Ana Estrada

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Recently, the Securities and Exchange Commission (the “SEC”) released its report to Congress summarizing the principal policy recommendations made at the 41st Annual Government-Business Forum on Small Business Capital Formation (the “Small Business Forum”).  The Small Business Forum was led by the SEC’s Office of the Advocate for Small Business Capital Formation in cooperation with…

As we start the new year, over 116 IPOs remain in the queue, predominantly from issuers in the biotech, life sciences, and technology sectors. One of the most important steps in completing an IPO is publicly filing the registration statement, marking the commencement of the post-filing period.

In this What’s the Deal? guide, we…

The COVID-19 pandemic had a significant impact on the IPO process.  Testing-the-waters meetings had consistently increased in number in recent years, which resulted in shorter IPO roadshows even pre-pandemic.  Roadshows continued to be compressed during the transition to virtual roadshows, a format which many institutional investors have become accustomed to now as a result of…

The IPO market was reinvigorated in 2021, breaking prior records. In aggregate, in 2021, there were 407 IPOs, which raised $139.3 billion in proceeds.  As companies stay private longer, market capitalization of public companies at IPO continues to rise.  The median market capitalization for an IPO issuer in 2021 was $928.1 million, with a median…

Recently, the US Securities and Exchange Commission (“SEC”) adopted amendments to the definition of accredited investor (“AI”) and amendments to the definition of Qualified Institutional Buyer (“QIB”).  Our updated investor status chart now reflects these definitions.  In addition, below you will find links to an accredited investor and QIB questionnaire, which may be useful in…

This Annual Review (“Review”) was prepared by the Subcommittee on Annual Review of the Committee on Federal Regulation of Securities of the ABA Business Law Section. The Review covers significant developments in federal securities law and regulation during 2019. The Review is divided into three sections: regulatory actions, accounting statements, and case law developments. Continue…

Maybe still the single best measure ever adopted in order to facilitate capital formation, the shelf registration statement provides an issuer with the most flexibility to take advantage of windows of opportunity and to access the capital markets quickly and efficiently.  We discuss eligibility to use a shelf registration statement, the shelf registration process, and…

In the midst of the economic downturn caused by the COVID-19 pandemic, companies facing liquidity issues may consider a rights offering. A rights offering provides a company’s stockholders an opportunity to subscribe for additional shares, which may serve to limit dilution and be better received by existing holders than other financing alternatives. In this What’s …