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
Delaware Court of Chancery Allows deSPAC Litigation to Proceed Applying “Entire Fairness” Standard
On January 3, 2022, the Delaware Court of Chancery issued an opinion denying motions to dismiss in In re Multiplan Corp. Stockholders Litigation, a stockholder action arising out of the completed business combination for Churchill Capital Corp. III (“Churchill”), a SPAC, and Multiplan Inc. (“MultiPlan”). The court’s opinion has important implications for SPAC sponsors,
Trends in Capital Formation: The SEC’s OASB Annual Report
The SEC’s Office of the Advocate for Small Business Capital Formation (“OASB”) recently issued its 2021 Annual Report (the “Report”), which reviews the capital raising activities of a variety of companies, from startups and emerging businesses to smaller public companies. The OASB, together with the SEC’s Division of Economic and Risk Analysis, provided updated data
NYSE Listings 2021 in Review
The NYSE’s yearly statistics release highlights a second consecutive year of record new listings and the exchange’s increased focus on sustainability. This year’s listings added $1 trillion of new market capitalization to the exchange, with a total of 2,400 companies listed. Technology, biotech, and consumer products companies were prominently represented. Four of the five largest
Dual-Class Stock IPOs
In their dataset and working paper, titled The Rise of Dual-Class Stock IPOs, Dhruv Aggarwal, Ofer Eldar, Yael Hochberg, and Lubomir P. Litov, find that the rise in the number of dual-class IPOs is tied to the increase in bargaining power of founders. In recent years, before 2019, the public markets saw a decrease
IPO Prospectuses: Avoiding and Responding to Common SEC Comments
This LexisNexis practice note examines some of the issues most commonly raised in Securities and Exchange Commission (SEC) staff comment letters on registration statements filed for IPOs. It is intended to guide you, as counsel to an IPO company, in assisting your client in efficiently navigating the SEC comment and review process. This piece discusses
IFR 2021 US ECM Roundtable: SPACs at a Crossroads
November 17, 2021 | Webinar hosted by IFR
12:30pm – 2:00pm EDT
Register here.
Mayer Brown is proud to sponsor this year’s 2021 US ECM Roundtable, hosted by the International Financing Review (IFR). This year’s virtual event brings together a panel of senior industry professionals to evaluate the current state of play within
Market Trends 2020/21: Lock-Up Agreements
This practice note discusses lock-up agreements between underwriters or placement agents, on the one hand, and issuers and their directors, officers, and control persons, on the other, in connection with offerings of securities.
Read the full article here.
Amplitude CEO Confirmed for Mayer Brown Direct Listings Webinar
Spenser Skates, Co-Founder and CEO of Amplitude Analytics, will share his company’s direct listing experience with us during our webinar, Direct Listings: Experiment or New Paradigm?, on November 3, 1:00pm ET. Amplitude completed its direct listing in September 2021.
Register here.
About the Webinar
Due to market structure and regulatory changes, the
IFR’s 2021 US ECM Roundtable: SPACs at a Crossroads
2021 US ECM Roundtable: SPACs at a Crossroads Webinar
November 17, 2021
12:30pm – 2:00pm EDT
Hosted by International Financing Review (IFR), the 2021 US ECM Roundtable brings together a panel of senior industry professionals to evaluate the current state of play within the market.
The Roundtable, SPACs at a Crossroads, will be moderated by