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Will Cava Going Public Set the Table for Other IPOs? By David Braun, Founder and CEO, Capstone Strategic When Washington DC based restaurant chain Cava became a publicly traded company recently, it bucked a trend that has lasted nearly two years, a notable absence of American IPOs.
Pursuing a “dual-track” process involves preparing for an initialpublicoffering at the same time as running a private M&A process, often through an auction. In an IPO, selling shareholders may choose to adopt a multiclass or an enhanced voting rights equity structure, potentially fettered through “sunset” provisions.
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.
Airbnb initially bootstrapped their venture, but as their idea gained traction, they attracted funding from Y Combinator, a renowned startup accelerator, marking their official entry into the world of venture capital. Choosing the right exit strategy—be it acquisition, InitialPublicOffering (IPO), or management buyout—is critical.
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.
Each method offers different benefits; finding the best option for your software company’s goals is essential to ensure that you clearly understand the landscape and how best to present your business when the time comes to pursue seeking external capital.
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. Activists may be able to take advantage of high trading volumes to accumulate positions without early detection.
Strained access to public markets and funding The IPO market remained relatively inactive in 2023, leading many life sciences companies looking to raise funds to turn to other exit strategies. Moving into Q2 of 2023, roughly 29% of US public biotech companies traded below their cash value.
Some sponsors, while unable to present compelling take-private proposals to targets, have deployed capital in private investments in public equity (PIPEs) of public targets, marketing these investments as both a vote of confidence for the incumbent board and much-needed liquidity to help the target weather the downturn.
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