JOBS Act, Initial Public Offering (IPO)

SEC’s Expanded Confidential Review Process Provides Issuers Greater Flexibility To Explore and Plan Public Offerings

Lowenstein Sandler LLP on 3/13/2025

On March 3, 2025, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance announced significant enhancements to the accommodations available for issuers confidentially submitting draft registration...more

SEC Staff Expands Draft Registration Statement Accommodations

Goodwin on 3/12/2025

On March 3, 2025, the staff of the U.S. Securities and Exchange Commission’s (the “SEC”) Division of Corporation Finance (the “SEC staff”) announced that, effective immediately, it is enhancing the accommodations available to...more

SEC Announces Measures to Facilitate Capital Formation

Akin Gump Strauss Hauer & Feld LLP on 3/6/2025

In March 2025, the U.S. Securities and Exchange Commission (SEC) announced that it is expanding the accommodations available for issuers that submit draft registration statements for nonpublic review. The SEC’s Division of...more

House Financial Services Committee Solicits Public Feedback on Legislative Proposals to Facilitate Capital Formation

Mayer Brown Free Writings + Perspectives on 3/5/2025

Earlier this month, the US House of Representative’s Financial Services Committee (the “Committee”) held a hearing entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor...more

Financial Statement Requirements in US Securities Offerings: What You Need to Know - 2025 Edition

Latham & Watkins LLP on 1/15/2025

The most frequently asked question at all-hands meetings for a securities offering is “What financial statements will be needed?” The question seems simple enough. But the answer is rarely straightforward. This User’s...more

The Latham FPI Guide: Accessing the US Capital Markets From Outside the United States - 2024 Edition

Latham & Watkins LLP on 9/11/2024

Fabry-Pérot Interferometer, SA is a highly successful non-US company known to the world as FPI. FPI is considering doing a debt or equity offering in the United States. What are the key legal issues it, and its underwriters...more

2023 IPO Report

WilmerHale on 4/7/2023

US Market Review and Outlook - Stubbornly high inflation, rising interest rates and the lingering effects of the COVID-19 pandemic, combined with geopolitical tensions and concerns about the global economic outlook,...more

Republicans’ Capital Formation Agenda

Mayer Brown Free Writings + Perspectives on 10/24/2022

At the end of September 2022, Patrick McHenry, the top Republican on the House Financial Services Committee, released the Committee Republicans’ capital formation agenda. The capital formation agenda aims to build on the...more

The Jobs Act Did Not Raise IPO Underpricing

Mayer Brown Free Writings + Perspectives on 7/26/2022

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...more

Jumpstarting the Next JOBS Act - JOBS Act 4.0

Goodwin on 5/24/2022

The Jumpstart Our Business Startups (JOBS) Act was signed into law by President Barack Obama on April 5, 2012 and aimed to improve access to public capital markets for emerging growth companies. While largely considered a...more

The Latham FPI Guide: Accessing the US Capital Markets From Outside the United States - 2021 Edition

Latham & Watkins LLP on 9/10/2021

Fabry-Pérot Interferometer, SA is a highly successful non-US company known to the world as FPI. FPI is considering doing a debt or equity offering in the United States. What are the key legal issues it, and its underwriters...more

Tier 2 Regulation A Offerings – Is Your Company Ready for a Mini-IPO?

Troutman Pepper Locke on 4/21/2021

The amount of capital that companies can raise in a Regulation A (also known as a “Reg A+”) offering increased to $75 million annually, effective as of March 15, 2021. With the new offering limit, Tier 2 Reg A+ offerings,...more

SEC Updates Definition Of “Accredited Investor”

McCarter & English, LLP on 8/28/2020

The term “accredited investor,” as defined under Rule 501 of Regulation D of the Securities Act of 1933, as amended (the “Securities Act”), had not changed significantly since it was originally adopted in 1982. In June 2019,...more

Blog: Equity Crowdfunding – Is It For You?

Cooley LLP on 8/3/2020

Entrepreneurs often ask whether equity crowdfunding is a viable option for funding their company. As is often the case with questions to an attorney, the answer is “it depends”. In 2012, when President Obama signed into law...more

Testing the Waters for All – New Rule 163B Expands TTW to All Issuers: First Analysis

Mayer Brown Free Writings + Perspectives on 11/20/2019

In this Lexis Practice Advisor Practice Note, we discuss new Rule 163B adopted by the US Securities and Exchange Commission (SEC). On September 26, 2019, the SEC extended the ability to test the waters to all issuers by...more

EGC IPOs and IPO Registration Statement Trends in 2019

Mayer Brown Free Writings + Perspectives on 11/18/2019

IPOs in 2019 have raised more capital across a smaller number of deals, as we have previously blogged. EY’s recent Trends in US IPO Registration Statements report notes that the US Securities and Exchange Commission (“SEC”)...more

A Rising Tide May Lift All Boats: SEC Adopts Rule 163B, Permitting All Issuers to “Test the Waters”

Pillsbury Winthrop Shaw Pittman LLP on 10/31/2019

The rule is an expansion of a popular modernization reform previously only available to emerging growth companies. All issuers considering a registered securities offering will now be able to engage in “testing-the-waters”...more

Everybody “Test-the-Waters” - SEC Expands Communications Rule to All Issuers

Eversheds Sutherland (US) LLP on 10/8/2019

On September 26, 2019, the Securities and Exchange Commission (SEC) announced that it has expanded the “testing-the-waters” exemption to all issuers. The new rule and related amendments under the Securities Act of 1933, as...more

“Testing-the-Waters” for All

Fenwick & West LLP on 10/3/2019

On September 26, 2019, the U.S. Securities and Exchange Commission (SEC) voted to adopt new Rule 163B under the Securities Act of 1933, as amended (Securities Act), to expand the “testing-the-waters” (TTW) accommodation —...more

Gauging Interest: SEC Votes to Approve Proposal to Expand “Test-the-Waters” Rules

Sheppard Mullin Richter & Hampton LLP on 10/3/2019

The Securities and Exchange Commission (“SEC”) announced on September 26, 2019 that it voted to adopt the application of “testing-the-waters” rules to all issuers who engage in raising capital in the public markets. This...more

SEC Extends "Test the Waters" to All Issuers

Wilson Sonsini Goodrich & Rosati on 10/2/2019

On September 26, 2019, the U.S. Securities and Exchange Commission (SEC) announced that it had voted to adopt new Rule 163B, extending the "test the waters" accommodations previously available only to emerging growth...more

SEC Adopts New Rule to Allow All Issuers to “Test-the-Waters”

Dorsey & Whitney LLP on 9/27/2019

In connection with its efforts to modernize the regulatory framework, the SEC announced a new rule that provides all issuers with the flexibility provided by the JOBS Act to use “test-the-waters” communications with...more

The Latham FPI Guide: Accessing the US Capital Markets From Outside the United States - 2019 Edition

Latham & Watkins LLP on 9/10/2019

Fabry-Pérot Interferometer, SA is a highly successful non-US company known to the world as FPI. FPI is considering doing a debt or equity offering in the United States. What are the key legal issues it, and its underwriters...more

Blockchain Week in Review - July 2019

Perkins Coie on 7/19/2019

U.S. Developments - Regulatory Developments - SEC and FINRA Issue Joint Statement on Digital Asset Custody Issues - On July 8, 2019, the U.S. Securities and Exchange Commission (SEC) and the Financial Industry...more

2019 IPO Report

WilmerHale on 6/5/2019

The IPO market produced 183 IPOs in 2018, an increase of 29% from the 142 IPOs in 2017. The year’s tally represented the second-highest annual figure since 2007, trailing only the 244 IPOs in 2014. Total gross proceeds for...more

The Jump-Start Our Business Start-Ups Act › Initial Public Offering (IPO)

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