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The Staff of the Division of Corporation Finance of the Securities and Exchange Commission released today a new Compliance & Disclosure Interpretation, 139.13, relating to equity lines, and has withdrawn several C&DIs (see here).  For convenience, the text of 139.13 is reprinted below.

Question 139.13

Question: In many equity line financings, the company…

Webinar Event
October 6, 2020, 4:30pm EDT
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This year’s US ECM Roundtable will be held as a virtual, two-part event, which will bring together senior market professionals to assess current themes in the industry and provide an outlook for the future.

The first webcast, titled The Great Equity Recapitalization in a Post-COVID-19…

Monday, September 21, 2020 and Tuesday, September 22, 2020
Register here.

The PLI Pocket MBA is for attorneys representing clients in the financial industry. This two-day program is designed to improve your understanding of business strategies, accounting fundamentals and vocabulary used by management, investors, auditors and bankers.

Partner Jen Carlson, co-chair of the event,…

Thursday, October 8, 2020
1:00pm – 2:00pm EDT
Register here.

Any issuer eligible to register its securities on Form S-3 should consider setting up an ATM program in order to maximize its opportunity to raise just-in-time capital.  As a result of the economic downturn, volatility and uncertainty resulting from the pandemic, many issues have found…

PLI Webinar
July 9, 2020
1:00 pm- 2:00 pm EDT
Register here

Many smaller public companies seek access to financing through equity line financing arrangements.  Equity line transactions often are confused with continuous offerings that are structured as at the market offering programs.  Each financing alternative has distinct characteristics, and differ in important respects.  During…

An “at-the-market” (“ATM”) offering is an offering of securities into an existing trading market for the securities at a price or prices related to the then-market price of the securities. ATM offerings are continuous offerings, and provide issuers with a flexible way to raise modest amounts of capital with minimal market impact, at a low…

Thursday, December 6, 2018
1:00 p.m. – 2:00 p.m. EST

Any issuer eligible to register its securities on Form S-3 should consider setting up an ATM program in order to maximize its opportunity to raise just-in-time capital. Significant selling stockholders may also benefit from the flexibility of the ATM structure in order to take advantage…