Last week, SIFMA released its annual Capital Markets Fact Book, which reports comprehensive data on capital markets activity generally. The U.S. equity markets represent 42.6% of the $115 trillion global equity markets, with the second largest market, the EU, accounting for 11%. U.S. ECM activity saw an increase of 39.9% year-over-year, with $139.1 billion raised
Off to the Races: The IPO Market in 1H2024
Confidence in the IPO market is growing. In the first six months of 2024, the IPO market has had its best start since the market boom of 2021, with approximately $20 billion raised in IPOs, according to a recent Bloomberg report. Bloomberg reported three IPOs over $1 billion completed in the first half of 2024
The SEC and Capital Formation
Not long ago, the SEC hosted the Annual Small Business Forum. The Forum provides an opportunity to consider a broad array of issues affecting private companies as well as smaller public companies seeking to raise capital and allows the public an opportunity to comment and suggest policy recommendations. In the last few years, the SEC
SPAC Developments: SEC Amendments to SPAC IPO and de-SPAC Related Rules
February 14, 2024, PLI Webinar
3:00pm – 4:00pm ET
Register here.
In 2022, the SEC proposed significant amendments to the rules and forms addressing the treatment of special purpose acquisition companies (“SPACs”) in connection with their initial public offerings (“IPOs”) and subsequent de-SPAC transactions. The proposed amendments were quite controversial and had a chilling
SEC Adopts Final Rules Relating to SPACs, Shell Companies and Projections
On January 24, 2024, the US Securities and Exchange Commission (the “SEC”) adopted new rules and amendments to existing rules and forms (the “Final Rules”) addressing (i) the treatment under the securities laws of special purpose acquisition companies (“SPACs”) in connection with their IPOs and their subsequent business combination transactions (“de-SPAC transactions”) with target operating
Treat Like as Like? SEC Adopts Final Rules for SPAC IPOs and de-SPAC Transactions
As we previously posted, the Securities and Exchange Commission held an open meeting this morning to consider and vote on whether to adopt final rules regarding SPAC IPOs and business combinations (de-SPAC transactions). During the open meeting, Chair Gensler citing Aristotle, noted yet again a desire to treat “like as like” and, in that
SEC to Consider Final SPAC Related Amendments
The Securities and Exchange Commission (the “SEC”) announced as part of its agenda for its January 24, 2024 open meeting that it will consider whether to adopt new rules and amendments to disclosures in initial public offerings (“IPOs”) by special purpose acquisition companies (“SPACs”) and in subsequent business combination transactions between SPACs and target companies
Public Offering Trends in SEC OASB Report
As we previously blogged, the Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation (OASB) recently published its Annual Report (the “Report”), which includes data on public offerings undertaken between July 1, 2022 and June 30, 2023 provided by the SEC’s Division of Economic and Risk Analysis. Companies raised approximately
New Edition: Corporate Finance and the Securities Laws
We just published a new edition of Corporate Finance and the Securities Laws. This is the seventh edition. A new edition provides an opportunity to go through the whole book and evaluate the organization of it, whether there is material that is outdated and needs refreshing (beyond that undertaken in connection with regular annual updates)
IPO Prospectuses: Avoiding and Responding to Common SEC Components
This practice note examines some of the common issues and comments that the U.S. Securities and Exchange Commission (SEC) staff may raise in its review of registration statements filed for initial public offerings (IPOs). The note provides guidance on how to prepare the prospectus and respond to SEC staff comments, with a focus on topics