The fourth edition of Exempt and Hybrid Securities Offerings, which is a three-volume treatise, that provides comprehensive guidance on structuring exempt and hybrid securities offerings was recently published by the Practising Law Institute.

Updating the treatise (which was last updated in 2017) was a chore, given it is about 4,000 pages of content and a lot has happened since 2017, both in terms of regulatory change and market developments.  Among other things the update addresses the impact of the 2020 amendments to the exempt offering framework, including the new integration safe harbors, the amendments to the accredited investor definition, SEC Staff guidance relating to general solicitation, and changes to the communication safe harbors.  The treatise also addresses PIPE transactions, registered direct offerings, 4(a)(2) institutional private placements, venture private placements, Reg A offerings, equity lines, ATMs, confidentially marketed public offerings, and other hybrid offerings.

Learn more in PLI’s press release, here

Or, in my interview with The Deal, published today, The Deal, Q&A: Mayer Brown’s Pinedo on Private Placements, by Paul Springer.