2023 Financial Staleness and Filing Guide
As we approach the end of 2022, many companies are looking toward 2023 for initial public offerings and other public financing transactions. Among the most commonly asked questions during capital markets transactions – and one that is crucial in determining deal timelines – is this: “œWhich financial statements are required in order to price the offering? “ To help […]
SEC’s Small Business Advisory Committee hears glimmers of positive news about the IPO market
Recently, at a meeting of the SEC’s Small Business Advisory Committee, a panel provided an update on the state of play of the IPO market. While IPO activity “”traditional IPOs, SPACs and direct listings “”was off-the-charts in the second half of 2020 and throughout 2021, geopolitical upheavals, market volatility, inflationary […]
Navigating the Downturn: Biotech Financing Trends
This year, markets have exhibited volatility and general weakness across the board. We put together a discussion of trends in the biotech financing ecosystem and popular alternative vehicles for raising capital, including private investments in public equity (PIPEs) and registered direct offerings (RDOs).
Did the Inflation Reduction Act Create a SPAC Tax?
On August 16, 2022, House Resolution 5376, the Inflation Reduction Act (IRA), was signed into law. An August 11 Cooley client alert explains some of the tax provisions contained in the IRA, including the 1% excise tax on certain stock buybacks, which may impact special purpose acquisition companies (SPACs) at […]
Webinar: Biotech Financing Environment and Deal Considerations
Against the backdrop of a prolonged global pandemic, international conflict and a shifting economic climate, the capital markets landscape is ever-changing. Cooley brings you a quarterly webinar series that cuts through the noise and drills down on what you need to know about the current market. Our inaugural webinar focuses […]
Board Diversity for Foreign Private Issuers: Does Board Diversity Mean the Same Thing Worldwide?
Now that Nasdaq’s board diversity matrix disclosure deadline has arrived, foreign private issuers (FPIs) and companies considering US initial public offerings are increasingly considering their current board makeups and director candidates in light of US and home country requirements, as well as expectations of investors and shareholder advocacy groups. The […]
How Cap Markets Partners Are Helping Tech Clients Through the Downturn as Relationship Advisers
Palo Alto partner Jon Avina was quoted in a piece by The Recorder in which he discusses the current state of the market and his future predictions for tech and life sciences companies. “Capital markets lawyers say the evolution of their base of tech and life sciences clients is leading […]
Tepid Equity Markets Start 2nd Half of ’22 on Shaky Ground
New York partner Richard Segal was quoted in a Law360 piece discussing the need for capital in the biotech sector and the strong appetite among private biotech companies to go public. “Equity capital markets plummeted to earth in the first half of 2022 amid economic headwinds and geopolitical turmoil, and […]
SPAC Rule Change Raises Cross-border Questions
International Financial Law Review Cooley partners David Peinsipp and Garth Osterman shared their insights with the International Financial Law Review for an article exploring how the SEC’s proposed changes to SPACs might impact other markets where SPACs are used and regulated. “The SEC’s proposed changes have opened questions as to […]
SEC Climate Change Disclosure Proposal: What Non-US Companies Need to Know
The Securities and Exchange Commission has proposed new rules that would require extensive climate change disclosure in registration statements and periodic reports. The Wall Street Journal has called this proposal “œthe biggest potential expansion in corporate disclosure since the creation of the Depression-era rules over financial disclosures that underpin modern […]