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Item#: 21484
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Exempt and Hybrid Securities Offerings

1st Edition
ISBN Number: 9781402412257
Number of Volumes: 3
Page Count: 2546 pages
Detailed Table of Contents (.pdf)
Table of Authorities (.pdf)
Supplement Release Information (.pdf)

Overview

View Chapter 1 - Why an Exempt Offering or a Hybrid Offering?

PLI’s Exempt and Hybrid Securities Offerings is the first practical, accessible resource to provide you with comprehensive legal, regulatory, and procedural guidance regarding these increasingly popular offering methodologies.

Exempt and Hybrid Securities Offerings gives you a useful understanding of the applicable regulations and legal framework for these transactions, as well as the implications of these regulations for structuring transactions.

Packed with checklists, transactional timelines, SEC guidance, and a wealth of laborsaving sample documents, Exempt and Hybrid Securities Offerings shows you the relative advantages and drawbacks of the most commonly used forms of exempt and hybrid offerings, while clearly explaining the mechanics of conducting venture private placements; traditional PIPE transactions; structured PIPE transactions; institutional (debt) private placements; Rule 144A offerings; Regulation S offerings; expedited shelf takedowns; registered directs; at-the-market offerings; hedging transactions; and continuous issuance programs, including MTN and CP programs.

Updated at least once a year, Exempt and Hybrid Securities Offerings is a crucial resource for attorneys, investment bankers, and all other market participants.


Basic Upkeep Service:
In order to keep you abreast of the latest developments in your field, the purchase of PLI treatises includes Basic Upkeep Service, so that supplements, replacement pages and new editions may be shipped to you immediately upon publication for a 30-day examination. This service is cancelable at any time.

Authors & Contributors

Author(s)

Anna T. Pinedo, Morrison & Foerster LLP
James R. Tanenbaum, Partner, Morrison & Foerster LLP
Morrison & Foerster LLP, Morrison & Foerster LLP

Chapter Listing


 Preface
 Why an Exempt Offering or a Hybrid Offering?
 Private Placements--An Overview
 Section 4(1) and Concept of 4(1 1/2)
 Section 4(3) and Section 4(4)
 Rule 144
 Rule 144A
 Regulation S
 Rule 701
 Shelf Registration Statements
 Securities Offering Reform
 Private Placement Reform
 Venture Private Placements
 Traditional PIPE Transactions
 Structured PIPE Transactions
 Questions Arising in Connection with PIPE Transactions
 Conducting Institutional "4(2)" Private Debt Placements
 Conducting Rule 144A and Regulation S Offerings
 Conducting Shelf Takedowns
 Public Hybrid Transactions
 Continuous Private Placements and Other Unregistered Programs
 Communications in Connection with Exempt and Hybrid Offerings
 Conducting Exempt Offerings Using the Internet
 Issues Arising in Connection with Private Placements and Public Offerings Conducted in Close Proximity
 Liability Considerations
 Big Boy Letters
 FINRA and the Exchanges
 Application of Regulation M to Exempt and Hybrid Offerings
 Investment Representations/Hedging
 Change of Control Transactions
 Private Placements and Acquisitions
 Appendix A1 American Council of Life Insurance, SEC No-Action Letter
 Appendix A2 Verticom, SEC No-Action Letter
 Appendix A3 Black Box, SEC No-Action Letter
 Appendix A4 Squadron, Ellenoff, Pleasant & Lehrer, SEC No-Action Letter
 Appendix A5 Exxon Capital, SEC No-Action Letter
 Appendix A6 Cravath, Swaine & Moore, SEC No-Action Letter
 Appendix A7 Touche, Remnant & Company, SEC No-Action Letter
 Appendix A8 Morgan Stanley and Co., Inc., SEC No-Action Letter
 Appendix A9 Brown & Wood, LLP, SEC No-Action Letter
 Appendix A10 Shearman & Sterling, SEC No-Action Letter
 Appendix A11 CommScan, LLC, SEC No-Action Letter
 Appendix A12 IPONet, SEC No-Action Letter
 Appendix A13 Lamp Technologies, Inc., SEC No-Action Letter
 Appendix A14 Lamp Technologies, Inc., SEC No-Action Letter
 Appendix A15 Net Roadshow, Inc., SEC No-Action Letter
 Appendix A16 Net Roadshow, Inc., SEC No-Action Letter
 Appendix A17 Bloomberg L.P., SEC No-Action Letter
 Appendix A18 Interpretive Release on Regulation D
 Appendix A19 Rule 144 Adopting Release
 Appendix A20 Rule 144A Adopting Release
 Appendix A21 Rule 155 Adopting Release
 Appendix A22 Regulation S Adopting Release
 Appendix A23 FINRA Corporate Financing Rule 5110
 Appendix A24 NASD Conflicts of Interest Rule 2720
 Appendix A25 NYSE Shareholder Approval Rule
 Appendix A26 NYSE Voting Rights Rule
 Appendix A27 Nasdaq Shareholder Approval Rule
 Appendix A28 Nasdaq Voting Rights Rule
 Appendix A29 NYSE Amex Shareholder Approval Rule
 Appendix A30 NYSE Amex Voting Rights Rule
 Appendix B1 Summary Timelines of Exempt Offering Developments
 Appendix B2 Timeline of Exempt Offering Rules
 Form 1 Accredited Investor Questionnaire
 Form 2 Qualified Institutional Buyer Questionnaire
 Form 3 Purchaser Representative Acknowledgment
 Form 4 Securities Purchase Agreement
 Form 5 Non-Affiliate Seller's 144 Representation Letter
 Form 6 Affiliate Seller's 144 Representation Letter
 Form 7 Non-Affiliate Legend Removal Letter
 Form 8 Plan of Distribution
 Form 9 Securities Offering Reform Summary
 Form 10 Timetable for Private Placement with Resale Rights
 Form 11 Timetable for PIPE Transaction
 Form 12 Engagement Letter for PIPE Transaction
 Form 13 Sales Script for Institutional Sales
 Form 14 Sales Script for Contacting Current Holders
 Form 15 Confidentiality Agreement
 Form 16 Confidentiality Agreement
 Form 17 Indicative Term Sheet
 Form 18 Confidential Private Placement Memorandum
 Form 19 Purchase Agreement
 Form 20 Closing Checklist
 Form 21 Transfer Agent Instructions
 Form 22 Resale Registration Statement
 Form 23 Term Sheet--Convertible Debentures, Warrants, and Common Stock
 Form 24 Term Sheet
 Form 25 Placement Agent Representation Letter
 Form 26 Opinion in Lieu of Representation Letter
 Form 27 Blanket Removal Letter
 Form 28 Confidential Offering Memorandum
 Form 29 Indenture
 Form 30 Purchase Agreement
 Form 31 Registration Rights Agreement
 Form 32 SIFMA Rule 144 Procedures
 Form 33 Exxon Capital Exchange Letter
 Form 34 SIFMA 3c-7 Procedure
 Form 35 3c-7 Notice
 Form 36 Form of Reg S TEFRA D Certificate by Euroclear and Clearstream
 Form 37 Form of Reg S TEFRA D Beneficial Owner Certificate
 Form 38 Rule 904 Sale Under Reg S Selling Shareholder Certificate
 Form 39 Sample Legend for Rule 903
 Form 40 Timeline for At-the-Market Offering
 Form 41 Distribution Agreement
 Form 42 Plan of Distribution
 Form 43 Indicative Timeline for Block Trade
 Form 44 Engagement Letter for Registered Direct Offering
 Form 45 Engagement Letter for Registered Direct Offering
 Form 46 Timetable for Registered Direct Offering
 Form 47 Script for Registered Direct Transaction
 Form 48 Lock-Up Agreement for Registered Direct Offering
 Form 49 Placement Agency Agreement for All or None Registered Direct Offering
 Form 50 Investor Purchase Agreement for Registered Direct Offering
 Form 51 Plan of Distribution for Any or All Registered Direct Offering
 Form 52 Plan of Distribution for All or None Registered Direct Offering
 Form 53 Big Boy Letter
 Form 54 Sample Shorting Reps
 Form 55 Standby Purchase Agreement
 Table of Authorities
 Index to Exempt and Hybrid Securities Offerings



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