Fabry-Pérot Interferometer, SA is a highly successful non-US company known to the world as FPI. FPI is considering doing a debt or equity offering in the United States. What are the key legal issues it, and its underwriters or financial advisors, are likely to face?
Fabry-Pérot Interferometer, SA is a highly successful non-US company known to the world as FPI. FPI is considering doing a debt or equity offering in the United States. What financial statements will it need? Continue Reading
On the heels of its wildly successful initial public offering, Next Humongous Thing, Inc.. is in the process of preparing a prospectus for a follow-on offering of common stock. Oh, and it has completed several acquisitions, opened up two new segments and discontinued one operation. Continue Reading
Frankie, recent heir to Brooklyn Hipster Butcher Company, has decided to take his company public. While preparing the registration statement for the IPO, Frankie wonders whether a small processing plant he purchased 80 days ago constitutes as a significant acquisition. Continue Reading
FreshBread, Corp. is a newly public company that will need to file periodic reports beginning in 2015. FreshBread is also planning to do a registered offering in 2015 and is confused as to when its 2014 financial statements go “stale.”
In our final installment on the margin regulations, we’ll cover a few more practice points. Hopefully this intro to the US margin regulations will enable you to spot the issues that can arise in the context of financing transactions.
In previous installments, we covered the basics of the margin regulations. In our final two installments, we’ll cover a few practice points and explore some of the more complex margin issues (particularly under Regulation U), that frequently arise in the context of financing transactions.
So far, our series on the Federal Reserve’s margin regulationshas focused on Regulation U, which imposes margin lending requirements on lenders. Now let’s turn our attention to Regulation X, which governs the securities credit activities of borrowers.
Two years ago, the JOBS Act became law. Title I of the JOBS Act significantly changed the IPO playbook, creating a new category of issuer called an emerging growth company (EGC) and rewriting the rules for EGC IPOs. We discuss the JOBS Act’s changes to the IPO process in this post.
Building on our first-anniversary JOBS Act report on initial trends observed and lessons learned, Latham has conducted another detailed analysis of EGC IPOs, this time taking a close look at nearly 250 EGCs that priced a US IPO in the past year.
In the last installment on the US margin regulations, we touched on the building blocks of Regulation U, which prohibits a bank or a non-bank lender (who is not a broker-dealer) from extending “purpose credit” that is “secured directly or indirectly” by “margin stock,” in an amount that exceeds the “maximum loan value” of the collateral securing the credit. In this installment, we will examine some other key concepts and highlight where Regulation U issues can arise in practice.