The US Securities and Exchange Commission (SEC) recently adopted amendments to the rules governing beneficial ownership reporting under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934, as amended. Among other changes, the amendments accelerate the deadlines for initial and amended Schedule 13D and Schedule 13G filings. The amendments will become effective on February 5, 2024. However, compliance with the revised Schedule 13G filing deadlines will not be required until September 30, 2024.

We have created this guide to give an overview of the key issues around secondary capital raising across almost 30 jurisdictions. As one of the world’s largest capital markets practices, with a presence across 77 offices in 46 countries, we can help clients to better understand their options and navigate the challenges that come with raising capital during uncertain times, no matter where in the world they are.

On 30 March 2022, the Securities and Exchange Commission approved proposed rules relating to special purpose acquisition companies (SPACs) and released an accompanying fact sheet. Work on the final rules will begin following the public comment period, which ends on the later of 31 May 2022 and 30 days following the publication of the proposing release in the Federal Register.

Companies undertaking capital raisings can approach the world’s capital markets in various ways. Through an initial public offering, listing either in its home jurisdiction or cross-border, a company can access major global finance hubs and capital from a deep pool of investors around the world.
In addition, an IPO can help a company raise its profile with customers, suppliers and the media as well as providing it with an opportunity to improve internal systems and controls, and increase the general operating efficiency for the business to conform with the regulatory scheme for public companies.

This guide will provide you with: An overview of the key stages of the process, and an indicative timeline. A who’s who as regards the IPO deal team. Practical tips to help you achieve a successful IPO. Key considerations to bear in mind when choosing your listing venue. Key issues and listing requirements that should be considered when preparing for an IPO.

Biotech and pharma companies undertaking capital raisings can approach the world’s capital markets in various ways. Through an initial public offering (IPO), listing either in its home jurisdiction or cross-border, biotech and pharma companies can access major global finance hubs and capital from a deep pool of investors around the world. An IPO can help a company raise its profile with customers, suppliers and the media, as well as providing it with an opportunity to improve internal systems and controls, and increase the general operating efficiency of the business as it prepares to comply with the relevant regulatory scheme for public companies.

Mining companies undertaking capital raisings can approach the world’s capital markets in various ways. Through an initial public offering, listing either in its home jurisdiction or cross-border, a mining company can access major global finance hubs and capital from a deep pool of investors around the world.
In addition, an IPO can help a mining company raise its profile with customers, suppliers and the media, as well as providing it with an opportunity to improve internal systems and controls, and increase the general operating efficiency for the business to conform with the regulatory scheme for public companies.

Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. The Government Intervention Schemes Guide provides a summary of key government intervention measures across jurisdictions around the globe in relation to: 

Foreign Investment Restrictions
Debt
Equity
Taxation
Insolvency
EU State Aid Approvals, where relevant

Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. The Government Intervention Schemes Guide provides a summary of key government intervention measures across jurisdictions around the globe in relation to: 

Foreign Investment Restrictions
Debt
Equity
Taxation
Insolvency
EU State Aid Approvals, where relevant

On October 2, 2020, the Small Business Administration (SBA) published a long-awaited procedural notice that provides further clarity on procedures for changes of ownership of an entity that has received Paycheck Protection Program (PPP) funds. The procedural notice (i) identifies when a change of ownership will be deemed to have occurred, (ii) specifies the reporting obligations of PPP borrowers in connection with such change of ownership, and (iii) provides guidance as to whether the SBA’s prior approval is required. Notably, the procedural notice does not provide any relief to PPP borrowers with change of ownership transactions that were closed prior to October 2, 2020.