2012 in an effort to make it easier for certain emerging growth companies (EGCs), generally defined as companies with annual gross...more

SEC Further Enhances the IPO On-Ramp

by Pepper Hamilton LLP on

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

President Signs FAST Act (Updated December 10, 2015)

by Cooley LLP on

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

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