Words of Wisdom

A Roadmap for US Issuers: Financial Statement Requirements in US Securities Offerings

Posted in Financial Statement Requirements

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

Financial Statements for an Acquired Business: What to Include in Your Prospectus

Posted in Financial Statement Requirements, M&A Issues

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

8 IPO Market Trends in Honor of the JOBS Act’s Second Anniversary

Posted in Initial Public Offerings

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.

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Margin Call, Part Three: Advanced Regulation U Issues

Posted in Other

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.

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