In June 2017, the SEC’s Division of Corporation Finance (“Corp Fin”) announced a new policy effective July 2017 that essentially extends the confidential submission process to all issuers while keeping the EGC process unchanged.  The new policy also permits an issuer to submit for confidential review a registration statement filed to register a class of

We recently updated our FAQs to reflect changes brought about by the SEC’s new policy extending the ability to submit IPO (and certain follow-on) registration statements beyond emerging growth companies. You may access our FAQs on IPOs and our FAQs on Foreign Private Issuers (which address a number of issues beyond IPOs, such as the

Issuers often wonder whether confidential treatment can be sought and obtained with respect to commercially sensitive information that may be contained in their commercial agreements. In our recently updated Frequently Asked Questions about Confidential Treatment Requests, we review the process for submitting such a request, as well as reasonable expectations regarding the information

PIPE transactions, or private investments in public equity, remain an important financing alternative. During the third quarter of 2017, PIPE transactions raised approximately $19 million. Volume in PIPE transactions appears to be on track for another approximately $50 million year. While more issuers may now be eligible to avail themselves of a shelf registration statement

For an issuer that has an effective shelf registration statement and is contemplating a follow-on offering, or an issuer that has a resale registration statement that is effective and selling stockholders eager to sell, a registered direct offering remains an important financing alternative.  The marketing of a registered direct offering is targeted, much like

Since ATMs were first undertaken in the mid-1990s, there has been tremendous growth in adoption of this financing alternative.  Approximately 210 ATM offering programs were filed last year, and this year promises to exceed that.  Energy companies, utilities, and REITs remain among the most active users of ATM programs.  However, in recent years, there has