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Wilson Sonsini's 2024 Technology and Life Sciences IPO Report provides in-depth analysis on 33 initialpublicofferings (IPOs) completed by U.S.-based based technology and life sciences companies in 2024 with deal values exceeding $75 million. By: Wilson Sonsini Goodrich & Rosati
As they go through their initialpublicoffering (IPO) and the subsequent merger & acquisition (M&A) process, special purpose acquisition companies (SPACs) face many regulatory, legal, and business hurdles.
1] The Final Rules are intended to provide enhanced protections for investors in the initialpublicofferings (IPOs) of SPACs and the subsequent business combination transactions of SPACs with private operating companies (“de-SPAC transactions”). By expanding the disclosure requirements for SPAC IPOs (on.
The new rules affect both initialpublicofferings (“IPOs”) for SPACs and so-called “de-SPAC” transactions involving target companies who enter into a business combination with SPACs. On January 24, 2024, the U.S.
As they go through their initialpublicoffering (IPO) and the subsequent merger & acquisition (M&A) process, special purpose acquisition companies (SPACs) face many regulatory, legal, and business hurdles.
Last week, the SEC announced settled enforcement proceedings against Cantor Fitzgerald for its alleged role in causing two SPACs that it controlled to make misleading statements to investors about the status of their discussions with potential acquisition targets ahead of their initialpublicofferings (IPOs).
There have been 44 initialpublicofferings (IPOs) listed on the US stock markets in 2024 thus far, many of which continue to trade at a premium to their initialoffering price, demonstrating the strength and buoyancy of current public markets.
2023 was a challenging year for mergers and acquisitions (M&A). Overall, in 2023, initialpublicoffering (IPO) activity and. Whilst M&A in the Europe, Middle East and Africa region (EMEA) remained resilient in the first half of 2023, deal activity fell in the second half of the year.
On January 24, 2024, the Securities and Exchange Commission (“SEC”) adopted final rules (the “Final Rules”) to enhance disclosure and investor protection in initialpublicofferings (“IPOs”) by special purpose acquisition companies (“SPACs”) and in business combination transactions involving shell companies, such as SPACs, and private operating companies (..)
Securities and Exchange Commission (the “SEC”) adopted new rules and guidance affecting initialpublicofferings (“IPOs”) of special purpose acquisition companies (“SPACs”) and business combinations between SPACs and private company targets (“de-SPAC transactions”). On January 24, 2024, the U.S.
Initialpublicofferings (IPOs) and M&A exits are the two most common means of achieving liquidity in a private company. This article addresses an acquisition transaction, which requires preparation and oversight that many founders and managers need to learn as they go.
Securities and Exchange Commission (“SEC”) adopted new rules governing initialpublicofferings (“IPOs”) of special purpose acquisition companies (“SPACs”) and subsequent combinations between SPACs and target operating companies (“de-SPAC transactions”). On January 24, 2024, the U.S.
British tech firm valued at $52.3bn before highly anticipated flotation on Nasdaq by private owner SoftBank The British chip designer Arm has secured a $52.3bn (£41.9bn) valuation in its initialpublicoffering (IPO), before its highly anticipated return to the stock market in New York on Thursday.
Supreme Court is expected to issue a decision in a high-profile securities case that could have broad implications for whether and how plaintiffs can assert Section 11 and 12(a)(2) claims if they purchased securities offered to the public in a direct listing as opposed to a traditional initialpublicoffering (IPO).
The rise of founder-led, venture capital-backed companies in recent years has coincided with a surge of companies implementing dual-class share structures in connection with their initialpublicofferings.
With the US initialpublicoffering markets continuing to remain largely closed, and special purpose acquisition company combinations being costly and complex, there’s a new kid in town for foreign companies looking to go public in the US: reverse mergers. Some reverse mergers involving a U.S.
Investment banking is a branch of banking that organizes and enables large, complex financial transactions for businesses, like mergers, IPOs or underwriting. Investment Banks help businesses plan and strategize their IPO to ensure success. Investment Banks help businesses plan and strategize their IPO to ensure success.
SPACs are publicly traded companies that raise capital through an initialpublicoffering (IPO) with the primary aim of acquiring an existing private company, thereby enabling it to go public without undergoing the traditional IPO process.
In the dynamic world of mergers and acquisitions (M&A), staying ahead of the curve is crucial for success. As a result, ESG criteria are being integrated into due diligence processes, investment evaluations, and post-merger integration strategies.
Underwriting Services Merchant banks also provide underwriting services for initialpublicofferings (IPOs), private placements, follow-on publicofferings (FPOs) and rights issues. This service helps companies to raise the required funds from the public.
In a follow-up study for the 10 largest mergers of 1985, the author of this book found that only a minority of the deals had ended in a divestiture even after 20 years – and most of the divestitures were partial. Sometimes spin-offs precede mergers. Yet in major companies, the level appears to be lower. Recent U.S.
I still recall the metric that was drilled into me back then: hit $50 million in revenue and a few back-to-back years of profitability and you, too, can go public. The benefits of going public are significant. So over the last 30 years, fewer and fewer companies have been going public. Today, the number of U.S.
While the ruling has broad implications for many current arrangements (particularly stockholder agreements for public companies), it did provide a path forward, noting that many of these provisions would have been valid if included the corporation’s certificate of incorporation instead of the stockholder agreement.
The rise of founder-led, venture capital-backed companies in recent years has coincided with a surge of companies implementing dual-class share structures in connection with their initialpublicofferings. We now turn to the exceptions in dual-class charter transfer provisions that may be available to eliminate this risk.
When Facebook went public in 2012, it needed an investment bank to handle the InitialPublicOffering (IPO). Goldman Sachs was one of the lead underwriters and earned considerable fees and reputation points for facilitating one of the largest tech IPOs ever.
Complex and novel transaction structures for the sector also were a prominent result of the market and regulatory environment, with reverse mergers remaining a fixture and stock-for-stock deals and take-private transactions led by private equity sponsors entering the scene.
Although there were 104 initialpublicofferings of biotechnology companies in 2021 that raised nearly $15 billion in funds, 2022 saw only 22 such IPOs collectively raising less than $2 billion. Let’s dig in.
We see examples of this in management buyouts, initialpublicofferings (IPOs), and strategic mergers and acquisitions (M&A). This is simply a plan that may involve eventually selling the company, or sharing it with other venture capitalists, or even competitors.
The SEC Office of the Advocate for Small Business Capital Formation has released its Annual Report for Fiscal Year 2024, shedding light on the current state of initialpublicofferings (IPOs) and the challenges faced by small public companies in the U.S.
These changes have included increases in the agencies’: Willingness to challenge vertical mergers (e.g., Focus on new potential theories of harm, such as the impact of mergers on labor markets. Distrust of divestiture offers. challenges to vertical mergers and nascent competitor acquisitions).
Section 4(a)(2) private placements can help companies raise capital without an InitialPublicOffering (IPO). While exempt from registration, these offerings do require strict compliance to avoid legal pitfalls.
This approach, combining M&A and initialpublicoffering (IPO) preparations on parallel tracks, allows companies to maximize optionality in an uncertain market. Of course, the targets leverage in the M&A track of a dual-track process inherently increases when the IPO track is a viable strategy.
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