Life sciences capital markets in 2025 have been a mixed bag—some rays of light peeking through, but still, plenty of clouds for early-stage companies hoping to tap the public markets. After a long IPO drought, 2024 brought a...more
For publicly traded biotech companies, disclosing clinical trial data can be an exciting milestone as you build towards an exit or public offering—but disclosure is a double-edged sword....more
查看中文 The Stock Exchange of Hong Kong Limited (HKEX) and Securities and Futures Commission (SFC) have announced a temporary relaxation of the minimum market capitalization requirements for Specialist Technology Company...more
On January 24, 2024, the U.S. Securities and Exchange Commission (the “SEC”) adopted new final rules relating to special purpose acquisition companies (“SPACs”). The new rules affect both initial public offerings (“IPOs”) for...more
The 2023 Technology and Life Sciences PIPE and RDO Report presents analysis related to 177 private investments in public equity (PIPEs) and registered direct offerings (RDOs) by U.S.-based technology and life sciences...more
I. SPAC and de-SPAC Background - A special purpose acquisition company, or SPAC, is a public company with no operations, products, or assets. Unlike a traditional public company’s initial public offering (IPO), a SPAC’s...more
With SPAC IPOs virtually gone but SPAC mergers (aka de-SPACs) continuing at a steady pace since the beginning of the year, the questions around getting a deal done boil down to the following: How and where can companies get...more
As part of their growth strategy, private biotech and pharmaceutical companies often seek to raise capital through initial public offerings (IPOs). In addition to raising capital, an IPO can give a life sciences company a...more
On September 6, investment advisory firm Perceptive Advisors LLC (Perceptive) agreed to a cease-and-desist order with the U.S. Securities and Exchange Commission (SEC) for failing to disclose alleged conflicts of interest...more
In March 2022, the Securities and Exchange Commission (SEC) proposed sweeping new rules to regulate the disclosures and liabilities associated special purpose acquisition companies (SPACs). The proposing release is available...more
Plenty has changed since January 2022, when we last examined developing trends in the SPAC market. Since then, the macroeconomic environment shifted dramatically due to rising inflation, increasing interest rates, and the war...more
A Special Purpose Acquisition Company (SPAC) is a blank-check company formed for the purpose of effecting a business combination with one or more businesses. While SPACs are not new, they have recently increased in...more
The special purpose acquisition company (SPAC) market has begun to cool, and with that, private investment in public equity (PIPE) transactions, a financing tool used to facilitate de-SPAC transactions, have also encountered...more
Takeaways - While the SPAC IPO and PIPE markets were challenging in 2021, the enormous amounts of capital already raised should drive merger activity in 2022. As more shareholders choose to redeem shares and potential...more
Takeaways - Greater China companies operating in any industry can now obtain secondary listings in Hong Kong, provided they meet market capitalization minimums. Recent Listing Rules amendments also allow some companies...more
Last year was nothing short of a rollercoaster ride for the SPAC market. While SPACs have long been a feature of financial markets, 2021 began with explosive growth in new listings, followed by a rapid cool-off in the second...more
Takeaways - German technology and mid-cap growth companies may find a combination with a U.S. SPAC appealing, but must prepare to meet public capital market requirements. Arranging adequate PIPE funding is crucial to...more
The SPAC market has withstood many challenges throughout 2021, including softening of the private investment in public equity (PIPE) market for a majority of the year after a very robust first quarter for initial business...more
What could Aristotle possibly have to say about SPACs? In remarks on Thursday before the Healthy Markets Association, SEC Chair Gary Gensler shared his thoughts on the regulation of SPACs with a theme drawn from antiquity:...more
In the early stages of the special purpose acquisition company (SPAC) boom, an abundance of IPO, PIPE (private investment in public equity) and other equity proceeds available to fund acquisitions meant that SPAC sponsors...more
It is a reasonable extrapolation – and we are nothing at Cooley if not wildly reasonable – that, since the beginning of time, more operating companies are considering going public through a merger with a SPAC (Special Purpose...more
This update provides an overview of key regulatory developments in the past three months relevant to companies listed or planning to list on The Stock Exchange of Hong Kong Limited (HKEx), and their advisers. In particular,...more
On September 17, 2021, the Hong Kong Stock Exchange (“SEHK”) published a consultation paper on the proposed Special Purpose Acquisition Companies (“SPAC”) listing regime in Hong Kong, setting out the initial framework with...more
Special purpose acquisition companies (SPACs) have been around for decades, but have grown in size and prominence in recent years. Last year, 237 SPAC IPOs raised approximately $80 billion. Q1 2021 eclipsed that entire year’s...more
The Hong Kong Stock Exchange (HKEx) has issued the much-anticipated consultation paper on creating a listing regime for special purpose acquisition companies (SPACs). The listing rules of the HKEx (Listing Rules) generally...more