Alternative Capital Raising for Public Companies

Cleary Gottlieb partner Adam Fleisher and former summer associate Sophie Grais have authored “Alternative Capital Raising for Public Companies,” a chapter for the PLI’s Financial Products Fundamentals treatise.

The chapter discusses options public companies have beyond traditional underwritten SEC-registered offerings for cash when they raise capital in securities offerings. In particular, the chapter examines the following transactions and structures, and the principal federal securities law and related considerations they raise:

• ATM, or at-the-market, equity offerings
• Block trades (pursuant to SEC registration and under Rule 144A, Regulation S and Rule 144)
• PIPEs (private investment in public equity offerings)
• Registered direct offerings
• Rights offerings