Changes to the Securities Offering Process: Confidential Submissions, Test the Waters and Direct Listings

Direct listings as an alternative to traditional IPOs has generated increased attention in recent months. U.S. or foreign-domiciled companies can choose to register its securities under the ’34 Act and list its stock directly on a national securities exchange without offering its securities at the same time.

The SEC’s Division of Corporation Finance recently changed its policy and now allows an issuer to submit for confidential review a Form 10 or Form 20-F for this purpose.

Join our experts for a free, Intelligize-sponsored CLE* webcast on Wednesday, August 12, 2020 at 1 p.m. EDT, “Changes to the Securities Offering Process: Confidential Submissions, Test the Waters and Direct Listings.”

During this Intelligize webinar, we will cover:

  • Expanded Confidential Review of Registration Statements
  • Expanded Ability to Engage in Test the Waters Communications
  • Overview of Direct Listings
  • Documentation Requirements for a Direct Listing
  • Current Exchange Requirements, and Proposed Exchange Rules to Allow Fundraising in Direct Listings
  • Securities Liability, Tracing Requirements, and Related Considerations in Connection with a Direct Listing

 

Speakers:

 

Brian Hirshberg
Counsel, Mayer Brown

 

Anna Pinedo
Partner, Mayer Brown

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