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 that may receive the benefit of confidential treatment.

Morrison & Foerster’s Anna Pinedo discusses the basics of confidential treatment requests in this ThinkingCapMarkets podcast.

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 and may favor shelf takedowns for follow-on offerings, PIPE transactions may offer a solution especially in special situations. For example, for companies, such as energy companies, seeking to undertake a financing as part of a recapitalization, a PIPE transaction may prove the best alternative. Morrison & Foerster’s Anna Pinedo discusses the basics of PIPE transactions in this ThinkingCapMarkets podcast.

Read more about PIPE transactions in our popular FAQs, which can be accessed here: Frequently Asked Questions about PIPEs.

 

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 the process undertaken in connection with a PIPE transaction, but given that the securities sold in a registered direct offering are freely transferable, it has certain advantages when compared to PIPE transactions.  In recent months, a number of energy companies that have undertaken follow-on offerings have structured these as registered direct offerings.  Usually, there are a limited number of institutional investors that participate in the offering.  Of course, there is no limit on the type of investor that may participate.  Morrison & Foerster’s Anna Pinedo discusses the basics of registered direct offerings in this ThinkingCapMarkets podcast.

Our recently updated FAQs can be accessed here: Frequently Asked Questions about Registered Direct Offerings.

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 been increased use of ATMs by life sciences companies.  Morrison & Foerster’s Anna Pinedo gives the basics of ATMs, as well as some of the legal and regulatory considerations, in this ThinkingCapMarkets podcast.

Our recently updated FAQs can be accessed here: Frequently Asked Questions about At-the-Market Offerings.