JOBS Act Heralds New Era for Startup and Emerging Growth Company Financing

by Karl J. Ege, Martin E. Lybecker, Danielle Benderly, and James T. Carroll The JOBS Act's stated purpose is to spur job creation and economic growth by improving access to capital for emerging growth companies. To do so, the JOBS Act will make some of the most significant changes to the U...

Yes, Consumer, Real Estate, and Business Finance Companies, You Too Can Take the IPO On-Ramp

by Phillip J. Kardis II, Robert K. Smith, and Barry Spatzer Excerpt: Just as HOV lanes were created to ease the commuting burden for those who meet certain requirements, the recently enacted Jumpstart Our Business Startups ("JOBS") Act created the "IPO On-Ramp" to ease the...

What the JOBS Act Means for Private Offerings

by David Mishel, Nicholas S. Hodge, Kay Gordon, Yusef Alexandrine, and Remsen M. Kinne IV The JOBS Act contains number of provisions that will directly impact private funds, their advisers, and broker-dealers that participate in private fund offerings which are addressed in this Emerging Issues Analysis...

Capital Markets Relief: JOBS Act Eases Regulatory Barriers to IPOs and Other Capital Raising Alternatives

by Phillip J. Kardis II , Robert K. Smith, and Barry Spatzer Excerpt: On April 5, 2012, the President signed into law the Jumpstart Our Business Startups (JOBS) Act (H.R. 3606), which incorporates several initiatives aimed at easing the regulatory burdens of traditional IPOs and private placements...

The JOBS Act After One Year

A year ago, President Obama signed the Jumpstart Our Business Startups (JOBS) Act, a legislative product of rare bipartisan collaboration that was intended to improve employment and make it easier for smaller firms to raise private equity. (For an overview of the Act's provisions, refer here...

The SEC’s Frequently Asked Questions Regarding the Broker-Dealer Registration Exemption

The legal world is patiently waiting for the Securities and Exchange Commission (the "SEC") to enact rules implementing Title II of the JOBS Act. One of the recent developments in this field is the issuance by the SEC Staff of frequently asked questions ( FAQs ) regarding the broker-dealer...

Lifeline or Rising Tide? Understanding Emerging Growth Companies under the JOBS Act

Laws don't often get their own parties. But for the irresistibly named Jumpstart Our Business Startups (JOBS) Act, President Obama held a rare public ceremony in the White House's Rose Garden in its honor. Even more notably, this party was quite bipartisan-Republican House Majority Leader...

The JOBS Act, a Year Later – Part 4: Online Angel Investment Platforms

This post is the fourth in a series examining the impact of the Jumpstart Our Business Startups Act (or JOBS Act) one year after its passage and focuses on the provisions related to online angel investment platforms. In the last post of this series , I discussed the progress of implementing the...

The JOBS Act, a Year Later – Part 7: Titles V and VI and Concluding Thoughts

This post is the seventh and final in a series examining the impact of the Jumpstart Our Business Startups Act (or JOBS Act) one year after its passage and focuses on Titles V and VI of the law and provides some final concluding thoughts. Titles V and VI of the JOBS Act are closely related in ...

Twitter Files Confidentially for IPO

Social media company Twitter has filed a registration statement with the SEC to go public in an IPO. They told the world about it, of course, in a tweet. What’s interesting is that the company, with over 200 million users, chose to file confidentially for now, not revealing any details about the...

Go Twitter IPO!

Social media giant Twitter starts trading following its IPO today. One hopes the lessons of the Facebook IPO debacle are learned. In fact Facebook is now trading $14 above its IPO price, after a very disappointing start. Plus Twitter is choosing a day following a record high on the Dow Industrials index...

House Committee Starts Exciting Work on JOBS 2.0

A key subcommittee of the US House Financial Services Committee has announced a hearing tomorrow morning to begin consideration of a group of 7 bills that could coalesce into a large initiative to benefit small businesses and smaller public companies. Some are saying this, along with a previous bill...

JOBS Act Provisions Fuel IPO Surge, Raise Concerns

All eyes may be on the record-setting IPO of Chinese Internet firm, Alibaba, but the real IPO story for 2014 may be the significant number of IPOs this year involving smaller companies. The number of companies completing IPOs this year is on pace for the highest annual level since 2007, a surge in initial...