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

Direct listings are an alternative to the traditional IPO process that has generated much attention lately. A U.S. or foreign-domiciled company may choose to register a class of its securities under the Securities Exchange Act of 1934 and list its stock on a national securities exchange without undertaking an offering of 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. 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; and
• Securities Liability, Tracing Requirements, and
• Related Considerations in Connection with a Direct Listing.