On September 9, 2022, the Securities and Exchange Commission announced amendments to its rules in order to implement inflation adjustments mandated by the JOBS Act. The SEC’s amendments increase the annual gross revenue threshold for emerging growth companies and raise certain dollar amounts contained in Regulation Crowdfunding. Pursuant to the JOBS Act, the SEC is
The Jobs Act Did Not Raise IPO Underpricing
In their study and accompanying paper, “The Jobs Act Did Not Raise IPO Underpricing” Omri Even-Tov, Panos N. Patatoukas and Young S. Yoon, review the effects of the JOBS Act on emerging growth company (EGCs) IPOs. The JOBS Act was signed into law in 2012, now ten years ago, and, among other things
JOBS Act at 10: Deep Dive with Dave
April 2022 marked the ten-year anniversary of the JOBS Act. My former partner and friend, Dave Lynn, co-editor of TheCorporateCounsel.net and The Corporate Counsel, invited me to join him on his podcast, Deep Dive with Dave. We discussed the anniversary, and genesis of the JOBS Act, as well as some of the changes to the
What’s the Deal? – Initial Public Offerings: An Introduction
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
Webinar: SEC and Other Developments Affecting Private Capital Markets
November 17, 2020 Webinar
11:00 a.m. – 12:00 p.m. EST
Register here.
For a number of years now, significantly more capital has been raised by companies in the US private markets than in US SEC-registered offerings. In IFLR’s recently published book, A Deep Dive into Capital Raising Alternatives, changes brought about to the
A Deep Dive Into Capital Raising Alternatives: IFLR’s New Book and Free Webinars
In the International Financial Law Review’s latest publication, A Deep Dive Into Capital Raising Alternatives, Mayer Brown provides context on the changes in market structure and market dynamics that led to the enactment of the JOBS Act. Specifically, the trend for many private companies to remain private longer, defer or dispense with traditional
PLI’s Private Placements and Hybrid Securities Offerings
April 20-21
For additional details, or to register, please visit the event website.
Please note, PLI’s Private Placements and Hybrid Securities Offerings conference will be held via webcast this year.
This two day PLI seminar will feature panel discussions covering the basics of private placements, resales of restricted securities, Section 4(a)(1-1/2) transactions and block
Insights from Chair Clayton on SEC Priorities
At the Economic Club of New York, in keynote remarks, Chair Clayton reviewed the Securities and Exchange Commission’s recent initiatives. He highlighted the Commission’s adoption of Regulation Best Interest (Reg BI). Repeating a common theme, Chair Clayton discussed concerns relating to increased reliance on the private capital markets. Clayton noted that, while twenty-five years ago,
Legal Update: Testing the Waters for All? Proposed New Rule Would Expand Accommodation to All Issuers
Since the Jumpstart Our Business Startups (JOBS) Act was enacted in 2012, emerging growth companies (EGCs) have benefited from the opportunity to test the waters with investors and gauge interest in a potential offering. Title I of the JOBS Act amended Section 5 of the Securities Act of 1933 (the Securities Act) in order to
SEC Proposes to Expand “Test the Waters” Modernization Reform to All Issuers
The Securities and Exchange Commission took the long-awaited step of proposing rules for comment that would extend the ability to test the waters beyond emerging growth companies, or EGCs. This topic, of extending the test the waters communications, had been the subject of proposed legislation in the last session of Congress and had made its