Successful privately held companies considering their liquidity opportunities or eyeing an IPO often turn to late stage private placements. Late stage private placements with institutional investors, cross-over investors and strategic investors raise a number of considerations distinct from those arising in earlier stage and venture financing transactions. Privately held companies also have become more comfortable sponsoring liquidity programs for early investors, employees and consultants, as well as allowing these holders to sell to cross-over investors in late stage investment rounds.
During our session, Kevin Gsell, Nasdaq Private Markets, Gregory Ogborn, Wells Fargo Securities and Partner Anna Pinedo will discuss:
- Timing and process for late stage private placements;
- Terms of late stage private placements;
- Principal concerns for cross-over funds;
- Diligence, projections and information sharing;
- IPO and acquisition ratchets;
- Participation by strategic investors;
- Issuer and third-party tender offers;
- Private secondary market opportunities.
CLE credit is pending.