11 questions answered about building your first IR website

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Please CLICK HERE to listen to all ARCHIVE podcasts in the series.

Although my pedigree is deep (and biased) in regard to investor relations websites, I felt having an independent voice present “must practices” for the development and management of an IR website.

(Admittedly, my goal would be to sell you one of our excellent IR Rooms.

We asked our small-cap expert Bernie Kilkelley for his advice – in the fourth session of our six-part webinar series “What You Must Know Before and After Your IPO.” Bernie has a deep knowledge both for large and small company investor relations.

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Q: When should a newly public company launch its website?  Is it important to have the website ready right after the IPO?

Yes it is critical to have your IR website ready to go as soon as the company is public.  Your IR website is the most important source of information for investors that is under your control, so you should make sure it is effective.  Surveys have shown that 75% of institutional investors and analysts use the IR websites of companies they own or are considering buying at least once a week.  So you can be sure that once a stock starts trading there will be a lot of investors and analysts looking for information and the first place they will typically go is to your IR website.

Q: When should you start developing the IR website and who should be involved?

The IRO should be the project manager for the website and the work should be started as soon as the company files to go public.  The site can be developed and kept in a test environment so that it is ready to be turned on live after the IPO.  The team should include your general counsel and corporate secretary, finance, and corporate communications or PR.

Q: Is it best to use a vendor that specializes in IR websites, or is it okay to build the IR website using internal resources?

If your company is large enough where you have an in-house staff that designs and maintains your corporate website, you should certainly use their expertise to make sure that your IR website has the same look and feel as the corporate website.  But in developing the content for the IR website and maintaining the site, I recommend using one of the vendors that specialize in this.  This is especially true for smaller companies that don’t have in-house web designers.  By using one of these vendors you are making sure you have the latest technology and the expertise they bring from having done many other IR websites.  These vendors also can bring data feeds and other resources to your site that help automate information such as stock quotes, historical prices, news release archives and webcast archives.

Q: What are the requirements for an IR website?  Are there different requirements for a small cap company vs. a large cap company?  

The SEC has several regulations that need to be followed if a public company has a corporate website.  As part of the Sarbanes-Oxley rules from 2002, companies are required to post Section 16 filings of changes to insider ownership the day they are filed, and must keep them archived for one year.  In 2005, the SEC issued rules that filing companies need to post their 10-K and 10-Q financial statements in XBRL format.  There are also rules pertaining to Notice & Access of proxy materials that were issued in 2009, which require companies to post proxy materials on an independent website.  This doesn’t have to be the company’s own site, but if a company doesn’t post the materials on their own site it should have easily accessible links from the IR website.

While the SEC requirements regarding corporate websites are not extensive, there are many best practices that have evolved over time.  There are several basics that should be part of every IR website no matter what market cap or type of company.  Having a good IR website is a relatively easy and inexpensive way for a small cap company to look bigger by providing the same level of information as a large cap company.  This sends a message to investors and analysts that your company is committed to IR and to attracting investors.

The first basic item is a clear and visible link from the corporate home page.  My preference is to have a direct, one-click link on the home page that says “Investors.”  Some companies put the IR site as one of several links under an “About Us” menu, but that just makes investors and analysts spend time searching, which you don’t want.

The second basic is that the IR website should have a similar design as the corporate website, or at least have similar graphics and navigation.  You want to have continuity with the corporate home page and website so that investors don’t feel like they’re on a different site.

The third basic is to have an easy to navigate menu that lists all the contents of the IR website, without a lot of sub-menus.  I’ll get into what those contents should include, but without an easy to use menu it makes it difficult for investors to find what they want.

The fourth basic is an easy way for investors to request info and/or sign up for an IR email list or an RSS feed.  As part of this, it is also important to have contact information.  If possible you should include the name and email of the investor relations person for the company so that investors have a point of contact, not a generic email.

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email_bkBernie Kilkelly is a senior investor relations practitioner with over 25 years of experience in designing and running successful IR programs to help companies build shareholder value. His background includes serving as head of investor relations for three public companies in the financial services sector, including Delphi Financial Group, Inc. from 2001 until its acquisition in 2012 by Tokio Marine Group at a 76% premium to its stock price. In addition to serving as a corporate investor relations officer, Mr. Kilkelly has worked at leading investor relations and financial/public relations agencies in New York, including Morgen-Walke Associates, Makovsky & Co. and Robinson Lerer & Montgomery. Mr. Kilkelly is a recognized leader in the investor relations community and has served as a director of the New York Chapter of the National Investor Relations Institute (NIRI) since 2007. He was NIRI-NY Chapter President in 2012 and is currently serving as Vice President-Communications, responsible for the chapter’s website, newsletter and social media.

Connect with Bernie in LinkedIn here.

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Q: What are the must-haves for the content of the IR website? 

Some of the must-haves are:

  • Company profile
  • Stock quote
  • Historical pricing
  • Fact sheet – make sure you have a pdf that can be easily printed
  • News release archive
  • Quarterly earnings archive with releases, conference call webcasts, slides or transcripts if available – make quarterly financials available in multiple formats including Excel downloads
  • SEC filings – make these filings easily searchable and available in multiple formats including XBRL
  • Bios of executive officers and directors – photos are also nice to have
  • Corporate governance info such as board committee members and charters
  • Calendar of events – make sure to include an archive of past events and copies of presentations
  • Current investor presentation
  • Analyst coverage – list of analyst name and their firms
  • Frequent asked questions page – this typically includes basic info on the stock such as the symbol and CUSIP number, trading exchange and transfer agent info.
  • Contact info and an easy way to sign up for email alerts or RSS feeds

Q: What other bells and whistles can be added to set a website apart? 

I don’t recommend that newly public companies add too many bells and whistles to your IR website when it is first launched.  A lot of the bells and whistles you can find on IR websites are for large cap companies that have a long trading history so have many long-time shareholders.  Many of these websites will have cost-basis calculators, history of stock splits – which may not be appropriate for new companies with no history.

Q: Can a company use its IR website as the primary way to disclose information to investors and analysts?

The SEC issued guidance in 2008 on the use of corporate websites for dissemination of information, and whether this would satisfy Reg FD requirements.  In general, the SEC said that companies could use their websites to disseminate info but the hurdles for satisfying Reg FD are very high.  For example, companies had to make sure that the public knows that the website will be used as the primary way to communicate.  As a result, very few companies are doing this.  NIRI did a survey in 2012 and 88% of companies said they had no plans to use their website as the exclusive means of disseminating info.

Q: Should you be concerned about the traffic to your website and are there ways to increase visitors?

You should be regularly monitoring the traffic to your website and your IR website host should provide you with regular statistics on the number of unique visitors and page views so that you can see how investors are using your site.  They should also be able to provide you with info on where visitors are coming from, for instance are they coming from Google searches on your company name or are they coming from brokerage firm sites like Fidelity or eTrade.  One easy way to drive traffic to your IR website is to include a direct link to the IR site on your press releases, rather than using the corporate website address.

Q: Should you be careful about linking to outside data sources?

Yes, when you are using outside data sources for stock price or historical information, make sure to clearly indicate the source and include necessary disclaimers.  For links to items like conference call transcripts, you may want to provide an intermediate screen that indicates the user will be redirected.  The SEC included guidance on the use of hyperlinks to third-party information in their guidance on corporate websites.

Q: Should you include social media feeds on your IR website?  

If your company is using social media as part of your IR communications strategy, you should integrate this onto your IR website to give it increased visibility.  But for most newly public companies, I would recommend waiting and focusing on the website itself first and getting that right before spending time and resources on launching a social media program.

Q: Is it important to have a separate IR website designed for use on mobile phones?     

With the majority of internet traffic migrating to mobile devices it is increasingly important to have mobile versions of websites to optimize the user experience.   Many older versions of mobile IR websites remove most of the graphics and slim down the content, which can make the site much less effective.  As part of the initial design of your IR website you should work on development of a mobile site and if possible launch it together with the main site, or sometime soon after.

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2015 confidential IPOs holding pace with 2014

In a new technologies and life sciences companies’ IPO report from Fenwick & West LLP, one interesting data parse ( for Vintage’s IPO team anyway) was the direct comparison of confidential IPO filings between 2014 and 2015. Although the entire 2015 IPO market is 33% “softer” than 2014, confidential filings that actually priced are only down 7%.

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There can be many different thought-paths to speculate on this 7% to 33% comparison. Our interactions with confidential IPO clients lean towards that the “testing the waters” phase is creating stronger and more certain offerings. The working groups within the companies and banks are using this time to hone their messaging and tighten up their diligence materials prior their open IPO – the lionshare pricing within one quarter of their initial submission.

It is important to note that according to research firm Dealogic, only 56% of confidential S-1 filings actually price. That’s a lot of toe dipping that never ring the bell.

How complicated is the confidential IPO S-1 filing process? Very. Our whitepaper explains it very tactically.

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CLICK HERE FOR A WHITEPAPER ON THE S-1 FILING PROCESS WORKFLOW

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How to target and reach investors: Free webinar, August 18, 2:00 PM ET

6-part investor relations educational series for OTC Markets and Nasdaq Capital Markets listed companies

NEW YORK, August 18, 2015 /PRNewswire/ — Vintage, the capital markets, corporate services and institutional & fund services division of PR Newswire, is pleased to invite CEOs, CFO, investor relations departments and senior executives at entrepreneurial start-up organizations and emerging growth companies to attend this new educational webinar series: “What you must know BEFORE and AFTER your IPO” 

Session 5:
How to target and reach investors
DATE: August 18, 2015
TIME: 2:00 PM ET
LENGTH: 30 minutes
PRE- REGISTRATION: http://prn.to/targeting

Pre-registration is recommended to save time on event day.

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With first-hand “how-to” advice specially structured for small and micro-cap companies, this six-part series will walk listeners through the steps needed to transparently and effectively communicate with current shareholders and prospective investors. The cadence of the series will be casual, delivered succinctly and in plain English.

The webinars, and archived podcasts, are moderated by Bradley H. Smith, PR Newswire/Vintage’s director of marketing, and features the investor relations expertise of Tad Gage and Bernie Kilkelly of Darrow Associates.

There is no fee to attend and there will be a live Q&A session.

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What you must know BEFORE and AFTER your IPO

Session 6: How to present and network at an investor conferences     
DATE: September 15, 2015
TIME: 2:00 PM ET
LENGTH: 30 minutes

After the live session, the webinars will be available for 24/7 listening both online and as a downloaded audio podcast.

Session 1: How to set-up and manage the IR function
Session 2: How to compose your first quarterly earnings release and SEC filing
Session 3: How to host your first earnings call  
Session 4: How to build your IR website
Log-in here: http://e.prnewswire.com/Before-and-after-IPO-master-page.html

“This six-part series will not be presenting any investor relations ‘best-practices.’ We’ll be delivering the investor relations ‘must-practices,” said Smith. “As they become a publicly traded organization, emerging growth companies have unique challenges, especially as they work to present themselves to new shareholders at par with large and mega-cap issuers. Darrow Associates have distilled these ‘must-practices,” into a short, concise task list.”

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About Vintage:

Vintage, a PR Newswire division, is a top-three provider of full-service regulatory compliance and shareholder communications services, delivered across our three practice areas: Capital Markets, Corporate Services and Institutional & Fund Services. Founded in 2002 and acquired by PR Newswire in 2007, Vintage has evolved to become the industry’s intelligent value choice. We deliver a flexible balance of people, facilities and technology to ensure that regulatory compliance and shareholder communications processes are efficient, transparent and painless. Services include IPO registrations, transactions, virtual data rooms, EDGAR & XBRL filing, typesetting, financial printing and investor relations websites. www.thevintagegroup.com 

ABOUT Darrow Associates

Darrow Associates is an investor relations and financial communications firm with offices in Melville, New York, New York City, Austin, and Silicon Valley. The Darrow Associates team of professionals brings more than 120 years of combined investor relations and Wall Street experience across a range of market sectors and market-caps to its client base of nearly 20 companies. Darrow Associates’ professionals have significant experience in partnering with public and pre-IPO companies in the technology, telecommunications, media, business services, alternative energy, clean technology, healthcare, financial services, industrial, and aerospace and defense industries.  Additional information is available at www.darrowir.com.

Media Contact:

Bradley H. Smith
Director of Marketing, IR and Compliance Services
PR Newswire & Vintage
+1 201.942.7157
bradley.smith@prnewswire.com

IPOs and Transactions: August 3 – 14 / plus M&A quick sheet

This is a two-week summer edition.

There were 90 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services last week including Double Eagle Acquisitions Corp w/ Maples and Calder, McDermott Will & Emery LLP and Skadden, Arps, Slate, Meagher & Flom LLP, Genspera Inc w/ Silvestre Law Group PC and Nephros Inc w/ Fredrikson & Byron PA.

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Law firm / advisor Registrant Symbol Form Exchange
Akin Gump Strauss Hauer & Feld LLP BOULEVARD ACQUISITION CORP. II ~ S-1 ~
Alston & Bird LLP TRANSOCEAN PARTNERS LLC RIGP S-3 NYSE
Alternative Securities Market, LLC ALTERNATIVE SECURITIES MARKET, LLC ~ 1-A ~
Arnall Golden Gregory LLP CRYOLIFE INC CRY S-3 NYSE
Bass, Berry & Sims PLC RYMAN HOSPITALITY PROPERTIES, INC. RHP S-4 NYSE
Brownstein Hyatt Farber Schreck, LLP REAL GOODS SOLAR, INC. RGSE S-3 NASDAQ
CKR Law LLP AKOUSTIS TECHNOLOGIES, INC. AKTS S-1 OTC Markets
CKR Law LLP CUR MEDIA, INC. CURM S-1 OTC Markets
CKR Law LLP SKYPEOPLE FRUIT JUICE, INC SPU S-3 NASDAQ
Clean Energy Fuels Corp. CLEAN ENERGY FUELS CORP. CLNE S-3 NASDAQ
Cooley LLP PURE STORAGE, INC. ~ S-1 ~
Cooley LLP XENOPORT INC XNPT S-3 NASDAQ
Davis Polk & Wardwell LLP AETNA INC /PA/ AET S-4 NYSE
Davis Polk & Wardwell LLP C1 FINANCIAL, INC. BNK S-1 NYSE
Davis Polk & Wardwell LLP PENUMBRA INC ~ S-1 ~
Davis Polk & Wardwell LLP PURE STORAGE, INC. ~ S-1 ~
Debevoise & Plimpton LLP MAUSER GROUP B.V. ~ F-1 ~
Dechert LLP EDGE THERAPEUTICS, INC. ~ S-1 ~
Dechert LLP GOLDMAN SACHS DIVERSIFIED INCOME FUND ~ N-2 ~
DLA Piper LLP ARALEZ PHARMACEUTICALS LTD S-1
DLA Piper LLP ARALEZ PHARMACEUTICALS LTD ~ S-1 ~
Duane Morris LLP MARINUS PHARMACEUTICALS INC MRNS S-3 NASDAQ
Duane Morris LLP SOLIGENIX, INC. SNGX S-1 OTC Markets
Ellenoff Grossman & Schole LLP WAFERGEN BIO-SYSTEMS, INC. WGBS S-1 NASDAQ
ETN Services, LLC RITO GROUP CORP. ~ S-1 ~
Fenwick & West LLP AMYRIS, INC. AMRS S-3 NASDAQ
Fenwick & West LLP LOXO ONCOLOGY, INC. LOXO S-3 NASDAQ
Foley & Lardner LLP MARCUS CORP MCS S-3 NYSE
Fredrikson & Byron P.A. NEPHROS INC NEPH S-1 OTC Markets
Fried, Frank, Harris, Shriver & Jacobson LLP AETNA INC /PA/ AET S-4 NYSE
Gewerter & Dowling MARKHAM WOODS PRESS PUBLISHING COMPANY, INC. ~ S-1 ~
Goodwin Procter LLP EDGE THERAPEUTICS, INC. ~ S-1 ~
Goodwin Procter LLP PENUMBRA INC ~ S-1 ~
Goodwin Procter LLP PLUG POWER INC PLUG S-3 NASDAQ
Gracin & Marlow, LLP SYNTHETIC BIOLOGICS, INC. SYN S-3 NYSE
Greenberg Traurig, LLP BOULEVARD ACQUISITION CORP. II ~ S-1 ~
Harris Beach PLLC TOMPKINS FINANCIAL CORP TMP S-3 NYSE
Hateley & Hampton IT MANAGEMENT, INC. ~ S-1 ~
Hogan Lovells US LLP IMMUNE DESIGN CORP. IMDZ S-3 NASDAQ
Holland & Knight LLP SHORE BANCSHARES INC SHBI S-3 NASDAQ
K&L Gates LLP LIGHTWAVE LOGIC, INC. LWLG S-1 OTC Markets
K&L Gates LLP TRUEBLUE, INC. TBI S-3 NYSE
K&L Gates LLP WAFERGEN BIO-SYSTEMS, INC. WGBS S-1 NASDAQ
Krueger LLP CUBESCAPE INC ~ S-1 ~
Latham & Watkins LLP INC RESEARCH HOLDINGS, INC. INCR S-1 NASDAQ
Latham & Watkins LLP MAUSER GROUP B.V. ~ F-1 ~
Latham & Watkins LLP NEIMAN MARCUS GROUP, INC. ~ S-1 ~
Law Office of Benjamin D. Harvey MYECHECK, INC. ~ 10-12G ~
Manatt, Phelps & Phillips, LLP HERITAGE OAKS BANCORP HEOP S-1 NASDAQ
Maples and Calder DOUBLE EAGLE ACQUISITIONS CORP. ~ S-1 ~
Matthew C. McMurdo, Esq. LITERA GROUP INC ~ S-1 ~
McDermott Will & Emery LLP DOUBLE EAGLE ACQUISITIONS CORP. ~ S-1 ~
Miller Nash Graham & Dunn LLP GLACIER BANCORP INC GBCI S-4 NASDAQ
Mintz and Fraade, LLP, P.C. NOSTALGIA FAMILY BRANDS, INC. ~ S-1 ~
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo P.C. NEPHROGENEX, INC. NRX S-3 NASDAQ
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. SYNTA PHARMACEUTICALS CORP SNTA S-3 NASDAQ
Morrison & Foerster LLP C1 FINANCIAL, INC. BNK S-1 NYSE
Nason, Yeager, Gerson, White & Lioce, P.A. COCRYSTAL PHARMA, INC. COCP S-3 OTC Markets
Nason, Yeager, Gerson, White & Lioce, P.A. IDI, INC. IDI S-3 NYSE
Nason, Yeager, Gerson, White & Lioce, P.A. VAPOR CORP. VPCO S-3 NASDAQ
Nelson Mullins Riley & Scarborough LLP INDEPENDENCE BANCSHARES, INC. IEBS S-1 OTC Markets
Norton Rose Fulbright US LLP ECLIPSE RESOURCES CORP ECR S-3 NYSE
Norton Rose Fulbright US LLP TESORO LOGISTICS LP TLLP S-3 NYSE
Office of Richard Rubin ZAXIS INTERNATIONAL INC ZXSI S-1 OTC Markets
Paul Hastings LLP CALADRIUS BIOSCIENCES, INC. CLBS S-3 NASDAQ
Paul, Weiss, Rifkind, Wharton & Garrison LLP CPI CARD GROUP INC. ~ S-1 ~
Perkins Coie LLP TRIBUNE PUBLISHING CO TPUB S-3 NYSE
Proskauer Rose LLP NEIMAN MARCUS GROUP, INC. ~ S-1 ~
Proskauer Rose LLP UNITED REALTY TRUST INC ~ S-11 ~
RalliBox, Inc. RALLIBOX, INC. ~ 1-A ~
Reed Smith LLP PROPHASE LABS, INC. PRPH S-3 NASDAQ
Richard Chiang ANDES 7 INC. ~ 10-12G ~
Richard Chiang ANDES 8 INC. ~ 10-12G ~
Richard Chiang ANDES 9 INC. ~ 10-12G ~
Schiff Hardin LLP MANKATO CITIZENS TELEPHONE CO ~ S-4 ~
Securities Compliance Group, Ltd. QMC SYSTEMS, INC. ~ S-1 ~
Securities Compliance Group, Ltd. SONANT COMMUNICATIONS CORP ~ S-1 ~
Shearman & Sterling LLP CONTRAFECT CORP CFRXU S-3 NASDAQ
Sidley Austin LLP DAWSON MARINE SERVICES CO ~ S-4 ~
Silvestre Law Group, P.C. GENSPERA INC GNSZ S-1 OTC Markets
Simpson Thacher & Bartlett LLP KILGORE COMPANIES, LLC ~ S-4 ~
Skadden, Arps, Slate, Meagher & Flom LLP DOUBLE EAGLE ACQUISITIONS CORP. ~ S-1 ~
Skadden, Arps, Slate, Meagher & Flom LLP FOUR CORNERS PROPERTY TRUST, INC. ~ 10-12B ~
Skadden, Arps, Slate, Meagher & Flom LLP INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND ~ N-2 ~
Skadden, Arps, Slate, Meagher & Flom LLP INVESCO HIGH INCOME TRUST II ~ N-2 ~
Skadden, Arps, Slate, Meagher & Flom LLP PACE HOLDINGS CORP. ~ S-1 ~
Stepp Law Corporation ADDENTAX GROUP CORP. ~ S-1 ~
Stinson Leonard Street LLP GLACIER BANCORP INC GBCI S-4 NASDAQ
Stroock & Stroock & Lavan LLP CPG YORK EVENT DRIVEN STRATEGIES, LLC ~ N-2 ~
Sullivan & Cromwell LLP ACE LTD ACE S-4 NYSE
Thomas J. Craft, Jr., Esq. ZAXIS INTERNATIONAL INC ZXSI S-1 OTC Markets
Thompson Hine LLP PALATIN TECHNOLOGIES INC PTN S-3 NYSE
Tuscan Gardens Secured Income Fund LLC TUSCAN GARDENS SECURED INCOME FUND LLC ~ 1-A ~
Venable LLP MONMOUTH REAL ESTATE INVESTMENT CORP MNR S-3 NYSE
Vinson & Elkins L.L.P. SPARK ENERGY, INC. SPKE S-3 NASDAQ
Vinson & Elkins L.L.P. SUNOCO LOGISTICS PARTNERS L.P. SXL S-3 NYSE
Vorys, Sater, Seymour and Pease LLP PEOPLES BANCORP INC PEBO S-3 NASDAQ
W. R. Grace & Co. GCP APPLIED TECHNOLOGIES INC. ~ 10-12B ~
Wachtell, Lipton, Rosen & Katz ACE LTD ACE S-4 NYSE
Weil, Gotshal & Manges LLP PACE HOLDINGS CORP. ~ S-1 ~
Wilmer Cutler Pickering Hale and Dorr LLP CERULEAN PHARMA INC. CERU S-3 NASDAQ
Wilson Sonsini Goodrich & Rosati, P.C. CAREDX, INC. CDNA S-3 NASDAQ
Wilson Sonsini Goodrich & Rosati, PC CAPNIA, INC. CAPN S-1 NASDAQ
Winston & Strawn LLP CPI CARD GROUP INC. ~ S-1 ~
Winston & Strawn LLP FEDERAL-MOGUL HOLDINGS CORP FDML S-3 NASDAQ
Winston & Strawn LLP HERITAGE INSURANCE HOLDINGS, INC. HRTG S-3 NYSE
Woodland Holdings Corporation WOODLAND HOLDINGS CORP ~ 10-12G ~
Wyrick Robbins Yates & Ponton LLP INC RESEARCH HOLDINGS, INC. INCR S-1 NASDAQ

Post IPO, thousands of organizations count on us to assure regulatory compliance and target new investors.

Click here and opt-in to receive this weekly summary via email.

Click here to review the week’s underwriters.

Have a great week.

IPO Underwriters of the Week(s): August 3 – 14

This is a two-week summer edition.

Congratulations to the corporations and underwriters that worked with our transaction services team. Whether in-house, your-house or 100% virtual… click here to discover why we are the intelligent value for both traditional and confidential IPOs.

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Registrant Form Underwriter 1 Underwriter 2 Underwriter 3 +
ALTERNATIVE SECURITIES MARKET, LLC 1-A Alternative Securities Markets Group Corporation ~ ~
CAPNIA, INC. S-1 Aspire Capital Fund, LLC ~ ~
CPI CARD GROUP INC. S-1 BMO Capital Markets Corp. Goldman, Sachs & Co. CIBC World Markets Inc.
CAREDX, INC. S-3 Cantor Fitzgerald & Co. ~ ~
BOULEVARD ACQUISITION CORP. II S-1 Citigroup Global Markets Inc. ~ ~
AETNA INC /PA/ S-4 Citigroup Global Markets Inc. ~ ~
PACE HOLDINGS CORP. S-1 Deutsche Bank Securities Inc. Citigroup Global Markets Inc. ~
DOUBLE EAGLE ACQUISITIONS CORP. S-1 Deutsche Bank Securities Inc. Merrill, Lynch, Pierce, Fenner & Smith Inc. ~
PROPHASE LABS, INC. S-3 Dutchess Opportunity Fund II, LP ~ ~
CPG YORK EVENT DRIVEN STRATEGIES, LLC N-2 Foreside Fund Services, LLC ~ ~
PENUMBRA INC S-1 J.P. Morgan Securities LLC Merrill Lynch, Pierce, Fenner & Smith Inc. Wells Fargo Securities, LLC / Canaccord Genuity Inc.
MARINUS PHARMACEUTICALS INC S-3 JMP Securities LLC ~ ~
WAFERGEN BIO-SYSTEMS, INC. S-1 Ladenburg Thalmann & Co. Inc. ~ ~
EDGE THERAPEUTICS, INC. S-1 Leerink Partners LLC Credit Suisse Securities (USA) LLC Guggenheim Securities, LLC / JMP Securities LLC
NEPHROS INC S-1 Lincoln Park ~ ~
MAUSER GROUP B.V. F-1 Merrill Lynch, Pierce, Fenner & Smith Inc. Citigroup Global Markets Inc. Credit Suisse Securities (USA) LLC / Robert W. Baird & Co. Inc. / Deutsche Bank Securities Inc. / Jefferies LLC
NEPHROGENEX, INC. S-3 MLV & Co. LLC ~ ~
PURE STORAGE, INC. S-1 Morgan Stanley & Co. LLC Goldman, Sachs & Co. Barclays Capital Inc. / Allen & Company LLC / Merrill Lynch, Pierce, Fenner & Smith Inc. / Pacific Crest Securities, a division of KeyBanc Capital Markets Inc. / Stifel, Nicolaus & Company, Inc. / Raymond James & Associates, Inc. / Evercore Group L.L.C.
C1 FINANCIAL, INC. S-1 Raymond James & Associates, Inc. ~ ~

Post IPO, thousands of organizations count on us to assure regulatory compliance and target new investors.

Have a great week.

…Tuesday, Wednesday, Kudosday…

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If you work in the corporate compliance and securities law niche, you know clients are very close-to-the-vest in regard to “testimonials.” That said, our staff gets a lot of praise daily – and we can’t not share the good news (anonymized for privacy). Sales can offer you full named references.

Here are this week’s: 

 

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Kudos to our Typesetting team

You and your team have done a great, great job in helping us through these filings and being very professional and cool over the last few hectic days. Appreciate it so much.

Could you please provide me the name of your supervisor and his email address?  I would like to let him know what a great employee you are.

 

 

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.Kudos to our XBRL team

We have had a challenging quarter. Your great turn around times on the printing [EDGAR] services and also [ YOUR ] good work on the XBRL has been a great help to us.

Please thank your staff for the good service which has been ever so appreciated! Thank you very much for your continued good service.

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.Kudos to the Entire team

Just wanted to say thank you! I can’t believe you made it for both clients on time and made it using final approved versions! Most important – thanks for your patience, and for all your hard work.

 

 

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.Kudos to our EDGAR team

Many thanks and sincere apologies for the crazy requests this morning. I have been very impressed with your team given how unorganized and crazy things have been this morning. Thank you again.”

Also, I wanted to let you know how happy I am with the quality of Vintage’s work this year with the [ THE FILE ]!  It has improved greatly over prior years and I’m very happy to see that!! Keep up the great work!

 

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.Kudos to our Transactions team

Your help, professionalism and understanding is very much appreciated.

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Thanks to our experts for delivering intelligent value!

Is an investor relations website required by the SEC?

There is no SEC regulation that requires a public company to have an investor relations micro-site (IR website) however most all issuers have an IR website and savvy investors expect to find one. The Shareholder Confidence 365 study reports that 70% of investors said they would not invest in a company that does not have an IR website.

What is required:

SHOPCARTSarbanes-Oxley requires that issuers post Section 16 (forms 3, 3/A, 4, 4/A, 5, 5/A ~ insider trades) to their IR website or corporate website by the end of the next business day. Section 16 files must be sortable from other SEC files. Companies can link off to the SEC.gov website for this sub-set, however IR Room fundamentals direct that this not done as it interrupts the investor’s experience.

Sarbanes-Oxley also requires specific corporate governance documents be accessible to investors on an issuers’ IR website or corporate website. IR Room Fundamentals direct a well-defined “corporate governance sub-section” for these disclosures: audit committee charter, compensation committee charter, code of conduct, code of ethics and the identification of the audit committee’s financial expert.

Regulation G of the Sarbanes-Oxley Act defines disclosure rules regarding GAAP (Generally Accepted Accounting Principles) and non-GAAP financials. The regulation specifies that companies reconcile the non-GAAP financial measure to the most directly comparable GAAP measure in SEC files, press releases as well as audio (webcast) recordings on your IR website. The disclosure must also include the reasons why the non-GAAP information is useful to investors.

The SEC’s Notice of the Annual Meeting and Availability of the Annual Report and Proxy Materials (Notice & Access) requires that issuers post proxy and supporting materials – letter to shareholders, annual report and annual shareholder meeting invitation – on their IR website or corporate website. Issuers cannot link off to the SEC.gov website and the proxy materials must be posted “in a manner that does not infringe on the anonymity of a person” – which means no personal-data based cookies. IR Room Fundamentals direct that the investor relations website clearly guides a shareowner to the appropriate proxy voting portal, depending on their status as a Registered Shareholder or Beneficial Shareholder.

And finally, all issuers must post their 10-K and 10-Q XBRL files and accompanying instance documents to their IR website or corporate website. Issuers cannot link off to the SEC.gov website for this.

IR Room fundamentals view a well-managed investor relations website to be balance of corporate transparency and brand marketing.