On April 2, 2021, the Securities and Exchange Commission (“SEC”) approved changes initially submitted by the New York Stock Exchange (“NYSE”) in December 2020 that amend certain of its shareholder approval rules. The NYSE proposed the changes because the prior requirements made it unnecessarily difficult for listed companies to raise necessary capital in private placement
What’s the Deal? Compendium
A compendium of our What’s the Deal? series, providing brief overviews of popular financing methodologies and securities issues and practice pointers, is now available for download here.
PLI’s Private Placements and Hybrid Securities Offerings 2021
PLI’s Private Placements and Hybrid Securities Offerings 2021
April 19 – 20, 2021 Webinar
Register here.
Mayer Brown invites you to the Practising Law Institute’s Private Placements and Hybrid Securities Offerings 2021 virtual conference.
Private Placements and Hybrid Securities Offerings 2021 will focus on the changes to the exempt offering rules, including the changes
De-SPACing: Overview, Special Securities Law and Financial Statement Considerations and Derisking the Process with a PIPE Transaction
January 27, 2021 Webinar
3:00 PM – 4:00 PM EST
Register here.
A SPAC’s initial business combination is often referred to as a de-SPACing transaction. While this is generally a merger, this is not your typical public company merger. From negotiating the letter of intent to the definitive merger agreement and the various ancillary
MB Microtalk: PIPE Transactions in Connection with SPAC Business Combinations
In this microtalk video, PIPE Transactions in Connection with SPAC Business Combinations, Brian Hirshberg discusses private investment in public equity (PIPE) transactions consummated by SPACs in connection with their initial business combinations, or de-SPACing transactions.
Visit our MB Microtalk page for more topics and talks.
SEC Staff Guidance on Private Equity Line Financings
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Commission released today a new Compliance & Disclosure Interpretation, 139.13, relating to equity lines, and has withdrawn several C&DIs (see here).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
Update on the PIPE Market
Private investment in public equity (“PIPE”) transactions completed in 2020* have raised over $53.0 billion, in aggregate, in 1055 transactions. This is the largest sum of capital raised in PIPE transactions since 2008. While industrials companies (chemicals, metals, mining and paper-focused companies) lead the market by number of PIPEs completed, the 323 deals in this
PIPE & Other Capital Raising Transactions in Connection with De-SPACing
November 5, 2020 Webinar
2:00 p.m. – 3:00 p.m. EST
Register here.
To mitigate the risks associated with redemptions, as well as to provide additional capital for the continuing public company, most de-SPAC transactions are now accompanied by a PIPE transaction. Marketing the PIPE transaction to potential investors alongside the de-SPACing also may be
Going Public in the US by Merging into a SPAC: Weighing the Pros & Cons
November 2, 2020 Webinar
9:00 a.m. to 10:00 a.m. EDT
Register here
SPACs continue to grow in popularity and significance in the US. Despite COVID-19, US capital markets remain active for SPAC IPOs. Many emerging companies are receiving indications of interest from SPACs seeking acquisition candidates. Our session focuses on helping management teams and boards
PIPE Transactions in Connection with SPAC Initial Business Combinations
More and more SPACs are choosing to undertake PIPE transactions in connection with their initial business combinations. The capital raised in the PIPE transaction, which closes concurrent with the closing of the initial business combination, helps to mitigate the risks associated with potential SPAC stockholder redemptions. In addition, as SPACs undertake larger initial business combinations,