News & Analysis as of

Securities and Exchange Commission (SEC) Liquidity Initial Public Offering (IPO)

Fenwick & West LLP

SEC OKs Nasdaq's Changes to Initial Listing Reqs

Fenwick & West LLP on

The SEC recently approved Nasdaq’s proposed changes to the initial listing requirements related to liquidity. Nasdaq proposed to change Listing Rules 5405 and 5505 to...more

ArentFox Schiff

Nasdaq Amends Proposal to Modify Rule for Initial Listing Liquidity Requirements

ArentFox Schiff on

In December 2024, the Nasdaq Stock Market LLC submitted a proposal to the US Securities and Exchange Commission (SEC) to modify its requirements for calculating the minimum Market Value of Unrestricted Publicly Held Shares in...more

Foley & Lardner LLP

The 2025 IPO Market

Foley & Lardner LLP on

Are we headed for an IPO rebound in 2025? According to a recent CNBC article, a major window for the IPO market could be opening. They point to prime conditions such as markets at new highs, interest rate stabilization, a...more

Mintz - Securities & Capital Markets...

Frequently Asked Questions for Private Companies Considering a Reverse Merger

*This piece appears in PitchBook’s 2023 Annual US VC Valuations Report. We believe this is the wrong question—we view a reverse merger as "going public" during your cross-over round, rather than as an alternative to an IPO...more

Proskauer - The Capital Commitment

Regulators’ Increased Focus on GP-Led Secondaries and Continuation Funds

As IPOs and other traditional paths to liquidity for private assets have become more challenging, GP-led secondary transactions have emerged as a powerful and popular tool across closed-end private funds, leading to explosive...more

Lowenstein Sandler LLP

SEC Releases Guidance Jeopardizing the Viability of Certain Pre-IPO Liquidity Products

Lowenstein Sandler LLP on

Takeaways: •‘Forward Contracts’ on securities that (1) cannot be legally transferred, or (2) are subject to transfer restrictions at the time of contract, may now be considered ‘security-based swaps’ and subject to the...more

Pillsbury Winthrop Shaw Pittman LLP

SEC Streamlines Financial Disclosure Requirements under Regulation S-K for Reporting Companies

The amendments are designed to increase focus on material information while simplifying compliance efforts. The amendments eliminate the five-year selected financial data requirement, limit selected quarterly financial...more

Vedder Price

FINRA Announces 2020 Exam Priorities

Vedder Price on

On January 9, 2020, FINRA released its 2020 Risk Monitoring and Examination Priorities Letter for its member firms. The exam priorities are organized into four categories: (1) sales practice and supervision; (2) market...more

Robins Kaplan LLP

Financial Daily Dose 2.14.2020 | Top Story: Amazon Wins Injunction of JEDI Cloud-Computing Contract

Robins Kaplan LLP on

In a massive win for Amazon (because, again, Jeff NEEDS it), Court of Federal Claims Judge Patricia Campbell-Smith has granted the company’s motion for an injunction halting Microsoft’s work on the $10 billion cloud-computing...more

Eversheds Sutherland (US) LLP

“Phase two” for private BDCs - SEC permits liquidity for investors through split-off transaction

Private business development companies (BDCs) do not have publicly traded shares. For investors in these vehicles, liquidity opportunities take a number of forms....more

Morrison & Foerster LLP - JOBS Act

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

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