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Mergers IPOs

Latest Spotlights

Closed-End Funds Proxy Fights

A review of the frequency and outcomes of proxy fights against closed-end funds and the potential effects of a proposed New York Stock Exchange rule change to end the requirement to hold annual shareholder meetings. Read more

Will New SEC Disclosure Rules Impact SPAC and DeSPAC Deal Volume?

Effective July 1, 2024, the new Securities and Exchange Commission (SEC) rules governing SPAC initial public offerings (IPOs) and deSPAC M&A transactions went into effect. These new rules are designed to enhance disclosures and improve investor protections. Read more

The Dramatic Rise in Asian IPO Filers

We have observed a marked increase in IPO filers headquartered in Asia so we took the opportunity to look back ten years to see how things have changed relative to IPO filers headquartered in the US and the change is dramatic. Read more

A Review of The Maryland Unsolicited Takeover Act on its 25th Anniversary

The Maryland Unsolicited Takeover Act (MUTA) marks its 25th anniversary on June 1. In honor of the anniversary, we review the current rate of MUTA take-up among Maryland companies. Read more

SPAC Market Study - Activism & M&A Update 2024

In April of 2021, as the SPAC market took off, Deal Point Data published its first SPAC Market Study. We recently took the opportunity to revisit the SPAC and de-SPAC market. Read more

A Review of Proxy Fight Outcomes Under the Universal Proxy Rules

With the outcome determined for all but one annual meeting proxy fight for companies subject to the universal proxy card (UPC) rules, we take the opportunity to examine the full-year results of 2023 proxy fights – the first full year under which the UPC rules were in effect. Read more

The Purpose of Poison Pills

Poison pills are back in the news with an increase in litigation surrounding the device, raising the question of what their proper use is. We examine why and for what purpose poison pills are being used. Read more

IPO Breaks Drought for New Publicly Traded Public Benefit Corporations

In the latest sign the US IPO market may be emerging from the doldrums, a noteworthy event occurred this month: a public benefit corporation ("PBC") completed an IPO. Sezzle Inc., which has elected to be a public benefit corporation under Delaware law, priced its IPO and began trading on the Nasdaq exchange on August 16th. Sezzle's IPO ends what had been a 21-month drought for IPOs completed by PBCs. Read more

Latest Trends in Antitrust Termination Fees

As the M&A regulatory environment has tightened over the last few years, we have seen a significant increase in the inclusion of antitrust termination fees in definitive M&A agreements. An antitrust termination fee is a termination fee potentially payable by the acquirer if the transaction cannot close due to lack of regulatory approval. Essentially, if the deal is blocked by a regulatory agency then the acquirer would be required to pay the antitrust termination fee to the target. Read more

IPO Doldrums

The IPO market has seen a significant downturn since the SPAC-led highs of 2021. The charts and statistics below bring this downturn into sharp focus and illustrate the poor condition of the US IPO market. Read more

Latest Trends in Antitrust Termination Fees

As the M&A regulatory environment has tightened over the last few years, we have seen a significant increase in the inclusion of antitrust termination fees in definitive M&A agreements. An antitrust termination fee is a termination fee potentially payable by the acquirer if the transaction cannot close due to lack of regulatory approval. Essentially, if the deal is blocked by a regulatory agency then the acquirer would be required to pay the antitrust termination fee to the target. Read more

SPAC Market Study 2022 – 1st Quarter Update

SPAC deal activity fell sharply in Q1 2022. The number of priced SPAC IPOs dropped from 163 in Q4 2021 to 55 in Q1 2022. Only 34 de-SPAC M&A deals were announced in Q1 compared with 61 in Q4. At the same time the number of withdrawn SPAC deals surged in Q1. Withdrawn SPAC IPOs in Q1 (61) exceeded priced SPAC IPOs (55), and there were 17 withdrawn de-SPAC M&A deals in Q1 vs 28 completed de-SPACs. In addition, there were significant changes involving the use of Termination Fees, PIPE investments, Warrant Coverage, and Acquisition Terms/Durations on SPAC deals in Q1. Read more

SPAC Market Study 2021 – 4th Quarter Year-End Update

In our year-end update we researched SPAC IPO and de-SPAC M&A activity through December 31st. While the number of SPAC IPOs and de-SPAC M&A deals remained relatively robust in Q4 the average size of these deals is dropping. The average size of SPAC IPOs dropped in Q4 for the 3rd consecutive quarter to $176.8 million in average gross proceeds. At the same time the large, mega de-SPAC M&A deals seen in the first 3 quarters were noticeably absent in Q4. No de-SPAC deals announced in Q4 cracked the top 25 all-time largest de-SPACs, resulting in a significant drop in the average size of de-SPAC deals from $2.73B in Q3 to $1.25B in Q4. Read more

SPAC Market Study 2021 – 3rd Quarter Update

In our 3rd Quarter Update to the initial SPAC Market Study released in April we researched SPAC IPO and de-SPAC M&A activity through September 30th. While it doesn’t look like the torrid pace of SPAC activity in Q1 will return anytime soon, activity did rebound in Q3 to 88 priced SPAC IPOs from 64 in Q2. We also saw many of the largest de-SPAC M&A deals of all time announced in Q3, including MSP Recovery ($32.5B), Polestar ($20B), and Aurora Innovation ($11B). Despite these very large deals being announced, there is still plenty of SPAC dry powder available for more acquisitions in Q4 and into 2022. As of Sept 30th there were 452 SPAC IPOs still seeking a target, representing a total of $115.1B in gross proceeds raised. Read more

SPAC Market Study 2021 – 2nd Quarter Update

In our 2nd Quarter Update to the initial SPAC Market Study released in April we researched SPAC IPO and de-SPAC M&A activity through June 30th. Although increased scrutiny from the SEC certainly decelerated the pace of SPAC deal activity from Q1 to Q2, many of the largest de-SPAC M&A deals of all time were announced in Q2, and the level of activity was still very robust in comparison to previous years. Read more

Special Purpose Acquisition Company (SPAC) Market Study 2021

Deal Point Data researched every Special Purpose Acquisition Company (SPAC) that filed with the Securities and Exchange Commission from January 1, 2016 to March 31, 2021. We observed these deals throughout the SPAC lifecycle – from registration to IPO pricing to the announcement of a de-SPAC M&A transaction. We reviewed the relevant stock purchase agreements, asset purchase agreements or merger agreements to evaluate key negotiated M&A deal points. Read more

Update on the Prevalence of SPAC IPOs

In our research note dated June 24, 2020 we highlighted the increased prevalence of initial public offerings by special purpose acquisition companies (SPACs) as one of the most notable trends in IPOs in the last few years. What we did not discuss at that time is the explosion of SPACs filing to go public, which are at unprecedented levels. Read more

Increasing Prevalence and Size of SPAC IPOs

The increased prevalence of initial public offerings by special purpose acquisition companies (SPACs) has been one of the most notable trends in IPOs in the last few years. SPACs are blank check companies formed for the purpose of merging with another company following the IPO. Read more

Observations on Recent Poison Pill Activity

As a follow up to our recent note regarding companies increasing use of poison pills to guard against opportunist acquirers and activist investors as a result of the coronavirus pandemic (Corporate America's Medicine Against Coronavirus) here are some additional observations: Read more

Coronavirus Pandemic's Impact on Stock Swap Valuations

Target companies in agreed fixed exchange stock swap transactions have seen the value of the acquirer's shares they are to receive as consideration in the transaction decrease, in some cases significantly, as the coronavirus pandemic continues to impact stock prices. Read more

Corporate America's Medicine Against Coronavirus

Faced with myriad problems caused by the coronavirus pandemic, including significantly depressed stock prices and the ensuing threat of shareholder activism and hostile takeovers, corporate America is turning to an old standby - poison pills. Read more

Coronavirus Impact on M&A Agreement Drafting

Given the uncertainty and rising public health concerns around the coronavirus (COVID-19), Deal Point Data decided to take a look at how practitioners are drafting the material adverse change (MAC) definitions in recently announced transactions. Specifically, we wanted to see whether the target MAC definition included a carveout related to the coronavirus and similar concepts. The inclusion of specific carveouts protects the target in the event that the acquirer attempts to terminate the transaction based on a material adverse change. Read more

Second Most Active U.S. Public M&A Environment on Record

The dollar value of newly announced Merger and Acquisition deals with U.S. publicly traded target companies surged to its highest first half level since the record was set in 2015. According to Deal Point Data’s research, $508 billion dollars of M&A deals were announced during the first six months of 2019. First half activity was only 1.7% below the all-time high and 85% above the 10-year average level. On a year-over-year basis, dollar volume increased 15.1% in June, 4.6% in Q2, and 10.2% for the half year. On a sequential basis, the first half of 2019 was up 94.4% compared to the second half of 2018. In a sign that the market was not overheating, the average unaffected control premium was a moderate 29.96% during the first half, 20.4% below the ten-year average. Goldman, Sachs topped the Deal Point Data investment banking league table for announced U.S. public target deals during the first half advising on $162.3 billion in deals. Wachtell Lipton advised on $142.4 billion in announced deals to earn the number one ranking among legal advisers.


Top 5 Largest U.S. Public M&A Deals Announced during First Half 2019
Target Acquirer Equity Value ($bil)
Celgene Corporation Bristol-Myers Squibb Company 71.6
Raytheon Company United Technologies 52.0
Anadarko Petroleum Occidental Petroleum 37.9
Worldpay, Inc. Fidelity National Information Services 34.8
SunTrust Banks BB&T Corporation 28.2

Market Leaders - U.S. Public Mergers

Wachtell, Lipton, Rosen & Katz was the top ranked legal adviser on U.S. public M&A deals announced during the first half of 2019. Wachtell advised on 14 public deals valued at $249.4 billion. Kirkland & Ellis ranked second in the high-profile public M&A advisory market while Skadden rounded out the top three.

Rank Firm Equity Value ($bil)
1 Wachtell, Lipton, Rosen & Katz 249.4
2 Kirkland & Ellis 100.8
3 Skadden 88.4

M&A Adviser Fee Watch

As of July 1, 2019, record M&A advisory fees of $2.03 billion have already been disclosed on U.S. public deals announced during the first half of 2019. Goldman led the market with $447 million in fees disclosed. JP Morgan took second place among financial advisers. Morgan Stanley rounded out the top three in disclosed fees.

Corporate Governance Activity

LanzaTech Global, Inc.11 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Charter Amended/Restated Effective 02/08/2023 (S-3/A )
LanzaTech Global, Inc.11 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 10/03/2024 (S-3/A )
Air Products and Chemicals, Inc.10 Oct 24
Activist Campaign Announced
DPD Note: D. E. Shaw began a campaign at Air Products and Chemicals with a board letter outlining the steps management should take to address its deeply discounted valuation, including establishing a new capital allocation framework (Press Release )
Braemar Hotels & Resorts Inc.10 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Campbell Soup Company10 Oct 24
Exempt Solicitation
DPD Note: The Accountability Board, Inc. filed a Notice of Exempt Solicitation on a voluntary basis in support of its stockholder proposal requesting the company conduct an independent diversity audit that includes an analysis of the Board's oversight of diversity and related risks, assesses the efficacy of diversity efforts to date, and recommends specific strategies and measurable goals for the company to consider moving forward. The proposal will be voted on at the company's November 19, 2024 annual meeting. (PX14A6G )
iBio, Inc.10 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Kezar Life Sciences, Inc.10 Oct 24
Activist Campaign Announced
DPD Note: Kezar Life Sciences acknowledged receipt of Tang Capital Management's acquisition proposal which the board will review and evaluate and make its recommendations known to shareholders (8-K )
Luckin Coffee Inc.10 Oct 24
Poison Pill Amendment
DPD Note: Extend expiration date from October 14, 2024 to October 14, 2027 (6-K )
Performance Food Group Company10 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Pfizer Inc.10 Oct 24
Activist Campaign Announced
DPD Note: Starboard Value began a campaign at Pfizer urging the board to investigate media reports that the company inappropriately pressured former executives to discontinue discussions with the firm on matters related to the company's affairs (Press Release )
Tempest Therapeutics, Inc.10 Oct 24
Poison Pill Amendment
DPD Note: Extend the date for early expiration for lack of stockholder approval from one year from the adoption (i.e., October 10, 2024) to the date of the 2025 annual meeting (8-K )
Territorial Bancorp Inc.10 Oct 24
Activist Campaign Announced
DPD Note: Yakira Capital Management began a campaign at Territorial Bancorp urging the board to reconsider its rejection of Blue Hill Advisors' acquisition proposal, arguing the offer is financially superior and subject to limited regulatory approval (Press Release )
Beyond Air, Inc.09 Oct 24
Advance Notice Disclosure, Discloses AGM Date
DPD Note: The company has scheduled the 2025 annual meeting for December 9, 2024 which is more than 30 days earlier than the anniversary of the company's 2024 annual meeting held on March 8, 2024 triggering the alternative timing provision in the company's advance notice bylaw and a new deadline under Rule 14a-8. The company provided a new deadline of October 19, 2024 for all proposals and nominations. (8-K )
Campbell Soup Company09 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Celcuity Inc.09 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 09/01/2022 (8-K )
Celcuity Inc.09 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 05/12/2022 (8-K )
Celcuity Inc.09 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 05/11/2018 (8-K )
Celcuity Inc.09 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Charter Amended/Restated Effective 09/15/2017 (8-K )
Cimpress plc09 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Cracker Barrel Old Country Store, Inc.09 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEFC14A )
News Corporation09 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEFC14A )
Red Robin Gourmet Burgers, Inc.09 Oct 24
Activist Campaign Announced
DPD Note: JCP Investment Management-Jumana Capital began a campaign at Red Robin Gourmet Burgers with a joint initial 13D filing reporting the shares were undervalued when purchased and that they may seek discussions with management and the board (SC 13D )
Akoustis Technologies, Inc.08 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Avnet, Inc.08 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Battalion Oil Corporation08 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Canoo Inc.08 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
CorMedix Inc.08 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Kezar Life Sciences, Inc.08 Oct 24
Activist Campaign Announced
DPD Note: Tang Capital Management began a campaign at Kezar Life Sciences with an initial 13D filing reporting the shares were purchased for investment purposes and disclosed it had submitted a non-binding proposal to acquire the company (SC 13D )
Lancaster Colony Corporation08 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
McGrath RentCorp08 Oct 24
Advance Notice Disclosure, Expected AGM Date Disclosed
DPD Note: The company plans to hold the 2024 annual meeting on December 12, 2024 which is more than 30 days later than the anniversary of the 2023 annual meeting held on June 7, 2023 triggering a new deadline under Rule 14a-8. The company provided a new deadline of October 18, 2024 for such proposals. (8-K )
OnKure Therapeutics, Inc.08 Oct 24
Corporate Governance Guidelines
• Exhibit: Corporate Governance Guidelines (Co. Website )
AES Corporation (The)07 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Bylaws Amended/Restated Effective 10/03/2024 (8-K/A )
Aviat Networks, Inc.07 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Charles & Colvard, Ltd.07 Oct 24
Update:Proxy Fight Director Nomination on 08/28/2024
• Press release: Charles & Colvard, Ltd. Comments on a Letter from Riverstyx Capital Management to Charles & Colvard Shareholders (Press Release )
Eterna Therapeutics Inc.07 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Forward Air Corporation07 Oct 24
Activist Campaign Announced
DPD Note: Alta Fox began a campaign at Forward Air with an open letter to the board demanding the prompt commencement of a formal process to review and evaluate all available value-creating strategic opportunities including the sale of the company (Press Release )
Oracle Corporation07 Oct 24
Exempt Solicitation
DPD Note: As You Sow filed a Notice of Exempt Solicitation on a voluntary basis in support of a stockholder proposal requesting the company publish a report disclosing how it is protecting plan beneficiaries - especially those with a longer investment time horizon - from increased future portfolio risk created by present-day investments in high-carbon companies. The proposal was submitted by As You Sow on behalf of a group of stockholders and will be voted on at the company's November 14, 2024 annual meeting. (PX14A6G )
Organovo Holdings, Inc.07 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Radiant Logistics, Inc.07 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Western Digital Corporation07 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Accuray Incorporated04 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Cantaloupe, Inc.04 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Cintas Corporation04 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 10/13/1994 (10-Q )
Cintas Corporation04 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Charter Amended/Restated Effective 03/01/1989 (10-Q )
Cintas Corporation04 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 10/21/1998 (10-Q )
Cintas Corporation04 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 10/25/2000 (10-Q )
Cintas Corporation04 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 10/25/2022 (10-Q )
Cintas Corporation04 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 09/03/2024 (10-Q )
Cintas Corporation04 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 10/27/1992 (10-Q )
Cintas Corporation04 Oct 24
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 10/24/1991 (10-Q )
Clorox Company (The)04 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Coherent Corp.04 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Freshpet, Inc.04 Oct 24
Advance Notice Disclosure, Discloses AGM Date
DPD Note: The company has scheduled the 2025 annual meeting for June 24, 2025 which is more than 30 days earlier than the anniversary of the 2024 annual meeting held on October 1, 2024 triggering the alternative timing provision in the company's advance notice bylaw and a new deadline under Rule 14a-8. The company provided a new submission window of February 24, 2025 to March 26, 2025 for non-14a-8 proposals and nominations, December 1, 2024 to December 31, 2024 for proxy access nominations, and a 14a-8 deadline of December 31, 2024. (8-K )
Indivior PLC04 Oct 24
Activist Campaign Announced
DPD Note: Oaktree Capital Management began a campaign at Indivisor with a 13D filing reporting it intends to discuss various corporate matters with management and the board, including capital allocation practices and the potential strategic transactions (SC 13D )
ReposiTrak, Inc.04 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
SPAR Group, Inc.04 Oct 24
Activist Campaign Announced
DPD Note: Apollo Technology Capital Corporation began a campaign at SPAR Group announcing it intends to vote against the proposed take-private transaction with Highwire Capital arguing the transaction is overly speculative and against the interests of stockholders (Press Release )
United Maritime Corporation04 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(6-K )
A-Mark Precious Metals, Inc.03 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
AeroVironment, Inc.03 Oct 24
Governing Documents Filing (Change)
• Exhibit: Bylaws Amended/Restated Effective 10/01/2024 (8-K )
AeroVironment, Inc.03 Oct 24
Governing Documents Filing (Change)
• Exhibit: Charter Amended/Restated Effective 10/01/2024 (8-K )
Allied Gaming & Entertainment Inc.03 Oct 24
Activist Campaign Announced
DPD Note: Ourgame International Holdings began a campaign at Allied Gaming & Entertainment demanding an exemption to the February 9, 2024 shareholder rights plan and disclosed it had submitted a notice nominating two board candidates (SC 13D/A )
Jack Henry & Associates, Inc.03 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Jack Henry & Associates, Inc.03 Oct 24
Other Board Committee Charter
• Exhibit: Risk and Compliance Committee Charter (Co. Website )
Lumentum Holdings Inc.03 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Markel Group Inc.03 Oct 24
Discloses AGM Date
• Press release: Markel Group announces date and location for 2025 Reunion (Press Release )
PBF Energy Inc.03 Oct 24
Activist Campaign Announced
DPD Note: Carlos Slim Helu began a campaign at PBF Energy with an initial 13D filing reporting the shares were purchased for investment purposes and that he may seek discussions with management and the board (SC 13D )
ResMed Inc.03 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
SMART Global Holdings, Inc.03 Oct 24
Advance Notice Disclosure, Discloses AGM Date
DPD Note: The company disclosed the 2025 annual meeting date and provided the advance notice deadlines for non-14a-8 proposals (the same proposal deadline the company provided in the proxy statement for its 2024 annual meeting) and a new nomination deadline of October 13, 2024 for the meeting (the 2024 proxy statement disclosed an October 10, 2024 deadline). (8-K )
Sysco Corporation03 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Broadridge Financial Solutions, Inc.02 Oct 24
Audit Committee Charter
• Exhibit: Audit Committee Charter (Co. Website )
Broadridge Financial Solutions, Inc.02 Oct 24
Compensation Committee Charter
• Exhibit: Compensation Committee Charter (Co. Website )
Broadridge Financial Solutions, Inc.02 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Broadridge Financial Solutions, Inc.02 Oct 24
Nominating and Corporate Governance Committee Charter
• Exhibit: Governance and Nominating Committee Charter (Co. Website )
Climb Bio, Inc.02 Oct 24
Corporate Governance Guidelines
• Exhibit: Corporate Governance Guidelines (Co. Website )
Donaldson Company, Inc.02 Oct 24
Definitive Proxy (Advance Notice Annual Disclosure)
(DEF 14A )
Expand Energy Corporation02 Oct 24
Corporate Governance Guidelines
• Exhibit: Corporate Governance Principles (Co. Website )

IPO Activity

Ruyizhou INC11 Oct 24
Registration Statement Filed
Ruyizhou INC filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
Ruyizhou INC11 Oct 24
Shares Offered Disclosed
Ruyizhou INC disclosed plans to offer 1,000,000 shares of Class A common stock in its IPO
Upstream Bio, Inc.11 Oct 24
Shares Offered Increased
Upstream Bio, Inc. increased the number of shares of common stock to be offered to 15,000,000 shares from 12,500,000 shares
CAMP4 Therapeutics Corporation11 Oct 24
Shares Offered Decreased
CAMP4 Therapeutics Corporation increased the number of shares of common stock to be offered to 6,820,000 shares from 5,000,000 shares
Cohen Circle Acquisition Corp. I10 Oct 24
Registration Statement Declared Effective
Cohen Circle Acquisition Corp. I's registration statement was declared effective by the Securities and Exchange Commission (SEC)
Rising Dragon Acquisition Corp.10 Oct 24
Registration Statement Declared Effective
Rising Dragon Acquisition Corp.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Upstream Bio, Inc.10 Oct 24
Registration Statement Declared Effective
Upstream Bio, Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
CeriBell, Inc.10 Oct 24
Registration Statement Declared Effective
CeriBell, Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
CAMP4 Therapeutics Corporation10 Oct 24
Registration Statement Declared Effective
CAMP4 Therapeutics Corporation's registration statement was declared effective by the Securities and Exchange Commission (SEC)
iOThree Limited10 Oct 24
Shares Offered Decreased
iOThree Limited decreased the offering to 2,625,000 ordinary shares with the company selling 2,125,000 shares and selling shareholders offering 500,000 shares, previously the offering totaled 3,718,195 shares
CeriBell, Inc.09 Oct 24
Shares Offered Increased
CeriBell, Inc. increased the number of shares of common stock to be offered to 10,606,060 shares from 6,700,000 shares
CeriBell, Inc.09 Oct 24
Price Range Increased
CeriBell, Inc. increased the anticipated price range for its IPO to between $16.00 and $17.00 per share of common stock from a range of $14.00 to $16.00 per share
Vantage Corp09 Oct 24
Registration Statement Filed
Vantage Corp filed for an initial public offering with its filing of an F-1 with the Securities and Exchange Commission (SEC)
Click Holdings Limited09 Oct 24
Shares Offered Decreased
Click Holdings Limited decreased the number of ordinary shares to be offered to 1,400,000 shares from 1,500,000 shares
Click Holdings Limited09 Oct 24
Underwriting Discount Disclosed
The underwriters received a discount of $0.28 per unit (a gross spread of 7%) and a total of $392,000 for underwriting Click Holdings Limited's IPO
Click Holdings Limited09 Oct 24
IPO Price Disclosed
Click Holdings Limited set the price of its initial public offering of 1,400,000 shares at $4.00 per share, at the anticipated price, for gross proceeds of $5.6 mil
Park Ha Biological Technology Co., Ltd.09 Oct 24
Price Range Decreased
Park Ha Biological Technology Co., Ltd. decreased the anticipated price range for its IPO to between $4.00 and $6.00 per share from between $5.00 and $7.00 per share
Click Holdings Limited08 Oct 24
Registration Statement Declared Effective
Click Holdings Limited's registration statement was declared effective by the Securities and Exchange Commission (SEC)
KinderCare Learning Companies, Inc.08 Oct 24
Registration Statement Declared Effective
KinderCare Learning Companies, Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Novelis Inc.08 Oct 24
IPO Withdrawn
Novelis Inc. withdrew its initial public offering as the company has determined that prevailing market conditions are unfavorable for an IPO at this time
SKK Holdings Limited08 Oct 24
Underwriting Discount Disclosed
The underwriters received a discount of $0.30 per share (a gross spread of 7.5%) and a total of $750,000 for underwriting SKK Holdings Limited's IPO
SKK Holdings Limited08 Oct 24
IPO Price Disclosed
SKK Holdings Limited set the price of its initial public offering of 2,500,000 shares at $4.00 per share, within the anticipated price range, for gross proceeds of $10 mil
Vittoria Limited08 Oct 24
Shares Offered Increased
Vittoria Limited increased the number of Class A ordinary shares to be offered to 2,250,000 from 1,750,000 shares
Upstream Bio, Inc.07 Oct 24
Shares Offered Disclosed
Upstream Bio, Inc. disclosed plans to offer 12,500,000 shares of common stock to the public in its IPO
Upstream Bio, Inc.07 Oct 24
Price Range Disclosed
Upstream Bio, Inc. set the anticipated price range for its IPO at between $15.00 and $17.00 per share
CeriBell, Inc.07 Oct 24
Shares Offered Disclosed
CeriBell, Inc. disclosed plans to offer 6,700,000 shares of common stock in its IPO
CeriBell, Inc.07 Oct 24
Price Range Disclosed
CeriBell, Inc. set the anticipated price range for its IPO at between $14.00 and $16.00 per share
CAMP4 Therapeutics Corporation07 Oct 24
Price Range Disclosed
CAMP4 Therapeutics Corporation disclosed plans to offer 5,000,000 shares of common stock in its IPO
CAMP4 Therapeutics Corporation07 Oct 24
Price Range Disclosed
CAMP4 Therapeutics Corporation set the anticipated price range for its IPO at between $14.00 and $16.00 per share
Launch Two Acquisition Corp.07 Oct 24
Registration Statement Declared Effective
Launch Two Acquisition Corp.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
SKK Holdings Limited07 Oct 24
Registration Statement Declared Effective
SKK Holdings Limited's registration statement was declared effective by the Securities and Exchange Commission (SEC)
Maverick Lifestyle Inc.07 Oct 24
Shares Offered Increased
Maverick Lifestyle Inc. increased the number of shares of Class A common stock to be offered to 1,222,222 shares from 800,000 shares
Bleichroeder Acquisition Corp. I07 Oct 24
Other IPO Related
Bleichroeder Acquisition Corp. I disclosed that each unit would now consist of one Class A ordinary share and one-tenth of one right to purchase one Class A ordinary share
Chain Bridge Bancorp, Inc.07 Oct 24
Underwriting Discount Disclosed
The underwriters received a discount of $1.54 per share (a gross spread of 7%) and a total of approximately $2.85 mil for underwriting Chain Bridge Bancorp, Inc.'s IPO
Chain Bridge Bancorp, Inc.07 Oct 24
IPO Price Disclosed
Chain Bridge Bancorp, Inc. set the price of its initial public offering of 1,850,000 shares of Class A common stock at $22.00 per share, below the anticipated price range, for gross proceeds of $40.7 mil
BingEx Limited04 Oct 24
Underwriting Discount Disclosed
The underwriters received a discount of $1.155 per ADS (a gross spread of 7%) and a total of $4.62 mil for underwriting BingEx Limited's IPO
BingEx Limited04 Oct 24
IPO Price Disclosed
BingEx Limited set the price of its initial public offering of 4,000,000 ADS at $16.5 per share, within the anticipated price range, for gross proceeds of $66 mil
Invizyne Technologies Inc.04 Oct 24
Shares Offered Decreased
Invizyne Technologies Inc. decreased the number of shares to be offered to 1,875,000 shares of common stock from 3,750,000 shares
Invizyne Technologies Inc.04 Oct 24
Price Range Increased
Invizyne Technologies Inc. increased the anticipated price for its IPO to $8.00 per share from $4.00 per share
Decent Holding Inc.04 Oct 24
Registration Statement Filed
Decent Holding Inc. filed for an initial public offering with its filing of an F-1 with the Securities and Exchange Commission (SEC)
Decent Holding Inc.04 Oct 24
Shares Offered Disclosed
Decent Holding Inc. disclosed plans to offer 1,500,000 ordinary shares in its IPO
Decent Holding Inc.04 Oct 24
Price Range Disclosed
Decent Holding Inc. set the anticipated price range for its IPO at $4.00 to $4.50 per ordinary share
Oaktree Acquisition Corp. III Life Sciences04 Oct 24
Registration Statement Filed
Oaktree Acquisition Corp. III Life Sciences filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
Oaktree Acquisition Corp. III Life Sciences04 Oct 24
Shares Offered Disclosed
Oaktree Acquisition Corp. III Life Sciences disclosed plans to offer 17,500,000 units, with each unit consisting of one Class A ordinary share and one-fifth of one warrant
Oaktree Acquisition Corp. III Life Sciences04 Oct 24
Underwriting Discount Disclosed
The underwriters received a discount of $0.55 per unit (a gross spread of 5.5%) and a total of $9.625 mil for underwriting Oaktree Acquisition Corp. III Life Sciences' IPO
Oaktree Acquisition Corp. III Life Sciences04 Oct 24
IPO Price Disclosed
Oaktree Acquisition Corp. III Life Sciences disclosed that the offer price for the units issued in its initial public offering will be $10.00 per unit
YueZhongHui International Holdings Group LTD04 Oct 24
IPO Withdrawn
The SEC filed a staff letter indicating that the registration statement related to this IPO be declared abandoned given that the registration statement has been on file for more than nine months and has not yet become effective
Smart Logistics Global Limited04 Oct 24
Registration Statement Filed
Smart Logistics Global Limited filed for an initial public offering with its filing of an F-1 with the Securities and Exchange Commission (SEC)
Infinity Natural Resources, Inc.04 Oct 24
Registration Statement Filed
Infinity Natural Resources, Inc. filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
Majestic Ideal Holdings Ltd04 Oct 24
Registration Statement Filed
Majestic Ideal Holdings Ltd filed for an initial public offering with its filing of an F-1 with the Securities and Exchange Commission (SEC)
Majestic Ideal Holdings Ltd04 Oct 24
Shares Offered Disclosed
Majestic Ideal Holdings Ltd disclosed plans to offer 2,500,000 ordinary shares to the public in its IPO
Majestic Ideal Holdings Ltd04 Oct 24
Price Range Disclosed
Majestic Ideal Holdings Ltd set the anticipated price range for its IPO at between $4.00 and $5.00 per share
Majestic Ideal Holdings Ltd04 Oct 24
IPO Withdrawn
Majestic Ideal Holdings Ltd withdrew its initial public offering after determining not to pursue its IPO at this time
BingEx Limited03 Oct 24
Registration Statement Declared Effective
BingEx Limited's registration statement was declared effective by the Securities and Exchange Commission (SEC)
Chain Bridge Bancorp, Inc.03 Oct 24
Registration Statement Declared Effective
Chain Bridge Bancorp, Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Willow Lane Acquisition Corp.03 Oct 24
Registration Statement Filed
Willow Lane Acquisition Corp. filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
Willow Lane Acquisition Corp.03 Oct 24
Shares Offered Disclosed
Willow Lane Acquisition Corp. disclosed plans to offer 11,000,000 units, with each unit consisting of Class A one ordinary share and one warrant to purchase 1/2 of one Class A ordinary share
Willow Lane Acquisition Corp.03 Oct 24
Underwriting Discount Disclosed
The underwriters received a discount of $0.55 per unit (a gross spread of 5.5%) and a total of $6.05 mil for underwriting Willow Lane Acquisition Corp.'s IPO
Willow Lane Acquisition Corp.03 Oct 24
IPO Price Disclosed
Willow Lane Acquisition Corp. disclosed that the offer price for the units issued in its initial public offering will be $10.00 per unit
Hubeier Group Ltd.03 Oct 24
IPO Withdrawn
The SEC filed a staff letter indicating that the registration statement related to this IPO be declared abandoned given that the registration statement has been on file for more than nine months and has not yet become effective
StandardAero, Inc.02 Oct 24
Underwriting Discount Disclosed
The underwriters received a discount of $1.26 per share (a gross spread of 5.25%) and a total of $75.6 mil for underwriting StandardAero, Inc.'s IPO
StandardAero, Inc.02 Oct 24
IPO Price Disclosed
StandardAero, Inc. set the price of its initial public offering of 60,000,000 shares at $24.00 per share, above the anticipated price range, for gross proceeds of $1.44 bil
FrontView REIT, Inc.02 Oct 24
Underwriting Discount Disclosed
The underwriters received a discount of $1.2825 per share (a gross spread of 6.75%) and a total of $16.929 mil for underwriting FrontView REIT, Inc.'s IPO
FrontView REIT, Inc.02 Oct 24
IPO Price Disclosed
FrontView REIT, Inc. set the price of its initial public offering of 13,200,000 shares at $19.00 per share, at the mid-point of the anticipated price range, for gross proceeds of $250.8 mil
Septerna, Inc.02 Oct 24
Registration Statement Filed
Septerna, Inc. filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
Wellchange Holdings Company Limited02 Oct 24
Underwriting Discount Disclosed
The underwriters received a discount of $0.35 per share (a gross spread of 7.5%) and a total of $600,000 for underwriting Wellchange Holdings Company Limited's IPO
Wellchange Holdings Company Limited02 Oct 24
IPO Price Disclosed
Wellchange Holdings Company Limited set the price of its initial public offering of 2,000,000 shares at $4.00 per share, at the low end of the anticipated price range, for gross proceeds of $8 mil
Ocean Capital Acquisition Corporation02 Oct 24
Registration Statement Filed
Ocean Capital Acquisition Corporation filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
Ocean Capital Acquisition Corporation02 Oct 24
Shares Offered Disclosed
Ocean Capital Acquisition Corporation disclosed plans to offer 6,000,000 units, with each unit consisting of one ordinary share and one right to receive one-tenth (1/10) of an ordinary share
Ocean Capital Acquisition Corporation02 Oct 24
Underwriting Discount Disclosed
The underwriters received a discount of $0.15 per unit (a gross spread of 1.5%) and a total of $900,000 for underwriting Ocean Capital Acquisition Corporation's IPO
Ocean Capital Acquisition Corporation02 Oct 24
IPO Price Disclosed
Ocean Capital Acquisition Corporation disclosed that the offer price for the units issued in its initial public offering will be $10.00 per unit
StandardAero, Inc.01 Oct 24
Registration Statement Declared Effective
StandardAero, Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
HomesToLife Ltd01 Oct 24
Underwriting Discount Disclosed
The underwriters received a discount of $0.28 per share (a gross spread of 7%) and a total of $350,000 for underwriting HomesToLife Ltd's IPO
HomesToLife Ltd01 Oct 24
IPO Price Disclosed
HomesToLife Ltd set the price of its initial public offering of 1,250,000 shares at $4.00 per share, at the low end of the anticipated price range, for gross proceeds of $5 mil
FrontView REIT, Inc.01 Oct 24
Registration Statement Declared Effective
FrontView REIT, Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Wellchange Holdings Company Limited01 Oct 24
Registration Statement Declared Effective
Wellchange Holdings Company Limited's registration statement was declared effective by the Securities and Exchange Commission (SEC)
Linkhome Holdings Inc.01 Oct 24
Shares Offered Disclosed
Linkhome Holdings Inc. disclosed plans to offer 1,250,000 shares of common stock in its IPO
Linkhome Holdings Inc.01 Oct 24
Price Range Disclosed
Linkhome Holdings Inc. set the anticipated price for its IPO at $4.00 per share
Moove Lubricants Holdings01 Oct 24
Shares Offered Disclosed
Moove Lubricants Holdings disclosed plans to offer 25,000,000 shares of common stock in its IPO, with the company offering 6,250,000 shares and selling shareholders offering 18,750,000 shares
Moove Lubricants Holdings01 Oct 24
Price Range Disclosed
Moove Lubricants Holdings set the anticipated price range for its IPO at between $14.50 and $17.50 per share
Leishen Energy Holding Co., Ltd.01 Oct 24
Registration Statement Filed
Leishen Energy Holding Co., Ltd. filed for an initial public offering with its filing of an F-1 with the Securities and Exchange Commission (SEC)
Leishen Energy Holding Co., Ltd.01 Oct 24
Shares Offered Disclosed
Leishen Energy Holding Co., Ltd. disclosed plans to offer 1,375,000 ordinary shares to the public in its IPO
Leishen Energy Holding Co., Ltd.01 Oct 24
Price Range Disclosed
Leishen Energy Holding Co., Ltd. set the anticipated price range for its IPO at $4.00 to $6.00 per share
A SPAC III Acquisition Corp.01 Oct 24
Registration Statement Filed
A SPAC III Acquisition Corp. filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
A SPAC III Acquisition Corp.01 Oct 24
Shares Offered Disclosed
A SPAC III Acquisition Corp. disclosed plans to offer 5,500,000 units, with each unit consisting of one Class A ordinary share and one right to purchase 1/4 of one Class A ordinary share
A SPAC III Acquisition Corp.01 Oct 24
Underwriting Discount Disclosed
The underwriters received a discount of $0.10 per unit (a gross spread of 1%) and a total of $550,000 for underwriting A SPAC III Acquisition Corp.'s IPO
A SPAC III Acquisition Corp.01 Oct 24
Other IPO Related
A SPAC III Acquisition Corp. disclosed that the offer price for the units issued in its initial public offering will be $10.00 per unit
Aldel Financial II Inc.30 Sep 24
Registration Statement Filed
Aldel Financial II Inc. filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
Aldel Financial II Inc.30 Sep 24
Shares Offered Disclosed
Aldel Financial II Inc. disclosed plans to offer 20,000,000 units, with each unit consisting of one Class A ordinary share and one-half of one warrant
Aldel Financial II Inc.30 Sep 24
Underwriting Discount Disclosed
The underwriters received a discount of $0.55 per unit (a gross spread of 5.5%) and a total of $11 mil for underwriting Aldel Financial II Inc.'s IPO
Aldel Financial II Inc.30 Sep 24
IPO Price Disclosed
Aldel Financial II Inc. disclosed that the offer price for the units issued in its initial public offering will be $10.00 per unit
KinderCare Learning Companies, Inc.30 Sep 24
Shares Offered Disclosed
KinderCare Learning Companies, Inc. disclosed plans to offer 24,000,000 shares of common stock in its IPO
KinderCare Learning Companies, Inc.30 Sep 24
Price Range Disclosed
KinderCare Learning Companies, Inc. set the anticipated price range for its IPO at between $23.00 and $27.00 per share
Chain Bridge Bancorp, Inc.30 Sep 24
Shares Offered Disclosed
Chain Bridge Bancorp, Inc. disclosed plans to offer 1,850,000 shares of Class A common stock in its IPO
Chain Bridge Bancorp, Inc.30 Sep 24
Price Range Disclosed
Chain Bridge Bancorp, Inc. set the anticipated price range for its IPO at between $24.00 and $26.00 per share
HomesToLife Ltd30 Sep 24
Registration Statement Declared Effective
HomesToLife Ltd's registration statement was declared effective by the Securities and Exchange Commission (SEC)
ZJK Industrial Co., Ltd.30 Sep 24
Underwriting Discount Disclosed
The underwriters received a discount of $0.35 per share (a gross spread of 7.5%) and a total of $437,500 for underwriting ZJK Industrial Co., Ltd.'s IPO
ZJK Industrial Co., Ltd.30 Sep 24
IPO Price Disclosed
ZJK Industrial Co., Ltd. Set the price of its initial public offering of 1,250,000 shares at $5.00 per share, at the mid-point of the anticipated price range, for gross proceeds of $6 mil
Ingram Micro Holding Corporation30 Sep 24
Registration Statement Filed
Ingram Micro Holding Corporation filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
Cerebras Systems Inc.30 Sep 24
Registration Statement Filed
Cerebras Systems Inc. filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)

Corporate Governance Reports

2023 Proxy Season - An Early Look at the Numbers - 04/05/2023

The 2023 proxy season is ramping up. Here’s an early look at the numbers and emerging trends. Read more

Record Month for Bylaw Amendments - 12/05/2022

Lawyers have been recommending U.S. reporting companies update their bylaws in response to the universal proxy card rules now in effect. Judging by the record number of bylaw changes filed in November, companies are heeding this advice. Read more

A Review of Notice of Exempt Solicitation Filings - 10/28/2022

ESG-focused activists are increasingly using exempt solicitation filings to get their message out, and in recent years have increasingly shifted their focus toward environmental and social issues (E&S) while also escalating the pressure on subject companies. Read more

Dual Class Sunsets - 04/13/2022

The debate over dual class share structures has been ongoing for over a century. Yet every few years, dual class structures come under increased scrutiny and criticism – usually triggered by a specific event, such as a high-profile company going public with the founder retaining a class of supervoting shares – then the increased attention fades away. Recent policy changes by proxy advisory firms begin to take effect this year, and it will be interesting to watch this proxy season and next to see if the escalated pressure on companies with dual class structures will have any material effect. Read more

Top Takeover Defense Changes of 2021 - 01/28/2022

Deal Point Data continuously monitors changes to corporate charters and bylaws and other announcements for key governance and takeover defense changes as part of our ESG research. After a unique year in which the Covid-19 pandemic upended several long term trends, 2021 largely reverted back to what we had been observing in recent years - less companies making structural takeover defense changes, lower overall governing document filings and amendments, and less poison pill activity. Read more

Covid-19 Rights Plans ("Poison Pills") Revisited - 04/05/2021

One year removed from the Covid-19 related stock market crash and the resulting increase in the number of companies turning to poison pills, we revisit the status of these companies and plans. Read more

Delayed 2020 Annual Meetings Impact Key 2021 Advance Notice Deadlines - 02/23/2021

Companies that delayed the holding of their 2020 annual meeting that are returning to their traditional annual meeting schedule may be impacting advance notice deadlines for proposals and director nominations. A review of advance notice provisions and a feature that can require a resetting of the submission deadlines. Read more

Top Takeover Defense Changes of 2020 - 01/21/2021

Deal Point Data continuously tracks changes to corporate charters and bylaws for key governance and takeover defense changes. The public health impact of the COVID-19 pandemic led to an increase in changes to governing documents in 2020 including numerous companies making the changes necessary to facilitate virtual shareholder meetings. Read more

How Have Companies Responded to Delaware Supreme Court Upholding Federal Forum Provisions - 10/21/2020

A review of charter and bylaw filings in the six months since the Delaware Supreme Court upheld federal forum provisions ("FFP") shows that FFPs are becoming standard in the governing documents of IPO companies and among existing companies, an initial spike of adoptions that has steadily leveled off. Read more

Top Takeover Defense Changes of 2019 - 01/14/2020

Deal Point Data continuously tracks changes to corporate charters and bylaws for key governance and takeover defense changes. With much of the conversation surrounding corporate governance shifting away from shareholder rights to social and environmental issues, the volume of defense changes and updates to governing documents in general declined for companies of all sizes for a second year in a row. Read more

Top Takeover Defense Changes of 2018 - 01/14/2019

A review of Deal Point Data defense change and disclosure data for S&P 1500 companies in 2018 yields a few observations including governance best practices adopted by large cap companies continuing to trickle down to smaller companies, companies of all sizes are concerned with stockholder lawsuits, and absent traditional structural defenses, large cap companies are focusing on bylaw language, with very limited participation by stockholders. Read more

Votes to Ratify Poison Pills Have Become Routine as Plans Evolve - 12/19/2018

It’s hard to believe that the votes associated with what was once the most controversial item in the corporate governance landscape have become downright routine. Since January 1, 2017, 74 out of the 75 company proposals to approve a poison pill (aka a shareholder rights plan) passed and the lone proposal that was voted down comes with an asterisk because it was not a typical vote. Read more

Peak Proxy Access Nomination Season - 10/31/2018

Governance activists waged a hard-fought battle to establish proxy access at public companies and ultimately succeeded as proxy access has been widely adopted. It is therefore rather surprising that we have yet to have a proxy access nomination go to an actual vote. If it is going to happen in the 2019 proxy season, we’re likely to know soon as we’ve entered the part of the calendar where proxy access notice windows are opening. Read more

Securities Offerings

IPOs - Record Unicorn Issuance

The first half of 2019 saw the début of 83 companies listing on U.S. stock exchanges through initial public offerings. The companies raised $34.3 billion a 9.4% decrease over the first six months of 2018. These statistics exclude Special Purpose Acquisition companies. Included in this cohort where 10 “Unicorns”, private companies, such as Uber, with pre-IPO valuations of at least one billion. According to Deal Point Data, this is the most Unicorn issues since IPO records began in 1980. Morgan Stanley topped the Deal Point Data U.S. IPO underwriting league table for the first half of 2019. Cooley was the number one ranked legal counsel to issuers while Davis Polk was the leading counsel to underwriters.

High-Yield Bonds

The dollar value of new issues of SEC registered high-yield bonds fell by 46.8% to $16.2 billion during the first six months of 2019 on a year-over-year basis. On a sequential basis, the dollar value increased by 62.6% compared to the dismal second half of 2018..