News & Analysis as of

Financial Markets Special Purpose Acquisition Companies (SPACs) Capital Raising

Procopio, Cory, Hargreaves & Savitch LLP

What Legal Trends are Impacting MicroCap Issuers in 2024?

The legal and regulatory landscape for MicroCap investing is ever-evolving, including challenges involving compliance with the rules of the U.S. Securities and Exchange Commission (SEC) and securities exchanges including...more

Skadden, Arps, Slate, Meagher & Flom LLP

HKEX Initiatives Present Opportunities Even in a Down Market

Like other global financial centers, Hong Kong has seen falling IPO volumes and volatile markets in 2022 in the face of challenging macroeconomic conditions and rising geopolitical tensions, including between China and the...more

Burr & Forman

FINRA’S 2022 Report on Examination & Risk Monitoring Program

Burr & Forman on

Over the last couple of decades, the securities self-regulatory organization FINRA (f/k/a NASD) informs its membership each year of what compliance risks are noted by its examination program. Those are risks firms should...more

Mayer Brown Free Writings + Perspectives

What’s the Deal? – Initial Public Offerings: An Introduction

Here’s the deal: - An initial public offering (“IPO”) refers to the initial offering by a company of a class of its equity securities, usually with a contemporaneous listing of that class of securities on a national...more

Morgan Lewis

Singapore Is Looking to Bring In SPACS

Morgan Lewis on

The Singapore Exchange has launched a consultation on proposed rules governing special purpose acquisition companies. SPACS DEFINED - Special purpose acquisition companies (SPACs) are shell or “blank cheque” entities...more

Stinson - Corporate & Securities Law Blog

SEC Warns SPAC Targets the Road May be Difficult

The SEC issued two pieces of guidance on special purpose acquisition companies, or SPACs.  One piece, styled as a statement by Paul Munter, Acting Chief Accountant, speaks to financial reporting and auditing considerations of...more

Mayer Brown Free Writings + Perspectives

SEC Speaks: Promoting Growth in the Public Markets

During the annual Practising Law Institute’s SEC Speaks, Commissioner Lee discussed the state of public markets and public offerings.  The Commissioner addressed the shift toward continued reliance on the private markets...more

Vinson & Elkins LLP

Introducing The Up-SPAC Structure

Vinson & Elkins LLP on

As the pace of SPAC IPOs continues to set records, evolution of the economic terms has accelerated. We have seen changes to the warrant and promote structure (including “tontine” warrants), call rights motivating cashless...more

Mayer Brown Free Writings + Perspectives

IPO Underpricing & Behavioral Theories

In a law journal note titled “The Seller’s Curse and the Underwriter’s Pricing Pivot:  A Behavioral Theory of IPO Pricing,” author Patrick Corrigan considers various theories advanced to explain IPO underpricing.  Given that...more

Vinson & Elkins LLP

Newly Approved Direct Listing Capital Raising Alternative On Hold Pending SEC Review

Vinson & Elkins LLP on

For a fleeting moment, companies had the ability to raise capital on the New York Stock Exchange (“NYSE”) in connection with a direct listing (“primary direct listing”). On August 26, 2020, the Securities and Exchange...more

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