PODCAST: Williams Mullen's Raising Capital 101: A Securities Podcast - What Are the Differences Between Private & Public Offerings?
PODCAST: Williams Mullen's Raising Capital 101: A Securities Podcast - What Laws Affect Securities Offerings?
PODCAST: Williams Mullen's Raising Capital 101: A Securities Podcast - What Makes it a Securities Offering?
If the US Government shutdown drags on, market participants will start to ask what options are available to get pending deals across the finish line while the SEC is not able to declare registration statements effective....more
The life sciences industry is poised for an upswing in initial public offering (IPO) activity in 2026, supported by a large IPO backlog, the strong performance of biotech market indices, and positive capital markets signals...more
As companies gear up for 2026, what happens at the SEC could smooth the path for public capital raising efforts. However, with “lessons learned” from the government-wide shutdown still fresh in our memories – and becoming...more
Recent developments indicate a dual focus on regulatory reform for public companies, with the SEC Chairman Paul Atkins prioritizing public offering reforms and President Donald Trump signaling renewed scrutiny of proxy...more
The SEC (U.S. Securities and Exchange Commission) and Congress can provide investors with increased access to emerging companies that historically have raised capital from institutional investors in private markets and can...more
In addition to noting its backlog includes 900 registration statements, Corp Fin posted this list of 9 “reopening” FAQs, which can be summarized as follows...more
For public companies looking to raise capital relatively quickly and at a lower cost, equity lines of credit (ELOCs) and at-the-market equity offerings (ATMs) may be viable options. Both allow companies to control the timing...more
The challenge - A decade ago, Navan set out to revolutionize the travel industry through an all-in-one platform to streamline how business travelers navigate the world – with artificial intelligence at its core....more
As highlighted in this press release – and this related case study – Cooley was issuer’s counsel in the MapLight Therapeutics IPO that priced earlier this week. It’s a rarity for an IPO to price during a government shutdown...more
On September 17, 2025, the U.S. Securities and Exchange Commission (SEC) issued a policy statement potentially paving the way for the adoption of mandatory arbitration by issuers. According to the policy statement, “the...more
IPO companies and other companies may have their registration statements go effective automatically 20 days after filing by operation of Section 8(a) of the Securities Act of 1933 (the “Securities Act”), notwithstanding the...more
Late yesterday, the Securities and Exchange Commission’s Division of Corporation Finance (Corp Fin) and Division of Investment Management posted a statement in advance of the government shutdown. Here’s an excerpt...more
The U.S. government’s current fiscal year ends on Sept. 30. If Congress does not pass an appropriations bill or a continuing resolution (which temporarily extends funding) by Oct. 1, a government shutdown will occur. ...more
On Sept. 3, Nasdaq submitted proposals to the U.S. Securities and Exchange Commission (SEC) to modify its initial and continued listing standards, with the stated aim of improving market integrity, investor protection, and...more
Last month, Corp Fin’s Office of Small Business Policy issued no-action relief to a company from the requirement to file an annual report on Form 1-K under Regulation A – despite the fact that the company didn’t qualify for...more
Paul Atkins, who has been nominated by President Trump to serve as Chairperson of the Securities & Exchange Commission, last week completed a short confirmation hearing before the U.S. Senate Banking Committee. Despite its...more
On March 12, 2025, the SEC approved a significant rule change to Nasdaq’s initial listing liquidity requirements (the New Liquidity Rules). These changes make it more challenging for companies seeking to list on the Nasdaq...more
On March 3, 2025, the staff of the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (the “SEC”) announced significant enhancements to the ability of issuers to submit draft...more
For companies seeking to raise capital without the complexities and costs of a public offering, Regulation D under the Securities Act provides a valuable exemption from SEC registration. This allows for private placements,...more
Companies seeking to raise capital through a public offering are encouraged to note the US Securities and Exchange Commission (SEC)’s announcement on March 3, 2025 that the staff of the Division of Corporation Finance (SEC...more
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
On December 20, 2024, FINRA requested public comment on its proposed rule changes to Rules 5110 (Underwriting Terms and Arrangements), 5121 (Public Offerings of Securities With Conflicts of Interest) and 5123 (Private...more
On December 3, the U.S. Securities and Exchange Commission settled charges against biotherapeutics company Kiromic BioPharma, Inc., its former CEO, and its former CFO for failing to disclose material information about...more
On this episode of Raising Capital 101, host Tom Voekler is joined by colleagues Rhys James, John Watson, and Mehanna Borostyan to break down the main differences between public, quasi-public, and private offerings. In this...more
On September 16, 2024, the Securities and Exchange Commission (SEC) filed civil charges against former CEO Paul D. Roberts, former Chief Financial Officer Joshua A. Weiss, and former Audit Committee Chair Grainne M. Coen of...more