Any issuer eligible to register its securities on Form S-3 should consider setting up an ATM program in order to maximize its opportunity to raise just-in-time capital.  As a result of the economic downturn, volatility and uncertainty resulting from the pandemic, many issues have found that having an ATM program available provides funding diversification and may be used to raise substantial capital.  Significant selling stockholders may also benefit from the flexibility of the ATM structure in order to take advantage of market opportunities to sell their shares from time to time.  For many issuers, an ATM may be paired with a forward sale component to provide additional flexibility.  During this webinar, we will review the basics of ATMs, as well as some of the legal and regulatory considerations that arise for issuers and for ATM agents. Topics will include:

  • Form S-3 eligibility for issuers;
  • SEC filing requirements;
  • Block sales from an ATM and considerations for issuers;
  • Reporting ATM sales;
  • ATMs with forwards;
  • Compliance considerations for ATM agents, including those arising under Reg M;
  • ATMs for BDCs, following the modernization of the offering rules for BDCs; and
  • ATM offerings for a selling stockholder.

Speakers

  • Zach Dombrowski
    BMO Capital Markets 
  • Brian D. Hirshberg
    Mayer Brown

CLE credit is pending.

Thursday, October 8, 2020

United States
1:00 p.m. – 2:00 p.m. EDT
12:00 p.m. – 1:00 p.m. CDT
11:00 a.m. – 12:00 p.m. MDT
10:00 a.m. – 11:00 a.m. PDT

Europe
6:00 p.m. – 7:00 p.m. BST
7:00 p.m. – 8:00 p.m. CEST

For additional information, please contact Melissa Pfeuffer at mpfeuffer@mayerbrown.com or +1 212 506 2344.