On December 15, 2022, the New York Stock Exchange (“NYSE”) received approval from the Securities and Exchange Commission (“SEC”) to modify certain pricing limitations for companies undertaking a direct listing involving sales of company shares in the opening auction on the first day of trading on the NYSE. The approval and related conditions are consistent
Brian Hirshberg
Nasdaq Receives Approval for Rule Change Providing More Flexibility for Direct Listings with Capital Raise
On December 2, 2022, Nasdaq received approval from the Securities and Exchange Commission (“SEC”) to modify certain pricing limitations for companies undertaking a direct listing involving sales of the company shares in the opening auction on the first day of trading on Nasdaq.
Prior to the rule change, in order for a company to sell…
Top Tips for Drafting and Negotiating an Underwriting Agreement
In this brief Practical Guidance video, Mayer Brown partner, Brian Hirshberg, offers practice pointers for drafting and negotiating an underwriting agreement. Watch the full video.
To learn more, also see the Practical Guidance piece, Top 10 Practice Tips: Negotiating an Underwriting Agreement.

Offerings and Communication Reforms for BDCs and Closed-end Funds
This article discusses the amendments adopted by the US Securities and Exchange Commission (“SEC”) in 2020 that modernize the offering related provisions of the Securities Act of 1933, as amended (“Securities Act”), and the communications safe harbors available to business development companies (“BDCs”) and closed-end funds (“CEFs”), including interval funds but excluding open-end funds, exchange-traded…
What’s the Deal? – Foreign Private Issuers
As the US capital markets are among the most liquid in the world, many foreign companies opt to go public in the United States. However, becoming a public company in the United States can be expensive and time-consuming. Registering as a foreign private issuer (“FPI”) allows foreign companies to access the US capital markets while…
Top 10 Practice Tips: Stock Repurchase Programs
This practice note includes 10 practice tips that may help you, as counsel to a public company or a repurchase agent, in implementing a stock repurchase program on behalf of your client. A stock repurchase program enables a company to buy back a certain number of its outstanding securities. In recent years, the repurchase activity…
Top 10 Practice Tips: Liability Management Transactions
This practice note provides key practice tips for advising a client considering a liability management transaction. Given recurring periods of market volatility, issuers in a wide range of industry sectors from time to time evaluate potential liability management transactions, including debt repurchases, tender or exchange offers, and consent solicitations. Liability management transactions allow an issuer…
Top 10 Practice Tips: Negotiating an Underwriting Agreement
In connection with a registered securities offering, the underwriters of the offering typically enter into an underwriting agreement with the issuer of the securities and any selling stockholders. The underwriting agreement sets forth the terms and conditions pursuant to which the underwriters will purchase the offered securities and distribute them to the public. Both the…
SEC Proposes New SPAC Rules
On March 30, 2022, the SEC announced proposed rules regarding SPACs and the use of projections. The proposed rules would require expanded disclosures regarding SPAC sponsors, conflicts of interest and dilution and require additional disclosures in de-SPAC transactions, including with respect to the fairness of the transaction to the SPAC’s investors. The target company in…
Staying Nimble in the SPAC PIPE Market
The environment for de-SPAC transactions has changed dramatically from just a year ago. Redemptions by SPAC shareholders have risen substantially, SPAC PIPE investors have been less willing to hold illiquid securities and regulatory impediments have complicated transaction execution. As a result, structuring a successful de-SPAC transaction requires increased willingness to adapt and be creative. In…