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Mergers IPOs

Mergers & Acquisitions

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

Applied Therapeutics, Inc.14 Feb 20
Advance Notice Disclosure, Discloses AGM Date
DPD Note: The company disclosed the 2020 annual meeting date and the deadlines to submit 14a-8 proposals, non-14a-8 proposals, and nominations. This is the company's first annual meeting as a public company after its May 2019 IPO. (8-K )
Hawaiian Electric Industries, Inc.14 Feb 20
Settlement/Standstill
DPD Note: The company entered into a Cooperation Agreement with ValueAct Spring Master Fund, L.P. under which Eva Zlotnicka, Managing Director of the Spring Fund and Head of Stewardship at ValueAct Capital, was appointed to the Board. The agreement also includes standstill provisions and voting commitments. In a letter to the company in November 2019, ValueAct called for the company's next CEO to come from outside of the company and in 2018 reportedly pushed for the company to accelerate its use of renewable energy. (8-K )
Luby's Inc.14 Feb 20
Poison Pill Amendment
DPD Note: Extend expiration date from February 15, 2020 to February 15, 2021 (8-K )
Alnylam Pharmaceuticals, Inc.13 Feb 20
Governing Documents Filing (Refiling)
• Exhibit: Bylaws Amended/Restated (10-K )
Alnylam Pharmaceuticals, Inc.13 Feb 20
Governing Documents Filing (Refiling)
• Exhibit: Bylaws Amendment Effective 12/18/2015 (10-K )
Alnylam Pharmaceuticals, Inc.13 Feb 20
Governing Documents Filing (Refiling)
• Exhibit: Bylaws Amendment Effective 03/08/2018 (10-K )
Alnylam Pharmaceuticals, Inc.13 Feb 20
Governing Documents Filing (Refiling)
• Exhibit: Bylaws Amendment Effective 04/25/2019 (10-K )
AvalonBay Communities, Inc.13 Feb 20
Discloses AGM Date
• Press release: AvalonBay Communities Announces 2020 Annual Meeting Details (Press Release )
Broadway Financial Corporation13 Feb 20
Update:Governance/Defense Controversy/Criticism on 02/10/2020
DPD Note: Company response to Steven A. Sugarman including denying his request to acquire additional shares in excess of the poison pill limit without triggering the plan. (8-K )
Halliburton Company13 Feb 20
Discloses AGM Date
• Press release: Halliburton Declares Dividend and Announces Annual Shareholders' Meeting (Press Release )
Healthpeak Properties, Inc.13 Feb 20
Governing Documents Filing (Refiling)
• Exhibit: Charter Amended/Restated Effective 06/01/2012 (10-K )
Healthpeak Properties, Inc.13 Feb 20
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 07/31/2017 (10-K )
Healthpeak Properties, Inc.13 Feb 20
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 10/30/2019 (10-K )
Mednax, Inc13 Feb 20
Update:Proxy Fight Director Nomination on 12/11/2019
DPD Note: 13D filing provides first public disclosure by Starboard Value regarding its proxy fight nominations for the company's 2020 annual meeting. Starboard is a nominating an eight-person slate for election to the company's eleven member Board. On December 11, 2019, the company issued a statement confirming that Starboard had submitted nominations for a majority slate after news sources had reported it. (SC 13D )
Moderna, Inc.13 Feb 20
Advance Notice Disclosure
DPD Note: The company announced it will hold its 2020 annual meeting on April 29, 2020 which is more than 30 days before the anniversary of the company's 2019 annual meeting held on June 27, 2019 triggering the alternative timing provision in the company's advance notice bylaws and a new deadline under Rule 14a-8. (8-K )
Molson Coors Beverage Company12 Feb 20
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 06/04/2013 (10-K )
Molson Coors Beverage Company12 Feb 20
Governing Documents Filing (Refiling)
• Exhibit: Charter Amended/Restated Effective 02/08/2005 (10-K )
Molson Coors Beverage Company12 Feb 20
Governing Documents Filing (Refiling)
• Exhibit: Charter Amendment Effective 01/01/2020 (10-K )
Paramount Group, Inc.12 Feb 20
Other Material Defense/Proxy Disclosure
DPD Note: 10-K for fiscal year end December 31, 2019 includes an Amended and Restated Waiver of Ownership Limits granted to The Otto Family by Paramount Group, Inc., dated as of March 18, 2019. The waiver to the company's 6.5% charter ownership limit to maintain its qualification as a REIT was amended to allow the Otto family to increase the current ownership limit from 17.47% to 21.0%. (10-K )
Spotify Technology S.A.12 Feb 20
Governing Documents Filing (No Disclosure)
DPD Note: The company filed restated Articles of Association effective January 20, 2020 but did not provide any disclosure regarding changes made to the document since it last filed the document on January 29, 2019 (the company is a foreign private issuer). The only change identified by Deal Point Data was to Article 5 (the number of subscribed and authorized share capital) and section 9.2 (number of Beneficiary Certificates issued and outstanding). (20-F )
Cars.com Inc.11 Feb 20
Advance Notice Disclosure, Discloses AGM Date
DPD Note: The company announced it will hold its 2020 annual meeting on May 14, 2020 which is more than 30 days before the anniversary of the company's 2019 annual meeting held on October 30, 2019 triggering the alternative timing provision in the company's advance notice bylaws and a new deadline under Rule 14a-8. (8-K )
First United Corporation11 Feb 20
Update:Proxy Fight Director Nomination on 11/19/2019
DPD Note: Rangeley Capital LLC press release critical of company's governance policies and its plans to vote for Driver Management Company LLC's director slate. Driver Management Company LLC previously disclosed it was nominating three candidates for election to the company's Board at the 2020 annual meeting. (Press Release )
Broadway Financial Corporation10 Feb 20
Governance/Defense Controversy/Criticism
DPD Note: 13D filing by Steven A. Sugarman includes letter to the Board from The Capital Corps, LLC ("Capital") requesting a meeting to discuss a possible acquisition of the company and calling on the Board to launch a process to consider its strategic options. Capital also criticized the company's poison pill adoption in September 2019 and requested the company subject the poison pill to a stockholder vote at the upcoming annual meeting. Capital also requested the Board allow it to acquire additional shares in excess of the pill limit without triggering the plan. Mr. Sugarman is the founder of Capital. (SC 13D )
Gold Resource Corporation10 Feb 20
Advance Notice Disclosure, Discloses AGM Date
DPD Note: The company announced it will hold its 2020 annual meeting on May 21, 2020 which is more than 30 days earlier than the anniversary of the company's 2019 annual meeting held on June 20, 2019 triggering a new deadline under Rule 14a-8. The company also disclosed a deadline of February 27, 2020 to submit nominations (which is the twentieth day following the day on which public announcement of the date of the shareholder meeting was made as required by the company's advance notice bylaws). (8-K )
R.R. Donnelley & Sons Company10 Feb 20
Governance/Defense Controversy/Criticism
DPD Note: Chatham Asset Management, LLC issued a press release containing a letter to the Board demanding the company terminate its poison pill that Chatham claims was adopted to prevent it from engaging with the Board and management. (Press Release )
R.R. Donnelley & Sons Company10 Feb 20
Update:Governance/Defense Controversy/Criticism on 02/10/2020
• Press release: RRD Sends Letter of Response to Chatham Asset Management (Press Release )
American Renal Associates Holdings, Inc.07 Feb 20
Advance Notice Disclosure, Discloses AGM Date
DPD Note: The company announced it will hold its 2020 annual meeting on April 29, 2020 which is more than 30 days before the anniversary of the company's 2019 annual meeting held on December 6, 2019 triggering the alternative timing provision in the company's advance notice bylaws and a new deadline under Rule 14a-8. (8-K )
Bankwell Financial Group, Inc.07 Feb 20
Settlement/Standstill
DPD Note: The company entered into an Agreement with Lawrence B. Seidman pursuant to which Mr. Seidman will be nominated to serve as a director commencing with the 2020 annual meeting and will continue to be nominated at each meeting as long as he owns at least 5% of the company's shares. Mr. Seidman will act as a non-voting observer of the Board until the 2020 annual meeting. The agreement also includes standstill provisions and voting commitments. In his initial 13D filing in December 2018, Mr. Seidman disclosed that he had several telephone conversations and meetings with the company's senior management about ways to maximize shareholder value. (8-K )
Boston Omaha Corporation07 Feb 20
Advance Notice Disclosure, Discloses AGM Date
DPD Note: The company disclosed the 2020 annual meeting date and deadline to submit non-14a-8 proposals and nominations. The previous year's annual meeting proxy statement only provided the timeliness requirements in general and not an actual date (i.e., "not later than the close of business on the 90th day, nor earlier than the close of business on the 120th day, in advance of the anniversary of the previous year's annual meeting"). (8-K )

IPO Activity

Imara Inc.14 Feb 20
Registration Statement Filed
Imara Inc. filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
Yunhong International14 Feb 20
Shares Offered Increased
China Yunhong Holdings increased the number of units to be offered to 6,000,000 units from 5,000,000 units
LifeSci Acquisition Corp.14 Feb 20
Registration Statement Filed
LifeSci Acquisition Corp. filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
LifeSci Acquisition Corp.14 Feb 20
Shares Offered Disclosed
LifeSci Acquisition Corp. disclosed plans to offer 5,000,000 units, with each unit consisting of one share of common stock and one warrant
LifeSci Acquisition Corp.14 Feb 20
Underwriting Discount Disclosed
The underwriters received a discount of $0.55 per share (a gross spread of 5.5%) and a total of $2.75 mil for underwriting LifeSci Acquisition Corp.'s IPO
LifeSci Acquisition Corp.14 Feb 20
Other IPO Related
LifeSci Acquisition Corp. disclosed that the offer price for the units issued in its initial public offering will be $10.00 per unit
Vontier Corporation14 Feb 20
Registration Statement Filed
Vontier Corporation filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
Muscle Maker, Inc.14 Feb 20
Shares Offered Decreased
Muscle Maker, Inc. decreased the number of common shares to be offered to 1,540,000 shares from 1,600,000 shares
Muscle Maker, Inc.14 Feb 20
Underwriting Discount Disclosed
The underwriters received a discount of $0.45 per share (a gross spread of 9%) and a total of $693,000 for underwriting Muscle Maker, Inc.'s IPO
Muscle Maker, Inc.14 Feb 20
IPO Price Disclosed
Muscle Maker, Inc. set the price of its downsized initial public offering of 1,540,000 shares at $5.00 per share for gross proceeds of $7.7 mil
Cole Haan, Inc.14 Feb 20
Registration Statement Filed
Cole Haan, Inc. filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
Newborn Acquisition Corp.13 Feb 20
Registration Statement Declared Effective
Newborn Acquisition Corp.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Huize Holding Limited13 Feb 20
Shares Offered Increased
Huize Holding Limited increased the number of American Depositary Shares to be offered to 5,250,000 from 4,650,000 shares
Huize Holding Limited13 Feb 20
Underwriting Discount Disclosed
The underwriters received a discount of $0.84 per share (a gross spread of 8%) and a total of $4.41 mil for underwriting Huize Holding Limited's IPO
Huize Holding Limited13 Feb 20
IPO Price Disclosed
Huize Holding Limited set the price of its upsized initial public offering of 5,250,000 shares at $10.50 per share, which was within the $9.40 to $11.40 price range, for gross proceeds of $55.13 mil
Revolution Medicines, Inc.13 Feb 20
Underwriting Discount Disclosed
The underwriters received a discount of $1.19 per share (a gross spread of 7%) and a total of $16.7 mil for underwriting Revolution Medicines, Inc.'s IPO
Revolution Medicines, Inc.13 Feb 20
IPO Price Disclosed
Revolution Medicines, Inc. set the price of its upsized initial public offering of 14,000,000 shares at $17.00 per share, which was within the increased $16.00 to $17.00 price range, for gross proceeds of $238 mil
Churchill Capital Corp III13 Feb 20
Registration Statement Declared Effective
Churchill Capital Corp III's registration statement was declared effective by the Securities and Exchange Commission (SEC)
Churchill Capital Corp III13 Feb 20
Shares Offered Increased
Churchill Capital Corp III increased the number of units to be offered to 98,000,000 units from 80,000,000 units
Avadim Health, Inc.13 Feb 20
Other IPO Related
Avadim Health, Inc. has postponed its initial public offering
Yunhong International12 Feb 20
Registration Statement Declared Effective
China Yunhong Holdings' registration statement was declared effective by the Securities and Exchange Commission (SEC)
Revolution Medicines, Inc.12 Feb 20
Registration Statement Declared Effective
Revolution Medicines, Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Muscle Maker, Inc.12 Feb 20
Registration Statement Declared Effective
Muscle Maker, Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Churchill Capital Corp III12 Feb 20
Shares Offered Increased
Churchill Capital Corp III increased the number of units to be offered to 80,000,000 units from 60,000,000 units
CITIC Capital Acquisition Corp.12 Feb 20
Shares Offered Increased
CITIC Capital Acquisition Corp. increased the number of units to be offered to 24,000,000 units from 20,000,000 units
Huize Holding Limited11 Feb 20
Registration Statement Declared Effective
Huize Holding Limited's registration statement was declared effective by the Securities and Exchange Commission (SEC)
Revolution Medicines, Inc.11 Feb 20
Shares Offered Increased
Revolution Medicines, Inc. increased the number of common shares to be offered to 14,000,000 from 10,000,000 shares
Revolution Medicines, Inc.11 Feb 20
Price Range Increased
Revolution Medicines, Inc. increased the anticipated price range for its IPO to $16.00 to $17.00 per share from $14.00 to $16.00 per share
Flying Eagle Acquisition Corp.11 Feb 20
Registration Statement Filed
Flying Eagle Acquisition Corp. filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
Flying Eagle Acquisition Corp.11 Feb 20
Shares Offered Disclosed
Flying Eagle Acquisition Corp. disclosed plans to offer 50,000,000 units, with each unit consisting of one share of Class A common stock and one-fourth of one redeemable warrant
Flying Eagle Acquisition Corp.11 Feb 20
Underwriting Discount Disclosed
The underwriters received a discount of $0.55 per share (a gross spread of 5.5%) and a total of $27.5 mil for underwriting Flying Eagle Acquisition Corp.'s IPO
Flying Eagle Acquisition Corp.11 Feb 20
Other IPO Related
Flying Eagle Acquisition Corp. disclosed that the offer price for the units issued in its initial public offering will be $10.00 per unit
CITIC Capital Acquisition Corp.10 Feb 20
Registration Statement Declared Effective
CITIC Capital Acquisition Corp.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Greenrose Acquisition Corp.10 Feb 20
Registration Statement Declared Effective
Greenrose Acquisition Corp.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
NexPoint Real Estate Finance, Inc.10 Feb 20
Underwriting Discount Disclosed
The underwriters received a discount of $1.33 per share (a gross spread of 7%) and a total of $6.3 mil for underwriting NexPoint Real Estate Finance, Inc.'s IPO
NexPoint Real Estate Finance, Inc.10 Feb 20
IPO Price Disclosed
NexPoint Real Estate Finance, Inc. set the price of its initial public offering of 5,000,000 shares at $19.00 per share, which was within the $19.00 to $21.00 price range, for gross proceeds of $95 mil
OneWater Marine Inc.10 Feb 20
Underwriting Discount Disclosed
The underwriters received a discount of $0.84 per share (a gross spread of 7%) and a total of $3.9 mil for underwriting OneWater Marine Inc.'s IPO
OneWater Marine Inc.10 Feb 20
IPO Price Disclosed
OneWater Marine Inc. set the price of its initial public offering of 4,615,385 shares at $12.00 per share, which was within the significantly reduced $12.00 to $14.00 price range, for gross proceeds of $55.4 mil
F5 Finishes, Inc.07 Feb 20
Shares Offered Decreased
F5 Finishes, Inc. decreased the number of common shares to be offered to 4,000,000 shares from 5,000,000 shares
F5 Finishes, Inc.07 Feb 20
Price Range Decreased
F5 Finishes, Inc. decreased the anticipated price range for its IPO to between $5.00 per share from $7.00 to $8.00 per share
Priam Properties Inc.07 Feb 20
Other IPO Related
Priam Properties Inc. has filed a registration statement amendment that removed the original total number of shares to be offered and the original price range information as well as changing the underwriters and the underwriter's counsel
The AZEK Company Inc.07 Feb 20
Registration Statement Filed
The AZEK Company Inc. filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
Professional Holding Corp.07 Feb 20
Underwriting Discount Disclosed
The underwriters received a discount of $1.295 per share (a gross spread of 7%) and a total of $4 mil for underwriting Professional Holding Corp.'s IPO
Professional Holding Corp.07 Feb 20
IPO Price Disclosed
Professional Holding Corp. set the price of its initial public offering of 3,100,000 shares at $18.50 per share, which is 2.6% below the low end of its $19.00 to $21.00 price range, for gross proceeds of $57.35 mil
Casper Sleep Inc.07 Feb 20
Underwriting Discount Disclosed
The underwriters received a discount of $0.78 per share (a gross spread of 7%) and a total of $6.5 mil for underwriting Casper Sleep Inc.'s IPO
Casper Sleep Inc.07 Feb 20
IPO Price Disclosed
Casper Sleep Inc. set the price of its initial public offering of 8,350,000 shares at $12.00 per share, which was within the significantly reduced $12.00 to $13.00 price range, for gross proceeds of $100 mil
Beam Therapeutics Inc.07 Feb 20
Shares Offered Increased
Beam Therapeutics Inc. increased the number of common shares to be offered to 10,588,236 from 9,250,000 shares
Beam Therapeutics Inc.07 Feb 20
Underwriting Discount Disclosed
The underwriters received a discount of $1.19 per share (a gross spread of 7%) and a total of $12.6 mil for underwriting Beam Therapeutics Inc.'s IPO
Beam Therapeutics Inc.07 Feb 20
IPO Price Disclosed
Beam Therapeutics Inc. set the price of its upsized initial public offering of 10,588,236 shares at $17.00 per share, which was within the $15.00 to $17.00 price range, for gross proceeds of $180 mil
Huize Holding Limited06 Feb 20
Shares Offered Disclosed
Huize Holding Limited disclosed plans to offer 4,650,000 American Depositary Shares (ADS) with each ADS representing 20 Class A ordinary share
Huize Holding Limited06 Feb 20
Price Range Disclosed
Huize Holding Limited set the anticipated price range for its IPO at $9.40 to $11.40 per American Depositary Share
Schrodinger, Inc.06 Feb 20
Shares Offered Increased
Schrodinger, Inc. increased the number of common shares to be offered to 11,882,352 from 10,000,000 shares
Schrodinger, Inc.06 Feb 20
Underwriting Discount Disclosed
The underwriters received a discount of $1.19 per share (a gross spread of 7%) and a total of $14.1 mil for underwriting Schrodinger, Inc.'s IPO
Schrodinger, Inc.06 Feb 20
IPO Price Disclosed
Schrodinger, Inc. set the price of its initial public offering of 11,882,352 shares at $17.00 per share, which is 6.25% above the high end of its $14.00 to $16.00 price range, for gross proceeds of $202 mil
NexPoint Real Estate Finance, Inc.06 Feb 20
Registration Statement Declared Effective
NexPoint Real Estate Finance, Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
OneWater Marine Inc.06 Feb 20
Registration Statement Declared Effective
OneWater Marine Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Professional Holding Corp.06 Feb 20
Registration Statement Declared Effective
Professional Holding Corp.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Warner Music Group Corp.06 Feb 20
Registration Statement Filed
Warner Music Group Corp. filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
PPD, Inc.06 Feb 20
Underwriting Discount Disclosed
The underwriters received a discount of $1.215 per share (a gross spread of 7%) and a total of $72.9 mil for underwriting PPD, Inc.'s IPO
PPD, Inc.06 Feb 20
IPO Price Disclosed
PPD, Inc. set the price of its initial public offering of 60,000,000 shares at $27.00 per share, which was within the $24.00 to $27.00 price range, for gross proceeds of $1.62 bil
InterPrivate Acquisition Corp.05 Feb 20
Shares Offered Increased
InterPrivate Acquisition Corp. increased the number of units to be offered to 17,500,000 units from 21,000,000 units
Schrodinger, Inc.05 Feb 20
Registration Statement Declared Effective
Schrodinger, Inc. registration statement was declared effective by the Securities and Exchange Commission (SEC)
Casper Sleep Inc.05 Feb 20
Price Range Decreased
Casper Sleep Inc. decreased the anticipated price range for its IPO to between $12.00 to $13.00 per share from $17.00 to $19.00 per share
Casper Sleep Inc.05 Feb 20
Registration Statement Declared Effective
Casper Sleep Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Beam Therapeutics Inc.05 Feb 20
Shares Offered Increased
Beam Therapeutics Inc. increased the number of common shares to be offered to 9,250,000 from 6,250,000 shares
Beam Therapeutics Inc.05 Feb 20
Registration Statement Declared Effective
Beam Therapeutics Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
PPD, Inc.05 Feb 20
Registration Statement Declared Effective
PPD, Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
KCI Holdings, Inc.04 Feb 20
IPO Withdrawn
KCI Holdings, Inc. withdrew its initial public offering as the company was acquired by 3M for $6.7 bil, including the assumption of debt effective October 11, 2019
Revolution Medicines, Inc.03 Feb 20
Shares Offered Disclosed
Revolution Medicines, Inc. disclosed plans to offer 10,000,000 common shares to the public
Revolution Medicines, Inc.03 Feb 20
Price Range Disclosed
Revolution Medicines, Inc. set the anticipated price range for its IPO at $14.00 to $16.00 per share
InterPrivate Acquisition Corp.03 Feb 20
Registration Statement Declared Effective
InterPrivate Acquisition Corp. registration statement was declared effective by the Securities and Exchange Commission (SEC)
1Life Healthcare, Inc.03 Feb 20
Underwriting Discount Disclosed
The underwriters received a discount of $0.91 per share (a gross spread of 6.5%) and a total of $15.93 mil for underwriting 1Life Healthcare, Inc.'s IPO
1Life Healthcare, Inc.03 Feb 20
IPO Price Disclosed
1Life Healthcare, Inc. set the price of its initial public offering of 17,500,000 shares at $14.00 per share, which was within the $14.00 to $16.00 price range, for gross proceeds of $245 mil
Passage Bio, Inc.03 Feb 20
Registration Statement Filed
Passage Bio, Inc. filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
dMY Technology Group, Inc.31 Jan 20
Registration Statement Filed
dMY Technology Group, Inc. filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)
dMY Technology Group, Inc.31 Jan 20
Shares Offered Disclosed
dMY Technology Group, Inc. disclosed plans to offer 20,000,000 units, with each unit consisting of one share of Class A common stock and one-half of one redeemable warrant
dMY Technology Group, Inc.31 Jan 20
Underwriting Discount Disclosed
The underwriters received a discount of $0.55 per share (a gross spread of 5.5%) and a total of $11 mil for underwriting dMY Technology Group, Inc.'s IPO
dMY Technology Group, Inc.31 Jan 20
Other IPO Related
dMY Technology Group, Inc. disclosed that the offer price for the units issued in its initial public offering will be $10.00 per unit
Arcutis Biotherapeutics, Inc.31 Jan 20
Shares Offered Increased
Arcutis Biotherapeutics, Inc. increased the number of common shares to be offered to 9,375,000 from 7,812,500 shares
Arcutis Biotherapeutics, Inc.31 Jan 20
Underwriting Discount Disclosed
The underwriters received a discount of $1.19 per share (a gross spread of 7%) and a total of $11.2 mil for underwriting Arcutis Biotherapeutics, Inc.'s IPO
Arcutis Biotherapeutics, Inc.31 Jan 20
IPO Price Disclosed
Arcutis Biotherapeutics, Inc. set the price of its upsized initial public offering of 9,375,000 shares at $17.00 per share, which was within the $15.00 to $17.00 price range, for gross proceeds of $159.4 mil
Riley Exploration Permian, Inc.31 Jan 20
IPO Withdrawn
Riley Exploration Permian, Inc. withdrew its initial public offering citing unfavorable market conditions
Reynolds Consumer Products Inc.31 Jan 20
Underwriting Discount Disclosed
The underwriters received a discount of $1.235 per share (a gross spread of 4.75%) and a total of $58.3 mil for underwriting Reynolds Consumer Products Inc.'s IPO
Reynolds Consumer Products Inc.31 Jan 20
IPO Price Disclosed
Reynolds Consumer Products Inc. set the price of its initial public offering of 47,170,000 shares at $26.00 per share, which was within the $25.00 to $28.00 price range, for gross proceeds of $1.226 bil
AnPac Bio-Medical Science Co., Ltd.31 Jan 20
Shares Offered Decreased
AnPac Bio-Medical Science Co., Ltd. decreased the number of American Depositary Shares (ADS) to be offered to 1,333,360 ADSs from 1,666,700 ADSs
AnPac Bio-Medical Science Co., Ltd.31 Jan 20
Underwriting Discount Disclosed
The underwriters received a discount of $0.84 per share (a gross spread of 7%) and a total of $1.12 mil for underwriting AnPac Bio-Medical Science Co., Ltd.'s IPO
AnPac Bio-Medical Science Co., Ltd.31 Jan 20
IPO Price Disclosed
AnPac Bio-Medical Science Co., Ltd. set the price of its downsized initial public offering of 1,333,360 shares at $12.00 per share, which was within the $12.00 to $14.00 price range, for gross proceeds of $16 mil
Professional Holding Corp.30 Jan 20
Shares Offered Disclosed
Professional Holding Corp. disclosed plans to offer 3,100,000 Class A common shares to the public
Professional Holding Corp.30 Jan 20
Price Range Disclosed
Professional Holding Corp. set the anticipated price range for its IPO at $19.00 to $21.00 per share
1Life Healthcare, Inc.30 Jan 20
Registration Statement Declared Effective
1Life Healthcare, Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Arcutis Biotherapeutics, Inc.30 Jan 20
Registration Statement Declared Effective
Arcutis Biotherapeutics, Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Reynolds Consumer Products Inc.30 Jan 20
Registration Statement Declared Effective
Reynolds Consumer Products Inc.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Annovis Bio, Inc.30 Jan 20
Shares Offered Increased
Annovis Bio, Inc. increased the number of common shares to be offered to 2,000,000 from 1,428,571 shares
Annovis Bio, Inc.30 Jan 20
Underwriting Discount Disclosed
The underwriters received a discount of $0.42 per share (a gross spread of 7%) and a total of $840,000 for underwriting Annovis Bio, Inc.'s IPO
Annovis Bio, Inc.30 Jan 20
IPO Price Disclosed
Annovis Bio, Inc. set the price of its initial public offering of 2,000,000 shares at $6.00 per share, which was within the $6.00 to $8.00 price range, for gross proceeds of $12 mil
Black Diamond Therapeutics, Inc.30 Jan 20
Shares Offered Increased
Black Diamond Therapeutics, Inc. increased the number of common shares to be offered to 10,586,316 from 8,900,000 shares
Black Diamond Therapeutics, Inc.30 Jan 20
Underwriting Discount Disclosed
The underwriters received a discount of $1.33 per share (a gross spread of 7%) and a total of $14 mil for underwriting Black Diamond Therapeutics, Inc.'s IPO
Black Diamond Therapeutics, Inc.30 Jan 20
IPO Price Disclosed
Black Diamond Therapeutics, Inc. set the price of its upsized initial public offering of 10,586,316 shares at $19.00 per share, which is 5.5% above the high end of its $16.00 to $18.00 price range, for gross proceeds of $201mil
AnPac Bio-Medical Science Co., Ltd.30 Jan 20
Registration Statement Declared Effective
AnPac Bio-Medical Science Co., Ltd.'s registration statement was declared effective by the Securities and Exchange Commission (SEC)
Churchill Capital Corp III29 Jan 20
Registration Statement Filed
Churchill Capital Corp III filed for an initial public offering with its filing of an S-1 with the Securities and Exchange Commission (SEC)

Corporate Governance Reports

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..