Market Trends 2018/19: Registered Direct Offerings

This market trends article focuses on registered direct offerings, providing an overview of the market and covering recent notable transactions, deal structure and process, and legal and regulatory trends. A registered direct offering is a type of hybrid securities offering, meaning that the offering methodology has certain characteristics associated with a public offering and certain characteristics associated with a private placement. Generically, the term describes an offering made pursuant to an effective registration statement (which may be a shelf registration statement) that is sold on a best efforts, or agency, basis by a placement agent and is marketed in a more targeted manner principally to institutional investors.