Alternatives to Traditional Securities Offerings
March 19, 2013
Adam Fleisher, Joon Hur and Jesse Brush have authored “Alternatives to Traditional Securities Offerings,” a new chapter for the PLI’s Financial Products Fundamentals treatise. The chapter discusses a variety of alternatives to conventional SEC-registered and Rule 144A / Regulation S 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, offerings (typically conducted under an equity dribble-out or equity distribution program)
- Block trades (pursuant to SEC registration and under Rule 144A, Regulation S and Rule 144)
- PIPE, or private investment in public equity, offerings (including antitrust, banking regulation, CFIUS, Delaware law and tax considerations)
- Registered direct offerings (also known as “registered PIPEs”)
- Rights offerings
- SPACs, or special purpose acquisition vehicles
- BDCs, or business development companies
- Reverse mergers
The chapter will be published as part of Financial Product Fundamentals, Second Edition© The Practising Law Institute, a leading treatise on legal, business and compliance aspects of securities and other financial products, and will be available at www.pli.edu or by contacting 1-800-260-4754.
A copy of the chapter is attached. Questions regarding the matters discussed in the chapter may be directed to the authors or to any of your regular contacts at the firm.