Stock Market
SEC Gives More Comment Time on Nasdaq “Seasoning” Proposal
By David Feldman at 24 October, 2011, 12:10 pm
I was finally able to review the SEC’s release on September 12 which extended the time to comment on Nasdaq’s proposal to “season” reverse merger companies on the over-the-counter markets for six months before uplisting. It appears the SEC is seeking to harmonize the Nasdaq’s proposal with the similar proposals from the NYSE and NYSE [...]
Read More >>Tip of the Week: Make Sure You Should be Public
By David Feldman at 23 October, 2011, 5:24 pm
I often tell my clients, if you can benefit from being public, and can bear the risks of doing so, you should seriously consider it, regardless of your stage of development. However, in any well formulated decision, it is important to review the pros and cons. There are four well-recognized disadvantages to being public. First, [...]
Read More >>Israel Heating Up in PIPEs
By David Feldman at 12 October, 2011, 2:34 pm
The October 4 PIPEs Report lets us know that tiny Israel is becoming more and more popular for PIPE investors that have turned their attention away from China. The PR reports that at least 12 companies from Israel raised $147.45 million from PIPEs this year. One hedge fund investor states that he feels Israeli companies [...]
Read More >>FINRA Gets It Right on Private Placement Compensation
By David Feldman at 12 October, 2011, 1:28 pm
The Financial Industry Regulatory Authority (formerly the National Association of Securities Dealers) regulates and oversees the brokerage industry. They also decide on limits on broker compensation for various activities. For example, they limit what brokerage firms acting as underwriters in public offerings can earn as compensation. In the past, no such specific limits were placed [...]
Read More >>Highlights from M&A Conference
By David Feldman at 11 October, 2011, 5:37 pm
I spent some time today at the 2011 International M&A Summit put together by the M&A Advisor. Here are some tidbits about the current M&A environment that came out of the panels: 1. There was a dramatic slowdown in deal activity in the last 30-60 days due to market conditions. 2. Corporations with cash are still [...]
Read More >>SEC Roundtable on Microcap Stocks in One Week
By David Feldman at 9 October, 2011, 6:39 pm
I was honored to be asked by the SEC’s Enforcement Division to speak on a panel at their Roundtable on the Execution, Clearance and Settlement of Microcap Securities to be held the afternoon of October 17, 2011 at the SEC’s Washington headquarters. It will also be webcast live! The roundtable goes from 1pm to 5pm [...]
Read More >>House Financial Services Committee Taking Action on Small Business
By David Feldman at 24 September, 2011, 12:55 pm
In addition to its recent approval of an overhaul of SEC’s Regulation A (which Pres. Obama recently announced he supported), the House Financial Services Committee, led by Chairman Spencer Bachus (R-AL) and Vice Chair David Schweikert (R-AR) held a hearing this week on additional bills that have been proposed to help smaller businesses raise capital. Bottom [...]
Read More >>My SEC-Submitted Comment to Nasdaq’s “Seasoning” Proposal
By David Feldman at 7 September, 2011, 7:58 am
In addition to the comment I provided to the NYSE Amex’s proposal to require reverse merged companies to “season” by trading over-the-counter for a period before applying to uplist (with an exception for a large public offering), I also submitted the comment below with regard to Nasdaq’s similar proposal, which does not even have an [...]
Read More >>Will BATS Start Swinging Without Seasoning?
By David Feldman at 31 August, 2011, 9:49 am
Have you ever heard of the BATS stock exchange, also called the BZX Exchange? I hadn’t until recently. Here is the summary they provide on their website: “BATS Global Markets (BATS) is an innovative global financial markets technology company based in the Kansas City, Mo., area with additional offices in New York and London. Driven [...]
Read More >>My SEC-Submitted Comment to the NYSE Amex Seasoning Proposal
By David Feldman at 30 August, 2011, 9:38 am
Yesterday I submitted a comment to the NYSE Amex’s proposed “seasoning” of reverse merged companies on the over-the-counter markets. See prior posts for more details. You can find the comment (it is the only comment to the proposal and the deadline is tomorrow) at http://www.sec.gov/comments/sr-nyseamex-2011-55/nyseamex201155-1.htm, but I reprint it here for your convenience. I urge [...]
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