Monthly Archives: February 2016

IPOs and Transactions: February 22 – 26

There were 28 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services last week including VNUE Inc. w/ Matheau J. W. Stout, Esq, Medgenics Inc. w/ Pepper Hamilton LLP and Todos Medical LTD w/ Dana Livneh-Zemer, Law Office and Szaferman, Lakind, Blumstein & Blader, PC

We appreciate that they selected to work with us and we’re pleased that they found us to be the intelligent value.

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Law firm / advisor Registrant Symbol Form Industry
AXA Equitable Life Insurance Company AXA EQUITABLE LIFE INSURANCE CO ~ S-3 ~
Chapman and Cutler LLP NUVEEN HIGH INCOME DECEMBER 2019 TARGET TERM FUND ~ N-2 ~
Cravath, Swaine & Moore LLP JPMORGAN CHASE & CO JPM S-3 Money Center Banks
Dana Livneh-Zemer, Law Office TODOS MEDICAL LTD. ~ F-1 ~
Davis Polk & Wardwell LLP JPMORGAN CHASE & CO JPM S-3 Money Center Banks
Dechert LLP FS GLOBAL CREDIT OPPORTUNITIES FUND – ADV ~ N-2 ~
Dechert LLP FS GLOBAL CREDIT OPPORTUNITIES FUND – T ~ N-2 ~
Drinker Biddle & Reath LLP FEG DIRECTIONAL ACCESS TEI FUND LLC ~ N-2 ~
Ellenoff Grossman & Schole LLP EMPIRE RESORTS INC NYNY S-3 Resorts & Casinos
Goodwin Procter LLP AGENUS INC AGEN S-3 Biotechnology
Hamilton & Associates Law Group, P.A. FORCE PROTECTION VIDEO EQUIPMENT CORP. FPVD S-1 ~
Indeglia & Carney LLP XFIT BRANDS, INC. XFTB S-1 Sporting Goods
K&L Gates LLP NUVEEN HIGH INCOME DECEMBER 2019 TARGET TERM FUND ~ N-2 ~
King & Spalding LLP WINGSTOP INC. WING S-1 Restaurants
Kirkland & Ellis LLP SHIRE PLC SHPGF S-4 Biotechnology
Latham & Watkins LLP WINGSTOP INC. WING S-1 Restaurants
Luse Gorman, PC UNIVEST CORP OF PENNSYLVANIA UVSP S-4 Regional Banks
Matheau J. W. Stout, Esq. VNUE, INC. VNUE S-1
Maynard, Cooper & Gale, P.C. COMPUTER PROGRAMS & SYSTEMS INC CPSI S-3 Healthcare Info
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. OVASCIENCE, INC. OVAS S-3 Biotechnology
Pepper Hamilton LLP MEDGENICS, INC. MDGN.WT S-3 Biotechnology
Peri Al Hedro Carta Dey PERI AL HEDRO CARTA DEY ~ 10-12B ~
Ropes & Gray LLP SHIRE PLC SHPGF S-4 Biotechnology
Seyfarth Shaw LLP NANOSPHERE INC NSPH S-3 Medical Lab & Research
Sidley Austin LLP UNITED STATES CELLULAR CORP USM S-3 Wireless Communications
Simpson Thacher & Bartlett LLP TESORO ALASKA PIPELINE CO LLC ~ S-4 ~
Simpson Thacher & Bartlett LLP BLACKSTONE GROUP L.P. BX S-3 Asset Management
Simpson Thacher & Bartlett LLP JPMORGAN CHASE & CO JPM S-3 Money Center Banks
Simpson Thacher & Bartlett LLP JPMORGAN CHASE & CO JPM S-3 Money Center Banks
Slaughter and May SHIRE PLC SHPGF S-4 Biotechnology
Stevens & Lee, P.C. UNIVEST CORP OF PENNSYLVANIA UVSP S-4 Regional Banks
Stoel Rives LLP HUNTSMAN INTERNATIONAL LLC ~ S-4 ~
Sutherland Asbill & Brennan LLP PRIORITY INCOME FUND, INC. ~ N-2 ~
Szaferman, Lakind, Blumstein & Blader, PC TODOS MEDICAL LTD. ~ F-1 ~
Vinson & Elkins L.L.P. COLUMBIA ENERGY GROUP ~ S-4 ~
Wachtell, Lipton, Rosen & Katz RAYONIER ADVANCED MATERIALS INC. RYAM S-3 Chemicals
Wilmer Cutler Pickering Hale and Dorr LLP INFINITY PHARMACEUTICALS, INC. INFI S-3 Biotechnology

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.

IPO Underwriters of the Week: February 22 – 26

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 +
AXA EQUITABLE LIFE INSURANCE CO S-3 AXA Advisors, LLC AXA Distributors, LLC ~
FORCE PROTECTION VIDEO EQUIPMENT CORP. S-1 Carter, Terry & Company ~ ~
XFIT BRANDS, INC. S-1 Kodiak Capital Group, LLC ~ ~
WINGSTOP INC. S-1 Morgan Stanley & Co. LLC Jefferies LLC Robert W. Baird & Co. Inc.
NUVEEN HIGH INCOME DECEMBER 2019 TARGET TERM FUND N-2 Nuveen Securities, LLC ~ ~
VNUE, INC. S-1 Tarpon Bay Partners, LLC ~ ~

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

New study of corporate legal spending emphasizes the push for intelligent value

FilipWolak-PRVintage-Day1-3278.

In 2015, corporate legal spending increased for the second straight year according to a new survey. The study also reported that increased or changing regulatory requirements is the top challenge general counsel face.

Huron Legal’s annual Law Department Benchmarking Survey, found that, on average, corporate legal department spend rose 1.7 percent in 2015, down from 2014’s 2.2 percent increase.

Bret Baccus, managing director of Consilio, which owns Huron Legal said he expects “…legal spend will likely decline because there are now more programs in place within corporate law departments to help manage budgets and reduce legal spend. Those programs include matter-management e-billing technology, increased use of alternative fee agreements that achieve cost predictability and increased collaboration between law departments and law firms.”

In context to the study, Liam Power, President of Vintage, emphasizes the importance of cost predictability for inside counsel as well as their supporting securities law firms. “Eliminating legal overspending on the finite service of regulatory [SEC] compliance is a number one reason for our continued growth and why we were ranked a top three provider in 2015, along with Merrill and RR Donnelley. A key attribute for delivering what we titled ‘intelligent value’ – fast turns and spot-on execution – is cost predictability… our transparent billing practices. No surprise fees when the job is done. I am often amazed at how much time inside counsel save by not having to sort out complex invoices or explain unexpected increases,” finished Power.

From Bloomberg:

Amar Sarwal, vice president and chief legal strategist at the Association of Corporate Counsel, said the cost-cutting measures the report cited mirror what he’s seen in the industry. Chief executive officers and chief financial officers are ordering across-the-board reductions and law departments are responding to renewed scrutiny. “There’s a ruthless search for inefficiencies to root through, no doubt about it,” Sarwal said. “I don’t think lawyers are immune from those pressures.”

The workflow of creating an earnings release

Now that we’re past the bulk of this season’s earnings, a view of how these disclosures get created is warranted. The points below don’t discuss what is in a release, but more who (internally) gets to participate in the workflow.

Additionally, although the timeframe of the process is not defined below, it begins the day after the previous quarter’s release is sent. You’ll certainly have a ton of “fresh input” and “constructive criticism” to consider.

earings-flow

Step one: IRO

The cycle begins with the Investor Relations department. That team will be responsible for directional navigation of the release and, of course, its complete execution.

  • Drafting of initial messaging
  • Define the overall “tone & tenor”
  • Assemble all supportive data and documents
  • Coordinate the editing and review workflow

 

Step two: Internal teams

These internal resources may supply the data and discussions to fill out the quarter’s narrative for shareholders.

  • Sales management: important & material deals, sector & client perspectives, fee structure & macro-economic factors.
  • Technology: R&D discussions, industry directions, technical descriptions.
  • Product development: new product developments, marketing overview, peer and competitive discussions, strategic partnerships.

 

Step three: Subject Matter Experts

SMEs are in every internal and external publications from social media to marketing to investor relations.

  • General Counsel / legal: assuring regulatory compliance for both the disclosure policy and the content itself including safe-harbor.
  • Corporate communications & public relations: assuring alignment with overall communications plan and distribution, internal, external and needed crisis planning.
  • Financial reporting and comptroller: confirming fiscal content and quarter to quarter reporting consistency, reconciling GAAP v non-GAAP.

 

Step four: The C-suite

This is a final “the buck stops here” review.  Sarbanes-Oxley regulation has made the CEO and the CFO both personally responsible for the content: they both need to be 100% clear and confident on each word and number.

  • They are signing a SEC document confirming their understanding.

 

Step five: IRO send to PR Newswire / Vintage

This goes without saying as this release needs to be sent with maximum efficacy and transparency to mitigate RegFD risk AND excite potential new investors.

IPOs and Transactions: February 16 – 19 / plus 2015 Top Law Firms

There were 22 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services last week including Beacon Roofing Supply Inc. w/ Sidley Austin LLP and Yangtze River Development LTD w/ Szaferman, Lakind, Blumstein & Blader PC.

We appreciate that they selected to work with us and we’re pleased that they found us to be the intelligent value.

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Law firm / advisor Registrant Symbol Form Industry
Disclosure Law Group TRUE DRINKS HOLDINGS, INC. TRUU S-1 ~
Eilers Law Group P.A. PHOENIX APPS INC. ~ S-1 ~
Greenberg Traurig, P.A. NOMAD FOODS LTD NOMD F-1 ~
InfraREIT, Inc. INFRAREIT, INC. HIFR S-3 REIT
Interlink Electronics, Inc. INTERLINK ELECTRONICS INC LINK 10-12G ~
K&L Gates LLP LIGHTWAVE LOGIC, INC. LWLG S-1 ~
K&L Gates LLP LILIS ENERGY, INC. LLEX S-4 Oil & Gas
Krieg DeVault LLP OLD NATIONAL BANCORP ONB S-4 Regiona Banks
Latham & Watkins LLP FERROGLOBE PLC GSM F-1 ~
Latham & Watkins LLP LANDMARK INFRASTRUCTURE PARTNERS LP LMRK S-4 Property Management
LeClairRyan, PC LILIS ENERGY, INC. LLEX S-4 Oil & Gas
Loeb & Loeb LLP LIBERATED SYNDICATION INC. ~ S-1 ~
Luse Gorman, PC OCEANFIRST FINANCIAL CORP OCFC S-4 Savings & Loans
Olshan Frome Wolosky LLP FALCONSTOR SOFTWARE INC FALC S-3 Application Software
Securities Compliance Group, Ltd. RED FISH HOLDINGS, INC. ~ S-1 ~
Sidley Austin LLP BEACON ROOFING SUPPLY INC BECN S-4 Building Materials
Simpson Thacher & Bartlett LLP ARAMARK SERVICES, INC. ~ S-4 ~
Skadden, Arps, Slate, Meagher & Flom LLP OLD NATIONAL BANCORP /IN/ ONB S-4 Regiona Banks
Skadden, Arps, Slate, Meagher & Flom LLP OCEANFIRST FINANCIAL CORP OCFC S-4 Savings & Loans
Sonfield & Sonfield NEUTRA CORP. NTRR S-1 ~
Sullivan & Cromwell LLP AT&T INC. T S-4 Telecom Services
Szaferman, Lakind, Blumstein & Blader, PC YANGTZE RIVER DEVELOPMENT LTD YERR S-1 ~

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.

IPO Underwriters of the Week: February 16 – 19 (holiday week)

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 +
LIGHTWAVE LOGIC, INC. S-1 Lincoln Park Capital Fund, LLC ~ ~
AT&T INC. S-4 Merrill Lynch, Pierce, Fenner & Smith Inc. Credit Suisse Securities LLC Deutsche Bank Securities Inc.
YANGTZE RIVER DEVELOPMENT LTD S-1 World Equity Group, Inc. ~ ~

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

Understanding “plain English” when filing with the SEC

The irony of the SEC defining “plain English” is not lost on me. Read any regulation (our annual guidebooks are great for that) and you’ll understand. That said, regulations are complex for the protection of both issuer and investor. It’s not the most transparent version of English, however.

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Here is how plain English is defined for proxy materials per Rule 421(d) under the Securities Act Presentation of Information in Prospectuses

  • To enhance the readability of the prospectus, you must use plain English principles in the organization, language, and design of the front and back cover pages, the summary, and the risk factors section.
  • You must draft the language in these sections so that at a minimum it substantially complies with each of the following plain English writing principles:
    • Short sentences
    • Definite, concrete, everyday words
    • Active voice
    • Tabular presentation or bullet lists for complex material, whenever possible
    • No legal jargon or highly technical business terms
    • No multiple negatives.
  • In designing these sections or other sections of the prospectus, you may include pictures, logos, charts, graphs, or other design elements so long as the design is not misleading and the required information is clear.
    • You are encouraged to use tables, schedules, charts and graphic illustrations of the results of operations, balance sheet, or other financial data that present the data in an understandable manner. Any presentation must be consistent with the financial statements and non-financial information in the prospectus.
    • You must draw the graphs and charts to scale. Any information you provide must not be misleading.

If you’re  designing your proxy materials and have any visual questions, ask your Vintage representative to see past samples of our work. If you have vocabulary questions – ask your securities lawyer.

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Investor relations to increase focus on retail investor by 20% in 2016

Each year, those of us in the trenches of shareholder communications look forward to BNY Mellon’s Global Trends in Investor Relations: A Survey Analysis of IR Practices Worldwide. This year, the study slices-and-dices responses from 550 public companies working out of 54 countries… pinpointing up-to-date trends in investor relations. The full 2015 report is available here.

One area they annually benchmark is IR’s appetite for communicating with individual investors. Note: I tend to use the PC term “individual” rather than “retail.” Either term encompasses any stakeholder, long-term or day-trader, that buys and sells equities themselves. (It does not include pump-and-dumpers. There is no PC word for them guys.)

FROM BNY MELLON

MELLON-21

20% (net 16%) is a meaningful amount of increased desire to identify and court individual investors. This could be a factor why Virtual Investor Conferences (CLICK HERE) has had such a stellar February. We have had 1,044 online non-deal roadshows viewed in our platform so far this month.

Another prominent indicator of the growing importance of individual investors is that both the OTC Markets and Deutsche Bank DR Group regularly use our environment to connect their issuers directly with active investors. Proudly, we’re in our 7th year with these conferences.

One last adjacent factor for virtual events may be the actual decline in the number of physical non-deal roadshows companies are holding. The average number of broker-driven roadshow days has declined from 2013’s 25.1 days down to just 18.6 days in 2015. Although that is one less week of roadshow travel-days for a CEO and senior executives, the number of one-on-one meetings have increased by thirty meetings – unknown amount of actual days. Safe to assume several meetings in one day.

Certainly virtual roadshows are very useful for “pre-qualifying” these one-on-ones. No planes or limos needed.

Easy-to-read FYE calendar for Mutual Funds

Both mailed to you to hang up on your bulletin board and as a download, you’ll find this colorful and segmented by your fiscal-year-end calendar perfect to remind you of those key filing and mailing dates.

MF_CALENDAR_700

  • FREE!
  • Easy to read – separated by fiscal-year-end per page
  • Includes filing and mailing dates for all 12 FYE dates
  • Includes federal holidays

request

IPOs and Transactions: February 8 – 12 / plus 2015 Top Law Firms

There were 42 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services last week including Sensus Healthcare Inc. w/ Gunster, Yoakley & Stewart PA and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC, Guardion Health Sciences Inc. w/ Davidoff Hutcher & Citron LLP and Global Macro Trust w/ Sidley Austin LLP.

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Law firm / advisor Registrant Symbol Form Industry
Baker, Donelson, Bearman, Caldwell & Berkowitz, PC FRANKLIN FINANCIAL NETWORK INC. FSB S-4
Ballard Spahr LLP TRANSENTERIX INC. TRXC S-3 Medical Inst. & Supp.
Barnett & Linn ZONZIA MEDIA, INC. ZONX S-1
Butler Snow LLP FRANKLIN FINANCIAL NETWORK INC. FSB S-4
Cleary Gottlieb Steen & Hamilton LLP ALPHABET INC. GOOGL S-4 Internet Info Providers
Clifford L. Neuman P.C. FIELDPOINT PETROLEUM CORP FPP S-3 Oil & Gas
Cowden & Humphrey Co. LPA TERAPHYSICS CORP 1-A
Cozen O’Connor OCEAN POWER TECHNOLOGIES, INC. OPTT S-3 Diversified Machinery
Daniel H. Luciano, Attorney-at-Law UNLEASHED INC. S-1
Davidoff Hutcher & Citron, LLP GUARDION HEALTH SCIENCES, INC. S-1
Davis Polk & Wardwell LLP ALPHABET INC. GOOGL S-4 Internet Info Providers
Debevoise & Plimpton LLP US FOODS HOLDING CORP. S-1
Fenwick & West LLP SILVER SPRING NETWORKS INC SSNI S-3 Computer Systems
Gracin & Marlow, LLP ANDALAY SOLAR, INC. WEST S-1
Gunster, Yoakley & Stewart, P.A. SENSUS HEALTHCARE, INC. S-1
Hateley & Hampton CORPORATE COACHES,INC. S-1
Horn & Co. Law Offices BIOLIGHT LIFE SCIENCES LTD. F-1
Hunter Taubman Fischer, LLC REDWOOD SCIENTIFIC TECHNOLOGIES, INC. S-1
Incorp Services, Inc. INBIT CORP S-1
Jenner & Block LLP US FOODS HOLDING CORP. S-1
Jones Day MICROCHIP TECHNOLOGY INC MCHP S-4 Semiconductor
K&L Gates LLP EATON VANCE HIGH INCOME 2021 TARGET TERM TRUST N-2
K&L Gates LLP METROPOLITAN LIFE INSURANCE CO S-3
Kirkland & Ellis LLP VINCE HOLDING CORP. VNCE S-3 Textile Apparel
Latham & Watkins LLP OLLIE’S BARGAIN OUTLET HOLDINGS, INC. OLLI S-1 Discount Variety Stores
Law Office of Andrew Coldicutt BIGFOOT PROJECT INVESTMENTS INC S-1
Luse Gorman, PC MAINSOURCE FINANCIAL GROUP MSFG S-4 Regional Banks
Maslon LLP CREATIVE REALITIES, INC. CREX S-1
Matheau J. W. Stout, Esq. MAKH GROUP CORP. S-1
McDermott Will & Emery LLP BIOLIGHT LIFE SCIENCES LTD. F-1
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. NEUROMETRIX, INC. NURO S-3 Medical Inst. & Supp.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. SENSUS HEALTHCARE, INC. S-1
Morgan, Lewis & Bockius LLP FIRST BANCORP /PR/ FBP S-3 Foreign Banks
Morrison & Foerster LLP GREAT AJAX CORP. AJX S-3 REIT
Morse, Zelnick, Rose & Lander, LLP MILESTONE SCIENTIFIC INC. MLSS S-3 Medical Inst. & Supp.
Nelson Mullins Riley & Scarborough LLP CAROLINA FINANCIAL CORP CARO S-4 Regional Banks
Pearl Cohen Zedek Latzer Baratz BIOLIGHT LIFE SCIENCES LTD. F-1
Robinson Brog Leinwand Greene Genovese & Gluck P.C. BIOLIGHT LIFE SCIENCES LTD. F-1
Securities Compliance Group, Ltd. FAR SIGHTED MEDIA INC S-1
Securities Compliance Group, Ltd. INTERNATIONAL LAND ALLIANCE INC. S-1
Sichenzia Ross Friedman Ference LLP OWC PHARMACEUTICAL RESEARCH CORP. OWCP S-1
Sidley Austin LLP GLOBAL MACRO TRUST S-1
Sidley Austin LLP POWERSHARES DB MULTI-SECTOR COMMODITY TRUST SZO S-3 Closed End Fund
Simpson Thacher & Bartlett LLP US FOODS HOLDING CORP. S-1
Smith Moore Leatherwood LLP CAROLINA FINANCIAL CORP CARO S-4 Regional Banks
SmithAmundsen LLC MAINSOURCE FINANCIAL GROUP MSFG S-4 Regional Banks
Sutherland Asbill & Brennan LLP GSV GROWTH CREDIT FUND INC. 10-12G
Sutherland Asbill & Brennan LLP SIERRA TOTAL RETURN FUND N-2
Thompson & Knight LLP SEALY CORP S-4
V Financial Group, LLC STEMCELL HOLDINGS, INC. 10-12G
Weil, Gotshal & Manges LLP OLLIE’S BARGAIN OUTLET HOLDINGS, INC. OLLI S-1 Discount Variety Stores
Williams Securities Law Firm, P.A. INNOVATIVE CLIMATIC TECHNOLOGIES CORP 1-A
Wilson Sonsini Goodrich & Rosati PC MICROCHIP TECHNOLOGY INC MCHP S-4 Semiconductor

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.