In an interview for NACD Directorship magazine entitled Noteworthy Legal Issues for Pre-IPO and Small-Cap Directors , DLA Piper partner and colleague Peter M. Astiz , co-head of our Global Technology Sector Practice, provided updated information concerning...
This post is part four of our series exploring various aspects of due diligence in the context of a merger and acquisition (M&A) transaction. Our prior posts discussed M&A due diligence generally and its objectives , described the due diligence...
Among the features of the recently enacted JOBS Act that
has attracted the most attention are the legislation's provisions for
"crowdfunding." Under these provisions, a company is permitted to raise up to
$1 million during any 12-month...
On this edition, David Lynn and Anna Pinedo of Morrison & Foerster discuss the benefits available to Emerging Growth Companies under the JOBS Act. They review the significance of the ability to submit IPO registration statements confidentially, and...
by Jonathan B. Wilson and Dianne L. Trenholm
On April 5, 2012, President
Obama signed the Jumpstart Our Business Startups Act (the "JOBS
Act"), H.R. 3606, into law calling it "a potential game-changer"
Crowdfunding may provide an interesting way for some
companies to raise capital. It's definitely getting a lot of the hype
since passage of the Jumpstart Our Business Startups ( JOBS ) Act
earlier this month. I've read articles talking about...
On this edition, Dick Phillips and Alan Berkeley of K&L Gates and Stan Keller of Edwards Wildman discuss the JOBS Act (Jumpstart Our Business Startups Act), which was signed into law April 5 by President Obama. They provide an overview of the legislation...
On March 22, 2012 Washington, DC, "Jumpstart Our Business
Startups" (JOBS) Act was passed by the Senate, following its passage on March
8, 2012 by the House of Representatives.
The purpose of the said legislation is to ease the
This post is part three of our series exploring various
aspects of due diligence in the context of a merger and acquisition (M&A)
transaction. Our prior posts discussed M&A due diligence generally and its objectives and described the due diligence...
Private funds will be able to advertise and solicit for
investor, provided all of the investors are " accredited
investors ." The Jumpstart
Our Business Startups Act will dramatically change the way capital raising
for private funds operates...
This last week, the Senate passed the " JOBS
Act ," leaving it one step away from final passage by Congress and Signature
by President Obama. The JOBS Act contains a number of provisions which
are aimed at reducing the securities compliance...
Fenwick & West LLP, a law firm that represents
emerging growth companies, has published a survey of seed financing transactions ,
comparing the terms of such deals in 2011 to 2010. The survey was based on 56
transactions closed in 2011 and 52 ...
The Jumpstart Our Business Startups Act, as amended by
the Senate, was voted on by the House of Representatives yesterday and passed
380 to 41. That makes it a very bi-partisan bill, even though a ll 41 "Nays" were
Democrats . If I remember...
Important news out of the SEC this
week for investment advisers who are now registering or filing
reports as exempt reporting advisers (ERAs) courtesy of the new Dodd-Frank
requirements. The SEC posted a new
FAQs on its website regarding Form ADV...
As we know, the Senate changed the version of the
Jumpstart our Business Startups (JOBS) Act in only one way, they added an
amendment, drafted by Sen. Merkley (but also supported by Sens. Bennet and
Brown), which added more investor protections to...
As the 1990s drew to a close Congress passed legislation
signed by the President ensuring the deregulation of the derivatives markets.
At the time CFTC Chairwoman Brooksley Born was one of the sole voices of
dissent. Less than ten years that dissent...
On Thursday afternoon, the US Senate passed the Jumpstart
Our Business Startups Act, a bill designed to make it easier for small
companies to raise capital. The centerpiece of the legislation is the
crowdfunding provision. However, the Senate passed...
The House of Representatives recently voted to pass The
Jumpstart Our Business Startups (JOBS) Act ( H.R. 3606 ), a
collection of several bills focused on barriers to capital formation. I'm
focused on the bill because of mostly because of the Access...
The Facebook IPO is a pretty big deal
generally. Whether Facebook would go public stirred media frenzy and
Congressional testimony in the past year. Facebook's initial registration statement indicated it would be the
largest tech company IPO ever...
Many founders I speak with are interested in obtaining
financing for their businesses first from their friends and family members, and
then from professional investors. I agree, this seems to be the common path.
However, many founders do not realize...
There is a growing movement to create a new crowdfunding
regime for raising capital. The models seem to draw inspiration from Kickstarter , a platform to fund creative
projects. I say that because each time I see a draft bill it talks about an
Ways and Means Committee Ranking Member Sander Levin
(D-MI) remains intent on increasing tax rates on carried interest (the profits
funds managers earn on thier portfolios, which currently are taxed at
15%). At the end of last week, he announced his...
A reminder for startups that had incentive stock option
exercises in 2011, Section 6039 of the Internal Revenue Code requires companies
to furnish a written statement to any employee or former employee who either
(i) exercised an incentive stock option...
In addition to legislative initiatives we've previously discussed, we
continue to see efforts to relax the general solicitation prohibition in
private offerings. For example, the SEC's Advisory
Committee on Small and Emerging Companies recently...