SEC to Scrutinize Company Accounting for Impact of Climate
In February, then-Acting SEC Chair Allison Lee directed the staff of Corp Fin, in connection with the disclosure review process, to “œenhance its focus on climate-related disclosure in public company filings, ” starting with the extent to which public companies address the topics identified in the interpretive guidance the staff issued regarding […]
Is the SEC considering guidance on SPAC projections?
Reuters is reporting “”exclusively “”that the SEC is contemplating issuing more guidance that would “œrein in growth projections ” made by listed SPACs and clarify when the PSLRA would be available to protect SPAC projections, “œaccording to three people with knowledge of the discussions. ” According to Reuters, the SEC guidance “œwould escalate […]
Past Event: Behind the Scenes of the 2021 IPO & SPAC Boom
Cooley, DFIN, PwC, Nasdaq and The Blueshirt Group hosted a two-part webinar series Behind the Scenes of the 2021 IPO & SPAC Boom on May 4 & 11, 2021. We heard the latest insights from leaders who have successfully completed recent IPOs or SPAC mergers and learned about the current […]
PwC Southwest IPO/SPAC Readiness Seminar
Amidst the volatility of 2020, US IPOs still managed to raise a record $145 billion from 407 companies and growth is only expected to continue as vaccines become more widely available. The outlook for the capital market appears to be just as busy as 2020, as interest rates remain low […]
SEC Approves NYSE Amendment of Shareholder Approval Provisions
In December 2020, the NYSE proposed to relax the requirements for shareholder approval of related-party equity issuances and bring them into closer alignment with the comparable Nasdaq rules by amending Sections 312.03, 312.04 and 314.00 of the NYSE Listed Company Manual. The amendments were intended to provide more flexibility to raise […]
Corp Fin Again Amends Guidance on Extensions of Confidential Treatment Orders
Corp Fin has once again amended Disclosure Guidance Topic No. 7, Confidential Treatment Applications Submitted Pursuant to Rules 406 and 24b-2, to modify “”slightly “”the alternatives available for companies with confidential treatment orders that are about to expire. The guidance was last amended in September 2020 (see this PubCo post), but […]
Un-Packing SPACs: Risks, Rewards and Everything in Between
Special purpose acquisition companies (SPACS) have exploded as an increasingly popular way for private companies to go public. There were more SPAC IPOs in 2020 than traditional IPOs. The market for SPAC IPOs and so-called “œde-SPAC ” transactions, by which private companies become public companies by combining with a SPAC, […]
After Climate, is Enhanced Diversity Disclosure Next?
It’s not just mandatory climate disclosure that’s on the agenda for Acting SEC Chair Allison Lee. Last week, as reported by Reuters, in remarks to a forum for securities industry professionals, she said that the SEC “œshould think more “˜creatively and broadly’ about tackling issues of race and gender diversity, […]
SPAC Trend Gives Rise to Securities Enforcement and Litigation Risks
What is a SPAC Special purpose acquisition companies (SPACs) are on the rise. A SPAC is a publicly traded shell company with no underlying operating business that seeks to merge with a target operating company. According to Nasdaq, in 2015, SPACs made up approximately 12% of the IPO market, but by […]
Past Event: Un-packing SPACs: Risks, Rewards and Everything in Between
Special purpose acquisition companies (SPACS) have exploded as an increasingly popular way for private companies to go public. There were more SPAC IPOs in 2020 than traditional IPOs. The market for SPAC IPOs and so-called “œde-SPAC ” transactions, by which private companies become public companies by combining with a SPAC, […]