London Listings for People’s Republic of China (PRC) Companies
The United Kingdom (UK) offers a range of markets that companies in the People’s Republic of China (PRC) might consider as venues for a primary or secondary listing of their equity securities. This blog post provides a high-level overview of the types of equity securities which might be listed, factors […]
25 Considerations in Preparing for an IPO in the UK
1. Selecting a stock exchange or market Understand the benefits of the alternative listing options, such as the premium or standard segments of the Main Market or the AIM market of the London Stock Exchange, which are the main options for a company considering an IPO in the UK. Analyse […]
UK FCA Updates on COVID-19 Issues for Listed Companies
On May 27, 2020, the Financial Conduct Authority in the UK published a newsletter outlining its continuing expectations of issuers in the UK on market conduct and transaction reporting issues. The FCA also published a Primary Market Bulletin setting out updates for issuers on temporary relief for the timing of […]
Cooley’s Commitment to Black Lives Matter
Aligning with the firm’s commitment to being an active agent of change, On June 4, Cooley announced that it will donate $450,000 to the Equal Justice Initiative, which works to end mass incarceration and excessive punishment, to challenge racial and economic injustice and to protect basic human rights for the […]
Why We Believe the UK Should Look Again at Dual-Class Structures and Ways in Which Core Investor Protections Can Be Maintained
What is a dual-class structure? A dual-class structure involves two different classes of shares with differential voting rights. This means that founders and other pre-IPO holders are able to maintain voting control of the publicly listed company through holding shares with enhanced voting rights compared to the shares held by […]
10 Key Considerations for IPOs During COVID-19
Despite the COVID-19 pandemic and associated stock market difficulties, some IPOs are getting done. Prior to the pandemic, IPO timelines for the rest of 2020 were largely focused on navigating around the upcoming U.S. elections. The focus has now shifted to the duration and impact of the pandemic, and when […]
Cooley Supports Petition to SEC for E-Signatures
Cooley, together with Wilson Sonsini Goodrich & Rosati and Fenwick & West, has submitted a petition to the SEC requesting a rule change to allow companies to use electronic signatures in their filings. Today, companies are required to sign many SEC filings, including registration statements filed in connection with IPOs, […]
UK Pre-Emption Group Provides Temporary Additional Flexibility for Pre-Emption Disapplication Authorities
The UK Pre-Emption Group (PEG) issued a statement, published on April 1, 2020, regarding its expectations for non-pre-emptive issues by companies listed in the UK in the context of the coronavirus pandemic. Temporary increase The PEG recommends that investors, on a case-by-case basis, consider supporting non-pre-emptive issues by companies of […]
COVID-19 Updates for UK + European Capital Markets: FCA, FRC + PRA Joint Statement, AIM Guidance and ESMA Public Statement
In light of the COVID-19 pandemic, several key updates for UK and European capital markets have recently been released, focusing primarily on financial reporting, including a joint statement by the Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA), an Inside AIM publication by the London […]
10 Key Considerations in Preparing for a Direct Listing
1. Avoiding dilution versus fundraising A critical consideration in any IPO, but particularly when the IPO price is lower than recent private valuations or expectations, is the significant dilution associated with the shares sold by the company to the public. For companies with a strong balance sheet, this dilution can […]