Direct Listing of Securities: Going Public Without an IPO
Registration Requirements, New NYSE Valuation Criteria, Pros and Cons, Lessons From Spotify
Recording of a 90-minute premium CLE webinar with Q&A
This CLE course will examine the registration, valuation and listing process for direct listing of shares on the New York Stock Exchange (NYSE) without a prior or simultaneous initial public offering (IPO) registered with the Securities and Exchange Commission under the Securities Act of 1933. The panel will also discuss the pros and cons of direct listing vs. an IPO, the new NYSE direct listing criteria, and lessons from the recent Spotify offering.
- Impact of abundant private equity capital on traditional IPOs
- Direct listings vs. IPOs
- Subsequent filings
- Amended NYSE listing requirements
- Valuation based on private placement
- Valuation by independent third party
- Trading procedures
- Pros and cons of direct listings
The panel will review these and other challenging issues:
- What are the advantages and disadvantages of undertaking a direct listing vs. an IPO, or no listing at all?
- What are the SEC registration requirements for a direct listing, and what are the ongoing filing requirements?
- How might the new listing rules adopted by the NYSE and approved by the SEC affect direct listings going forward?
- What are the new valuation criteria for an NYSE listing?
John C. Partigan
Mr. Partigan concentrates his practice in federal securities law matters and mergers and acquisitions. His mergers... | Read More
Mr. Partigan concentrates his practice in federal securities law matters and mergers and acquisitions. His mergers and acquisitions practice includes public and privately negotiated acquisitions and divestitures in a variety of industries. His securities practice includes representing issuers in connection with primary and secondary public offerings of debt and equity securities.Close
Deborah J. McLean
Ms. McLean is a member of the firm’s Public Company Transactions team. She represents public and privately held... | Read More
Ms. McLean is a member of the firm’s Public Company Transactions team. She represents public and privately held businesses in corporate finance, mergers and acquisitions and securities laws disclosure and compliance. She assists in structuring transactions, helping identify key legal issues for diligence and successfully closing acquisitions. With 35 years of experience, she works with inside counsel and key members of a client’s finance group to negotiate financing terms in credit agreements, Rule 144A debt offerings and public offering of notes and debentures.Close