On August 26, 2020, the Securities and Exchange Commission approved allowing the New York Stock Exchange to permit "direct listings" of newly public companies. The Nasdaq has had this ability for several years- companies like Spotify took advantage of this alternative method of going public....
I recently reviewed data from OTC Markets Group, Inc. noting that nine community banks with market capitalizations below $100 million have successfully completed Regulation A+ IPOs. All are trading on the platforms of OTC Markets, including OTCQX, OTCQB and Pink Current. Even better news: the...
The US House of Representatives yesterday passed the Regulation A+ Improvement Act of 2017 (although Congress.gov reports it as the "Regulation At Improvement Act"). This bill would increase the cap on amounts to be raised under Regulation A from $50 to $75 million. If the...
Tomorrow night at a panel here at Duane Morris, we will hit official pre-launch on my latest book, Regulation A+ and Other Alternatives to a Traditional IPO (John Wiley & Sons). Here's info from Amazon about this guide to the new streamlined IPO process through...
Following interest from companies like Spotify, the New York Stock Exchange last week received SEC approval to list companies on the Exchange even if they are not conducting an IPO. These direct listings, sometimes known as self-filings, already are permitted on the Nasdaq. The Exchange...
HR 2864, the "Improving Access to Capital Act," passed the US House of Representatives on September 5, 2017 with a lopsided bipartisan vote of 403-3. The short bill directs the SEC to permit full Securities Exchange Act reporting companies to use Regulation A+ for a...
The Jumpstart Our Business Startups (JOBS) Act of 2012 ushered in a very popular alternative for "emerging growth companies" going public and those utilizing Regulation A+: confidential submission to the SEC of your initial planned registration or offering statement. Unfortunately, companies not considered EGCs or...
On June 19, 2017, the New York Stock Exchange withdrew its proposal, originally submitted in March, to allow companies to list on the big board through a so-called "self-filing" without an IPO. In a self-filing, a company seeks for previously issued shares of stock to...
Today I'm attending the Practising Law Institute's Securities Regulation Institute, the annual educational gathering of mostly big law firm securities lawyers. Keith Higgins, the SEC's very capable head of Corporation Finance, disclosed some interesting stats on how Regulation A+ is going. So far, since the new...