Just last week, special purpose acquisition company The Music Acquisition Corporation (“TMAC”) called a special meeting of its stockholders. It wasn’t the special meeting it originally envisioned. TMAC was launched in...more
2021 was a spectacular year for the American venture capital ecosystem, with VC investments, fundraising and exits all setting new highs. That according to the latest PitchBook-NVCA Venture Monitor, the self-described...more
Ever since the SPAC market exploded in late 2020 and early 2021, the SEC has sounded alarm bells through investor alerts, staff statements and public comments. In March of 2021, it warned investors not to invest in SPACs...more
The Securities and Exchange Commission announced on July 13, 2021 that it settled fraud charges against a special purpose acquisition company, its sponsor, its sponsor’s CEO and its proposed merger target for making...more
7/26/2021
/ Capital Raising ,
Due Diligence ,
Enforcement Actions ,
Initial Public Offering (IPO) ,
Investment ,
Misleading Statements ,
Private Investment in Public Equity (PIPEs) ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Regulation ,
Special Purpose Acquisition Companies (SPACs)
On May 3, 2021, blockchain-based trading platform operator INX Ltd. announced it had completed its initial public offering of digital tokens, raising approximately $85 million in the IPO from over 7,200 institutional and...more
6/14/2021
/ Blockchain ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Form F-1 ,
Initial Public Offering (IPO) ,
Popular ,
Regulation A ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Venture Capital
This past June, autonomous vehicle technology startup Zoox agreed to be acquired by Amazon for a whopping $1.3 billion. Time for the common stockholders to pop the champagne, right? Not exactly, according to a complaint...more
8/26/2020
/ Bonuses ,
Business Judgment Rule ,
Carve Out Provisions ,
Compensation & Benefits ,
Controlling Stockholders ,
Corporate Sales Transactions ,
Fiduciary Duty ,
Initial Public Offering (IPO) ,
Preferred Shares ,
Purchase Price ,
Venture Capital
The corporate spectacle better known as The We Company IPO officially and mercifully came to an end September 30 when The We Company (“We Co.”), the corporate parent of WeWork, requested that the Securities and Exchange...more
10/7/2019
/ Anti-Dilution Terms ,
Business Valuations ,
Certificates of Incorporation ,
Corporate Governance ,
Dilution ,
Initial Public Offering (IPO) ,
Investment ,
Investors ,
Notification of Withdrawal ,
Office Space ,
Preferred Shares ,
Registration Statement ,
Share Price ,
Sharing Economy ,
SoftBank ,
Venture Capital
Lyft, Inc. last week completed its highly anticipated initial public offering, raising over $2.3 billion at a valuation of approximately $25 billion, and turning its co-founders Logan Green and John Zimmer into near...more
2018 was a historically good year for venture capital in the United States in terms of dollars invested by VC funds in U.S. companies, dollars raised by VC funds and dollar value of exits by VC-backed companies, according to...more
Buried in new legislation mainly intended to ease Dodd-Frank restrictions on small banks is an expansion of Regulation A eligibility to include SEC reporting companies. ...more
6/11/2018
/ Capital Formation ,
Corporate Issuers ,
Dodd-Frank ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Financial Regulatory Reform ,
Form S-3 ,
Initial Public Offering (IPO) ,
New Legislation ,
Publicly-Traded Companies ,
Regulation A ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
Dual or multi-class capitalization structures generally allow companies to sell large amounts of shares to the public while maintaining control in the hands of the founders and early investors. Popularized by the Google IPO...more
The just completed IPO of Snap Inc. has received enormous buzz and plenty of press coverage, mostly about its eye-popping valuation and offering proceeds, the big winners among the founders and early investors and the...more
3/7/2017
/ Capital Raising ,
Emerging Growth Companies ,
Financial Institutions ,
Financial Markets ,
Initial Public Offering (IPO) ,
Investment ,
JOBS Act ,
Sarbanes-Oxley ,
Share Class Structures ,
Snapchat ,
Social Media ,
Voting Rights
2016 turned out to be a terrible year for IPOs, both in terms of number of deals and aggregate proceeds.
According to Renaissance Capital’s U.S. IPO Market 2016 Annual Review, only 105 companies went public on U.S....more