Law Blog Category: Uncategorized

Proposed 2021 U.S. Budget

July 09, 2020 in Uncategorized

In February, the Office of Management and Budget released the proposed fiscal 2021 United States government budget.  The beginning of the Budget contains a message from President Trump delineating a list of key priorities of the administration including better trade deals, preserving peace through strength, overcoming the opioid crisis, regulation relief and American energy independence.  The Read the full article…

Disclosures Related To COVID-19 – SEC Updates

July 04, 2020 in Uncategorized

Last week the SEC Office of the Chief Accountant (OCA) made a public statement on the importance of high-quality financial reporting for investors in light of Covid-19 on the same day that the Division of Corporation Finance issued an updated Disclosure Guidance Topic No. 9A on operations, liquidity, and capital resources disclosures related to the virus.  Disclosure Guidance Topic Read the full article…

SEC Proposed Rule Changes For Exempt Offerings – Part 5

June 23, 2020 in Uncategorized

On March 4, 2020, the SEC published proposed rule changes to harmonize, simplify and improve the exempt offering framework.  The SEC had originally issued a concept release and request for public comment on the subject in June 2019 (see HERE).  The proposed rule changes indicate that the SEC has been listening to capital markets participants Read the full article…

SEC Proposed Rule Changes For Exempt Offerings – Part 4

June 19, 2020 in Uncategorized

On March 4, 2020, the SEC published proposed rule changes to harmonize, simplify and improve the exempt offering framework.  The SEC had originally issued a concept release and request for public comment on the subject in June 2019 (see HERE). The proposed rule changes indicate that the SEC has been listening to capital markets participants and is supporting increased access to Read the full article…

SPAC IPOs A Sign Of Impending M&A Opportunities

June 15, 2020 in Uncategorized

The last time I wrote about special purpose acquisition companies (SPACs) in July 2018, I noted that SPACs had been growing in popularity, raising more money in 2017 than in any year since the last financial crisis (see HERE).  Not only has the trend continued, but the Covid-19 crisis, while temporarily dampening other aspects of the IPO market, has caused Read the full article…

Disclosures Related To Covid-19 – What Investors Want To Know

June 05, 2020 in Uncategorized

’ve written several times about the need for Covid-19 disclosures including public statements by Chair Clayton and William Hinman, the Director of the Division of Corporation Finance and the SEC Division of Corporation Finance Disclosure Guidance Topic No. 9 regarding the SEC’s current views on disclosures that companies should consider with respect to COVID-19.  For my summary blog on Read the full article…

SEC Proposed Rule Changes for Exempt Offerings – Part 3

May 29, 2020 in Uncategorized

On March 4, 2020, the SEC published proposed rule changes to harmonize, simplify and improve the exempt offering framework.  The SEC had originally issued a concept release and request for public comment on the subject in June 2019 (see HERE).  The proposed rule changes indicate that the SEC has been listening to capital markets participants and is supporting increased access Read the full article…

NASDAQ Provides Additional Relief To Shareholder Approval Requirements For Companies Affected By Covid-19

May 22, 2020 in Uncategorized

Nasdaq has provided additional relief to listed companies through temporary rule 5636T easing shareholder approval requirements for the issuance of shares in a capital raise.  The rule was effective May 4, 2020 and will continue through and including June 30, 2020.  The purpose of the rule change is to give listed companies affected by Covid-19 quicker access to much-needed Read the full article…

SEC Publishes FAQ On COVID-19 Effect On S-3 Registration Statements

May 15, 2020 in Uncategorized

The SEC has issued FAQ on Covid-19 issues, including the impact on S-3 shelf registration statements.  The SEC issued 4 questions and answers consisting of one question related to disclosure and three questions related to S-3 shelf registrations. SEC FAQ Disclosure Confirming prior guidance, the SEC FAQ sets forth the required disclosures in the Form Read the full article…

SEC Enacts Temporary Expedited Crowdfunding Rules

May 06, 2020 in Uncategorized

Following the April 2, 2020 virtual meeting of the SEC Small Business Capital Formation Advisory Committee in which the Committee urged the SEC to ease crowdfunding restrictions to allow established small businesses to quickly access potential investors (see HERE), the SEC has provided temporary, conditional expedited crowdfunding access to small businesses.  The temporary rules are intended to expedite the offering process for Read the full article…

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