Market Roars Ahead in First Quarter

Wowee zowee! The Wall Street Journal reported that some records were set yesterday as the Dow Jones Industrial Average posted its single biggest first quarter point gain in history. The broader indices are also steaming, with the S&P 500 up 12% so far in 2012 and the Nasdaq Composite showing its best first three months ...

Investor Relations: There’s an App for That

What will they think of next? At the Roth Capital conference earlier this month we saw the launch of the IR App, marketed by PR/IR firm KCSA Communications. While not the first on the market, it is apparently much cheaper and offers more functions that its current competitor. KCSA hopes to be first out of ...

FLASH: House Passes Amended JOBS Act, on to Obama

By an overwhelming 380 to 41 vote, the US House of Representatives passed the Jumpstart our Business Startups (JOBS) Act just a short while ago. This means the bill only requires Pres. Obama’s signature, and BO has said he will sign it. Maybe even today? We’ll see. As I have commented, the bill will be ...

Final Senate Version of Crowdfunding 2

As we know, the Senate changed the version of the Jumpstart our Business Startups (JOBS) Act in only one way, they added an amendment, drafted by Sen. Merkley (but also supported by Sens. Bennet and Brown), which added more investor protections to the “crowdfunding” section of the bill. The House is expected to vote to ...

More Color on DTC “Chill” Decision by SEC

As I mentioned last week, on March 15 the SEC ordered The Depository Trust Company (DTC) to conduct a hearing as to the fairness of their decision to suspend or “chill” settlement and book-entry clearing services for International Power Corp. (IPWG). The SEC went even further and also ordered DTC to develop procedures for all ...

My Thoughts on the JOBS Bill

As the House gets ready to vote on final passage of the slightly amended Jumpstart Our Business Startups (JOBS) bill this week, following various summaries of the bill I thought I would share a few ruminations on what is good and maybe a little less good in the bill. As we know SEC Chairman Mary ...

Senate Passes JOBS Act with Amendment

Earlier today the US Senate passed the identical version of the Jumpstart our Business Startups (JOBS) Act passed by the House, but with one amendment. The amendment adds more protections to investors in the “crowdfunding” part of the bill. At this point either the House can by voice vote simply adopt the Senate version, at ...

SEC Chair Opposes Aspects of “JOBS” Act

I am on my way to the City of Lost Wages to speak at the annual American Bar Association Business Law conference. Thanks to my friend Lee Liebolt, I obtained a copy of a (publicly available) letter that SEC Chairman Mary Schapiro sent to the leaders of the Senate committee pondering passing the Jumpstart our ...

SPACs Coming Back 1

The latest issue of The DealFlow Report lets us know that the underwriters, sponsors and lawyers comprising the SPAC business are back in business. The report lists 22 SPACS that are currently trading and another 15 that have IPOs in registration. Almost all the new SPACs raised less than $100 million, much less than the ...

SEC Orders DTC to Adopt Fairness Procedures on Suspensions 4

Last Thursday, the SEC ruled In the Matter of the Application of International Power Group, Ltd. for review of action taken by Depository Trust Company or DTC. When the SEC started a case alleging, among other things, sales of unregistered securities by IPG (but neither IPG nor its officers or directors were named), the DTC ...