Monthly Archives: March 2017

Academic research into M&A can reveal some useful insights — along with a few surprises

The nuts and bolts of M&A can get lost amid discussions of hot sectors and trending regions. But academic researchers are increasingly digging into what it means to be an effective acquirer. What are they finding?

In 2016, deal activity fell from the all-time peak of 2015, when low interest rates and stable economic growth combined to cause an M&A bonanza. And yet, if you ask dealmakers, they will tell you that competition for assets continues to rise. In June 2016, the average price-to-EBITDA multiple had grown to 11.07x according to Bloomberg, the highest level since at least 2007, indicating that acquirers have had to pay more for their purchases.

In this hyper-competitive environment, insights into M&A strategy can be more valuable than ever. And such insights can be found in some unusual places. One potential fount of knowledge is the academic research community, which has become increasingly interested in the world of M&A as transaction activity has mushroomed in recent decades.

CLICK IMAGE TO DOWNLOAD THE WHITEPAPER

Researchers have been probing areas such as “performance persistence” of acquirers (both corporate and private equity); how to evaluate the payoff of using different kinds of M&A advisors; and the relative advantages of buying early or late in an economic cycle. The Cass Business School’s M&A Research Centre at City, University of London and other academic institutions are making deals a popular subject of study.

The findings obtained by these researchers can provide valuable insights to M&A professionals. But do they match up with the real-world experience of deal advisors? What do dealmakers think about the academics’ results? In order to find out, we spoke with four industry veterans about three specific research results, as well as with a professor who co-wrote one of the papers. We hope that you enjoy the conversation, and find a few useful insights along the way.

Benefits of our Merger, Part 3: XBRL

Toppan Vite Launches Self-Service Platform, Hive® XBRL

Powered by Certent, Hive® XBRL is an all-in-one solution for disclosure management services 

NEW YORK – March 29, 2017Toppan Vite, a leading international financial printing, communications and technology company for mission-critical content in capital markets transactions, financial reporting and regulatory compliance filings, has launched Hive® XBRL, powered by Certent, an all-in-one solution for disclosure management services. Hive® XBRL, a SaaS solution now available to Toppan Vite’s clients through the recent acquisition of Vintage, provides users with greater control over reporting processes by eliminating manual workflows and inefficiencies, and improving turnaround times and collaboration.

Hive® XBRL’s advantages include:

  • the ability to connect to underlying source accounting systems, providing easy access to financial information;
  • connection to Excel, Word or PowerPoint, allowing users to link data and tables (even content from excel spreadsheets);
  • the capability to avoid manually cutting and pasting data entries; and
  • quality assurance.

The platform also allows team members to effectively collaborate and simultaneously edit, comment on, and review documents inclusive of XBRL tagging and reviews.

“We’re incredibly excited about the launch of our Hive® XBRL platform,” said Jeffrey Riback, President of Toppan Vite. “Based on the flawless feedback from the Vintage client-base already using the platform, we’re launching a true solution to the pervasive challenges that are facing XBRL users. Hive® XBRL improves upon the manual process and streamlines data management and control, and reporting and filings. This technology provides businesses with a significant opportunity through the platform’s efficient software to save time and money.”

Hive® XBRL is now part of Toppan Vite’s three-tier customizable approach to XBRL filing, FleXBRL. FleXBRL provides our clients with three completely customized service offerings;

  • XBRL Full-service Model – filings are wholly completed by our team of XBRL subject-matter experts for client’s who are new to the XBRL world or prefer a “hands-off” approach
  • Hive® XBRL – our intuitive self-service platform giving clients complete control over reporting processes by eliminating manual workflows and inefficiencies, and improving turnaround times and collaboration
  • XBRL Hybrid Model – an XBRL-filing model that best meets our client’s companies specific standards, work practices and requirements by combining Hiveâ XBRL with a dedicated support team to provide guidance throughout the entire process of using our SaaS solution

Learn more about Toppan Vite’s XBRL offerings:
CLICK HERE.

Our highly-skilled team of XBRL subject-matter experts, based in Denver, Colorado provide 24/7 support for all XBRL service models.

Hive® XBRL is one of the multiple applications included in Hive® Solutions, Toppan Vite’s proprietary suite of technology services and offerings. Through Hive®, the company offers tools for managing content and workflow, while distributing documents securely and effectively. Hive® Solutions’ multiple service platforms include Hive SEC Self-File – Toppan Vite’s self-service platform for filing Section 16 forms, Form 8-K, etc., – Hive® Virtual Data Rooms (VDR), Hive® Marketing Solutions and Hive®  Content Control.

IPOs and Transactions: March 20 – 24 / plus M&A whitepaper

There were 47 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services including Checkpoint Therapeutics Inc. w/ Alston & Bird LLP, Lakeland Industries Inc. w/ Moomjian, Waite & Coleman LLP and Icahn Enterprises Finance Corp. w/ Proskauer Rose LLP.

We appreciate that they selected to work with us and benefited from our fast turns, spot-on execution and absolute cost transparency.

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Law firm / advisor Registrant Symbol Form Industry
Alston & Bird LLP CHECKPOINT THERAPEUTICS INC S-1 Pharmaceutical preparations
Baker, Donelson, Bearman, Caldwell & Berkowitz, PC OLD LINE BANCSHARES INC OLBK S-4 State commercial banks
BlackRock Capital Investment Corp. BLACKROCK CAPITAL INVESTMENT CORP BKCC N-2 Investment offices
Bryan Cave LLP A.S.V. LLC ~ S-1 Construction machinery & equipment
Business Filings Inc. CHEE CORP ~ S-1 ~
Cahill Gordon & Reindel LLP DONNELLEY FINANCIAL SOLUTIONS INC DFIN S-1 Misc. business services
Clifford Chance US LLP AETOS CAPITAL DISTRESSED INVESTMENT STRATEGIES FUND LLC ~ N-2 ~
Clifford Chance US LLP AETOS CAPITAL LONG/SHORT STRATEGIES FUND LLC ~ N-2 ~
Clifford Chance US LLP AETOS CAPITAL MULTI-STRATEGY ARBITRAGE FUND LLC ~ N-2 ~
Cooley LLP ENPHASE ENERGY INC ENPH S-3 Semiconductors & related devices
Cooley LLP EVERBRIDGE INC EVBG S-1 Prepackaged software
Davis Polk & Wardwell LLP WIDEOPENWEST INC ~ S-1 ~
Davis, Graham & Stubbs LLP ROYAL HAWAIIAN ORCHARDS LIMITED PARTNERSHIP NNUTU S-1 Agricultural production-crops
Dechert LLP PENNANTPARK INVESTMENT CORP PNNT N-2 Investors, not elsewhere classified
Dechert LLP TIAA REAL ESTATE ACCOUNT 15557Z S-1 Real estate
Dorsey & Whitney LLP A.S.V. LLC ~ S-1 Construction machinery & equipment
Dorsey & Whitney LLP HEARTLAND FINANCIAL USA INC HTLF S-4 State commercial banks
Ellenoff Grossman & Schole LLP FORUM MERGER CORP ~ S-1 Blank check
Ellenoff Grossman & Schole LLP SUNSHINE HEART INC SSH S-1 Electro-medical & electro-therapeutic apparatus
Eversheds Sutherland LLP UNITED STATES 12 MONTH OIL FUND LP USL S-3 Commodity contracts brokers & dealers
Eversheds Sutherland LLP UNITED STATES COMMODITY INDEX FUNDS TRUST USCI S-1 Commodity contracts brokers & dealers
Eversheds Sutherland LLP UNITED STATES COMMODITY INDEX FUNDS TRUST USCI S-1 Commodity contracts brokers & dealers
Eversheds Sutherland LLP UNITED STATES GASOLINE FUND LP UGA S-1 Commodity contracts brokers & dealers
Eversheds Sutherland LLP UNITED STATES BRENT OIL FUND LIMITED PARTNERSHIP BNO S-3 Management investment offices, open-end
Faegre Baker Daniels LLP NORTHERN OIL & GAS INC NOG S-4 Crude petroleum & natural gas
Goodwin Procter LLP EVERBRIDGE INC EVBG S-1 Prepackaged software
Gordon Feinblatt LLC OLD LINE BANCSHARES INC OLBK S-4 State commercial banks
Graubard Miller FORUM MERGER CORP ~ S-1 Blank check
Haynes and Boone, LLP ENERGY RESOURCES 12 L.P ~ S-1 Crude petroleum & natural gas
Holland & Knight LLP STEWARDSHIP FINANCIAL CORP SSFN S-1 State commercial banks
Honigman Miller Schwartz and Cohn LLP SUNSHINE HEART INC SSH S-1 Electro-medical & electro-therapeutic apparatus
InCorp Services, Inc. ARION GROUP CORP ~ S-1 ~
Kirkland & Ellis LLP WIDEOPENWEST INC ~ S-1 ~
Latham & Watkins LLP SPIRIT REALTY CAPITAL INC SRC S-4 Operators of nonresidential buildings
Latham & Watkins LLP T2 BIOSYSTEMS INC TTOO S-3 Surgical & medical instruments & apparatus
Legal & Compliance, LLC ONLY NATURAL WELLNESS CORP ~ S-1 ~
Manatt, Phelps & Phillips, LLP CNOTE GROUP INC ~ 1-A Loan brokers
Matthew McMurdo, Esq. BLUEHIVE INC ~ S-1 ~
McCarter & English, LLP STEWARDSHIP FINANCIAL CORP SSFN S-1 State commercial banks
Miller Nash Graham & Dunn LLP BANK OF COMMERCE HOLDINGS BOCH S-3 State commercial banks
Mitchell Silberberg & Knupp, LLP MAX-1 ACQUISITION CORP ~ 10-12G ~
Moomjian, Waite & Coleman, LLP LAKELAND INDUSTRIES INC LAKE S-3 Orthopedic, prosthetic & surgical appliances & supplies
Morris, Manning & Martin, LLP FLAT ROCK CAPITAL CORP ~ 10-12G ~
Nevada Discount Registered Agent, Inc. FOLKUP DEVELOPMENT INC ~ S-1 ~
Nossiff Law Firm LLP NORTHSIGHT CAPITAL INC NCAP S-1 Beverages
Proskauer Rose LLP ICAHN ENTERPRISES FINANCE CORP IEP S-4 Motor vehicle parts & accessories
Ropes & Gray LLP ALLIANZGI CONVERTIBLE & INCOME 2024 TARGET TERM FUND ~ N-2 ~
Ropes & Gray LLP STONE RIDGE TRUST V ~ N-2 ~
Schiff Hardin LLP FIRST MID ILLINOIS BANCSHARES INC FMBH S-3 State commercial banks
Shapiro Bieging Barber Otteson LLP HEARTLAND FINANCIAL USA INC HTLF S-4 State commercial banks
Skadden, Arps, Slate, Meagher & Flom LLP BLACKROCK CAPITAL INVESTMENT CORP BKCC N-2 Investment offices
SRK Kronengold Law Offices CANNABICS PHARMACEUTICALS INC AMCM S-3 Metal mining
Sullivan & Cromwell LLP DONNELLEY FINANCIAL SOLUTIONS INC DFIN S-1 Misc. business services
Trowbridge Sidoti BRIDGEWELL PREFERRED INCOME FUND LP ~ 1-A ~
V Financial Group., LLC AUSTRALIAN FORMULATED CORP ~ S-1 ~
Vinson & Elkins L.L.P. DASEKE INC HCAC S-3 Blank check
Vorys, Sater, Seymour and Pease LLP CENTRAL FEDERAL CORP CFBK S-3 Savings institutions, federally chartered

Whether in-house, your-house or 100% virtual… click here to discover why we are the intelligent value for both traditional and confidential IPOs.

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: March 20 – 24 / plus M&A whitepaper

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 +
EVERBRIDGE INC S-1 Credit Suisse Securities LLC / Merrill Lynch, Pierce, Fenner & Smith Inc. Stifel, Nicolaus & Company, Inc. / Pacific Crest Securities / Canaccord Genuity Inc. Raymond James & Associates, Inc. / Needham & Company, LLC / William Blair & Company, L.L.C.
ENERGY RESOURCES 12 L.P S-1 David Lerner Associates, Inc. ~ ~
FORUM MERGER CORP S-1 EarlyBirdCapital, Inc. FBR Capital Markets & Co. ~
SUNSHINE HEART INC S-1 Ladenburg Thalmann & Co. Inc. Northland Securities, Inc. ~
STONE RIDGE TRUST V N-2 Quasar Distributors, LLC ~ ~
A.S.V. LLC S-1 Roth Capital Partners, LLC ~ ~
STEWARDSHIP FINANCIAL CORP S-1 Sandler O’Neill & Partners, L.P. ~ ~
AUSTRALIAN FORMULATED CORP S-1 Thomas Lashan / Chief Executive Officer ~ ~
WIDEOPENWEST INC S-1 UBS Securities LLC Credit Suisse Securities LLC ~

Post IPO, thousands of organizations count on us to assure regulatory compliance and shareholder communications.

Click here to review the week’s IPOs and active securities law firms.

Have a great week.

“Thank you so very much. I am forever grateful.”

“Fast turns, spot-on execution and absolute cost transparency” has redefined Vintage, helping us to be a top three solution in North America.

Our work is highlighted every Monday in our IPOs and Transactions of the Week blog and email.  Importantly, our week’s success is further highlighted (and celebrated) by the appreciative notes our operations people receive each day from our clients.

award

We can’t not share the good news (anonymized for privacy). Sales can offer you full named references. Here is just a handful of our client services “Kudos” for this week.

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We are so pleased with how our Proxy came out.

It’s fantastic. It’s the professional proxy we were looking for and more.

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Many thanks for the effort in getting the XBRL and filings completed on a tight deadline. Very much appreciated. .

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And thank you all for your valuable assistance in getting all of our EDGAR and SEDAR filings made today!

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Thank you [EMPLOYEE].  You and your team have been doing an amazing job in making all edits we have been requested.

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You guys are fast, thank you! Thank you, too, for being so diligent.

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I wish to say that it has been an absolute pleasure working with all members of Team Vintage.

You have been exceptionally helpful in all document preparation and filing matters.

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Awesome, thanks! You and your team have been exceptionally helpful through all of this =)

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Our rebrand was not just a logo change – it was a systemic and cultural reform throughout our operations. Our president, Liam Power, challenged his team to deliver the industry’s intelligent value, measured as fast turns and spot-on execution of services. You can meet Liam Power on this video. 

SEC update: XBRL for IFRS

The SEC published a taxonomy to enable foreign private issuers that prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) to tag those reports using XBRL.

Foreign private issuers may begin to immediately submit their financial statements in XBRL. Otherwise all foreign private issuers must submit their financial statements in XBRL for fiscal periods ending on or after December 15, 2017.

This long-awaited update stems from the January 2009 ruling, where the SEC required reporting companies to file financial statements in XBRL and post the filings to their corporate websites. Until now, there was no taxonomy available for foreign private issuers that prepare their financial statements in accordance with IFRS.

While XBRL rules apply to all SEC reporting companies, requirements were delayed for foreign private issuers that prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) until an XBRL taxonomy became available.

The IFRS Taxonomy is available on the SEC’s website at: https://www.sec.gov/page/derataxonomies.

The SEC also voted to propose the use of Inline XBRL for financial statements and voted to adopt amendments that will require hyperlinking exhibit indexes.

CLICK FOR WHITEPAPER:
SEC Rulemaking Under New Leadership

Need a hand?

Vintage and Toppan Vite are here to help should you seek assistance regarding new SEC developments and rulings. We employ experts in EDGAR filings, XBRL solutions, and SEC procedures to make financial reporting easy for you and your team. Contact us today!

As a new chairman takes over the Securities and Exchange Commission, how will the agency’s priorities change? Download our whitepaper today to hear from three leading corporate governance experts on the matter.

SEC update: Hyperlinking Exhibit Indexs

This month, the SEC voted to adopt amendments that will require registrants that file registration statements and periodic reports to include hyperlinks to each exhibit listed in the index of these filings. The amendments, which have a compliance date of September 1, 2017, also require that registrants submit all such filings in HMTL format.

The SEC also voted to propose the use of Inline XBRL for financial statements. For more info, click here.

What you need to know:

An Overview

  • Documents listed in the Exhibit Index must include a hyperlink that will link directly to the exhibit
  • The goal of the ruling is to improve investors’ access to information
  • All exhibits that are “filed herewith” or incorporated by reference must be hyperlinked when filed starting September 1, 2017. The SEC encourages early compliance with the Final Rule (33-10322)

Form Types

  • Covers all Form Types listed in Item 601 of Reg. S-K, plus 20-F and F-10
  • S-1, S-1/A, S-1MEF, POS AM, POS ASR, POS EX, POS 462B, POS 462C
  • S-3, S-3/A, S-3D, S-3ASR, S-3MEF, S-3DPOS, S-4, S-4/A, S-4EF, S-4MEF, S-4 POS
  • S-8, S-8POS, S-11, S-11/A, S-11MEF, SF-1, SF-1/A, SF-3, SF-3/A, SF-3MEF
  • F-1, F-1/A, F-1MEF, F-3, F-3/A, F-3D, F-3ASR, F-3DPOS, F-3MEF, F-4, F-4/A, F-4EF, F-4 POS, F-4MEF
  • F-10, F-10/A, F-10POS
  • 10-12B, 10-12G, 10-12B/A, 10-12G/A
  • 20-FR12B, 20-FR12B/A, 20-FR12G, 20-FR12G/A, 20-F, 20-F/A
  • 10-K, 10-KT, 10-K/A, 10-KT/A, 10-Q, 10-QT, 10-Q/A, 10-QT/A
  • 8-K, 8-K/A, 8-K12B, 8-K12G3, 8-K12B/A, 8-K12G3/A, 8-K15D5, 8-K15D5/A
  • 10-D, 10-D/A

CLICK FOR WHITEPAPER:
“SEC Rulemaking Under New Leadership”

Exceptions

  • Exhibits that have not been filed electronically
  • XBRL exhibits
  • 10-D reports which contain reference to ABS-EE exhibits

For the full report from The SEC, click here.

Need a hand?

Vintage and Toppan Vite are here to help should you seek assistance regarding new SEC developments and rulings. We employ experts in EDGAR filings, XBRL solutions, and SEC procedures to make financial reporting easy for you and your team. Contact us today!

As a new chairman takes over the Securities and Exchange Commission, how will the agency’s priorities change? Download our whitepaper today to hear from three leading corporate governance experts on the matter.

Mutual fund trends to watch in 2017

Mutual funds are usually a safe investment, and despite a troubled year this was definitely true at the end of 2016. The S&P 500 finished the year up 12%. Diversified stock funds in the United States went up an average of 10.81% after gaining 4.06% in the fourth quarter. With last year and its post-election rally over, it remains to be seen whether 2017 continues strong for mutual funds. To best prepare for the days to come, let’s look at some predictions for the rest of the year and see what new regulations might be enacted.

CLICK TO DOWNLOAD THIS WHITEPAPER:

In general, experts have reason to be cautiously optimistic about trends throughout the stock market. After a steady and even rapid rise throughout the Obama years, trends are expected to level out now they’ve mostly reached or exceeded the levels before the worldwide financial crisis in 2008. 2017 is Donald J. Trump’s first year in office, and investors may become more conservative as they wait and see what sort of effect his policies will have on consumer confidence and business in general. And basic math means since stock prices have raised making stocks more expensive to buy, leading naturally to a lower buy-rate as supply exceeds demand.

The most common reaction from Wall Street despite a turbulent 2016 has been to make like a British wartime propaganda poster and “Keep Calm and Carry On.” Despite ferocious anti-globalist and America-first trade promises, key firms such as Goldman Sachs believe Donald Trump remains a pro-business Republican and will tone down the rhetoric and pass only moderate regulations and tariff hikes while in office. With no other major changes in the global situation thus far in evidence, investors seem willing to stay the course and assume no major financial crisis is imminent rather than risk missing out on more strong quarters like Q4 of 2016.

But 2017 predictions definitely include some risks and pitfalls to watch out for, and even a chance for major mishap in the mutual fund space. Liquidations and mergers may continue to increase in 2017, while possible bad news in commodities might mean a drop in exchange-traded notes. Liquid-alternative funds have risen in popularity over the last few years, but their downsides have been mostly ignored, including a tendency to be not quite as liquid as advertised, with a risk of locking investors into bad deals. Keep in mind that although 2016 saw a big rally, the majority of the year was rough for mutual funds, and 2017 might well be no different, and might lack the rally at the end.

Note also that new regulations by the Securities and Exchange Commission (SEC) may influence growth. New SEC rules for money market mutual funds went into effect in October of 2017, for example.  These changes include new definitions for government and retail funds wherein institutional prime (general purpose) and institutional municipal money market mutual funds must price and transact as “floating” NAVs, able to change liquidity fees in times of unusual stress upon the market.

When planning for whatever the next year brings, companies should be sure contract a financial printing or specialized printing firm for any mutual fund publishing and content management that needs doing. Financial printing companies employ XBRL experts who can help with SEC filings whether one’s business is an IPO or deals in Mergers and Acquisitions in what promises to be, at the very least, an exciting year for all of us.

The investment industry is experiencing upheaval due to the rise of passive funds and robo-advisors. At the same time, the regulatory environment is in major flux. How will the changing conditions affect dealmaking in the sector?

IPOs and Transactions: March 6 – 17 / plus “Billion Dollar Questions” for M&A

There were 121 transactions filed with the SEC in the last two weeks.

Congratulations to all of the corporations and law firms that selected our transactions services last week including OncoBiologics Inc. w/ Cooley LLP, Dextera Surgical Inc. w/ Cooley LLP and Ellenoff Grossman & Schole LLP, MoneyOnMobile Inc. w/ Loeb & Loeb LLP and Sichenzia Ross Ference Kesner LLP, Lilus Energy Inc. w/ K&L Gates LLP and Albany Molecular Research Inc. w/ Goodwin Procter LLP.  v-banner-billionma

Law firm / advisor Registrant Symbol Form Industry
Advanced Medical Isotope Corporation ADVANCED MEDICAL ISOTOPE CORP ADMD S-1 Surgical & medical instruments & apparatus
Akin Gump Strauss Hauer & Feld LLP WARRIOR MET COAL LLC ~ S-1 Bituminous coal & lignite mining
Andrews Kurth Kenyon LLP ONEOK INC OKE S-4 Natural gas transmission & distribution
Ater Wynne LLP NORTHWEST PIPE CO NWPX S-3 Steel pipe & tubes
Austin Legal Group STEALTH AIR CORP ~ 1-A ~
AXA Equitable Life Insurance Company AXA EQUITABLE LIFE INSURANCE CO ~ S-3 Insurance agents, brokers & service
AXA Equitable Life Insurance Company MONY LIFE INSURANCE CO OF AMERICA ~ S-1 Life insurance
Baker Botts L.L.P. MATADOR RESOURCES CO MTDR S-4 Crude petroleum & natural gas
Baker Botts L.L.P. PENN VIRGINIA CORP PVAC S-3 Crude petroleum & natural gas
Baker Botts L.L.P. NCS MULTISTAGE HOLDINGS INC ~ S-1 Oil & gas field services, not elsewhere classified
Baker Botts L.L.P. WESTLAKE CHEMICAL CORP WLK S-4 Plastic materials, synthetic resins & non- vulcanizable elastomers
Barack Ferrazzano Kirschbaum & Nagelberg LLP FIRST BUSEY CORP BUSE S-4 State commercial banks
Barack Ferrazzano Kirschbaum & Nagelberg LLP MIDLAND STATES BANCORP INC MSBI S-4 State commercial banks
Bass, Berry & Sims PLC NN INC NNBR S-3 Ball & roller bearings
Bass, Berry & Sims PLC PINNACLE FINANCIAL PARTNERS INC PNFP S-4 National commercial banks
Bingham Greenebaum Doll LLP FIRST MERCHANTS CORP FRME S-4 National commercial banks
Brunson, Chandler & Jones, PLLC QUANTUM ENERGY INC QEGY S-1 Crude petroleum & natural gas
Business Filings Inc. SHEMN CORP ~ S-1 ~
Butler Snow LLP COMMERCE UNION BANCSHARES INC CUBN S-3 State commercial banks
Cadence Bancorporation CADENCE BANCORP ~ S-1 National commercial banks
Caesars Acquisition Company CAESARS ENTERTAINMENT CORP CZR S-4 Services – miscellaneous amusement & recreation
Cahill Gordon & Reindel LLP LSC COMMUNI-CATIONS INC LKSD S-1 Commercial printing, not elsewhere classified
Cassidy & Associates RANDOLPH ACQUISITIONS INC ~ S-1 Blank check
Cleary Gottlieb Steen & Hamilton LLP NETSHOES (CAYMAN) LTD ~ F-1 Retail – catalog & mail-order houses
Clifford Chance US LLP TANDEM DIABETES CARE INC TNDM S-1 Surgical & medical instruments & apparatus
Conyers Dill & Pearman ATHENE HOLDING LTD ATH S-1 Life insurance
Cooley LLP ONCOBIOLOGICS INC ONS S-1 Biological products, except diagnostic substances
Cooley LLP TOCAGEN INC ~ S-1 Pharma. preparations
Cooley LLP CARA THERAPEUTICS INC CARA S-3 Pharma. preparations
Cooley LLP YEXT INC ~ S-1 Services – computer processing & data preparation
Cooley LLP DEXTERA SURGICAL INC DXTR S-1 Surgical & medical instruments & apparatus
David Lubin & Associates, PLLC BIOLABMART INC ~ S-1 ~
Davis Graham & Stubbs LLP DMC GLOBAL INC BOOM S-3 Misc. primary metal products
Davis Polk & Wardwell LLP S&P GLOBAL INC SPGI S-4 Services – Credit reporting services
Dechert LLP BIOSCRIP INC BIOS S-3 Insurance agents, brokers & service
Dentons LLP ONE LIBERTY PROPERTIES INC OLP S-3 Real estate investment trusts
DLA Piper LLP SCICLONE PHARMA-CEUTICALS INC SCLN S-3 Pharma. preparations
Dorsey & Whitney LLP ENTERO- MEDICS INC ETRM S-3 Electro- medical & electro-therapeutic apparatus
Duane Morris LLP PARAMOUNT GOLD NEVADA CORP PZG S-3 Metal mining services
Duane Morris LLP ENUMERAL BIOMEDICAL HOLDINGS INC CEUL S-1 Services – computer programming, data process, etc.
Ellenoff Grossman & Schole LLP KAYNE ANDERSON ACQUISITION CORP ~ S-1 Blank checks
Ellenoff Grossman & Schole LLP DEXTERA SURGICAL INC DXTR S-1 Surgical & medical instruments & apparatus
FBR & Co. B. RILEY FINANCIAL INC RILY S-4 Services – business services, not elsewhere classified
Foley & Lardner LLP CURRENCY- SHARES EURO TRUST FXE S-3 Commodity contracts brokers & dealers
Frank J. Hariton, Esq. NIGHTFOOD HOLDINGS INC ~ S-1 Sugar & confectionery products
Fried, Frank, Harris, Shriver & Jacobson LLP WARRIOR MET COAL LLC ~ S-1 Bituminous coal & lignite mining
Fried, Frank, Harris, Shriver & Jacobson LLP ATHENE HOLDING LTD ATH S-1 Life insurance
Gide Loyrette Nouel A.A.R.P.I. TALEND SA ~ F-1 Services – prepackaged software
Goodwin Procter LLP ALBANY MOLECULAR RESEARCH INC AMRI S-3 Services – commercial physical & biological research
Goodwin Procter LLP OKTA INC ~ S-1 Services – prepackaged software
Goodwin Procter LLP TALEND SA ~ F-1 Services – prepackaged software
Gordon Feinblatt LLC FARMERS & MERCHANTS BANCSHARES INC ~ 10-12G ~
Greenberg Traurig, LLP MODERN MEDIA ACQUISITION CORP ~ S-1 Blank checks
Greenberg Traurig, LLP CENTURY COMMUNITIES, INC CCS S-4 Operative builders
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP HISTOGENICS CORP HSGX S-3 Orthopedic, prosthetic & surgical appliances & supplies
Haynes and Boone, LLP STAFFING 360 SOLUTIONS INC STAF S-3 Services – help supply services
Hogan Lovells US LLP INTREXON CORP XON S-4 Services – commercial physical & biological research
Holland & Knight LLP LADENBURG THALMANN FINANCIAL SERVICES INC LTS S-3 Security & commodity brokers, dealers, exchanges & services
Honigman Miller Schwartz and Cohn LLP SHILOH INDUSTRIES INC SHLO S-3 Metal forgings & stampings
Howard & Howard Attorneys PLLC FIRST BUSEY CORP BUSE S-4 State commercial banks
Howard & Howard Attorneys PLLC MIDLAND STATES BANCORP INC MSBI S-4 State commercial banks
Hunter Taubman Fischer & Li LLC IMPERIAL GARDEN & RESORT INC ~ F-1 Services – misc. amusement & recreation
Johnson, Pope, Bokor, Ruppel & Burns, LLP CUI GLOBAL INC CUI S-3 Services – advertising
Jones Day MODERN MEDIA ACQUISITION CORP ~ S-1 Blank checks
Jones Day ATHERSYS INC ATHX S-3 Pharma. preparations
Jones Day NEXPOINT RESIDENTIAL TRUST INC NXRT S-3 Real estate investment trusts
Jones Day TALEND SA ~ F-1 Services – prepackaged software
K&L Gates LLP EATON VANCE FLOATING-RATE 2024 TARGET TERM TRUST ~ N-2 ~
K&L Gates LLP LILIS ENERGY INC LLEX S-1 Crude petroleum & natural gas
Kaufman & Canoles, P.C. MOXIAN INC MOXC S-3 Services – computer programming, data process, etc.
Kramer Levin Naftalis & Frankel LLP TRINITY PLACE HOLDINGS INC TPHS S-3 Retail – family clothing stores
Latham & Watkins LLP NOBLE ENERGY INC NBL S-4 Crude petroleum & natural gas
Latham & Watkins LLP SOLARIS OILFIELD INFRA- STRUCTURE INC ~ S-1 Oil & gas field machinery & equipment
Latham & Watkins LLP E.L.F. BEAUTY INC ELF S-1 Perfumes, cosmetics & other toilet preparations
Latham & Watkins LLP TOCAGEN INC ~ S-1 Pharma. preparations
Latham & Watkins LLP CORCEPT THERAPEUTICS INC CORT S-3 Pharma. preparations
Latham & Watkins LLP CYTOMX THERAPEUTICS INC CTMX S-3 Pharma. preparations
Latham & Watkins LLP SERES THERAPEUTICS INC MCRB S-3 Pharma. preparations
Latham & Watkins LLP VIEWRAY INC MRXC S-3 Retail – misc. retail
Locke Lord LLP CLECO CORPORATE HOLDINGS LIMITED LIABILITY COMPANY CNL S-4 Electric services
Loeb & Loeb LLP MONEYON- MOBILE INC CLPI S-1 Services – business services, not elsewhere classified
Longfin Corp LONGFIN CORP ~ 1-A ~
Lucosky Brookman LLP MERIDIAN WASTE SOLUTIONS INC MRDN S-3 Sanitary services
Luse Gorman, PC EAGLE FINANCIAL BANCORP INC ~ S-1 ~
Luse Gorman, PC HERITAGE NOLA BANCORP INC ~ S-1 ~
Mayer Brown LLP HALCON RESOURCES CORP HK S-3 Crude petroleum & natural gas
McLaughlin & Stern, LLP XIANGTIAN AIR POWER CO. LTD ~ S-1 Transportation services
Metro Media Holding Corporation BUY SMART STORAGE SOLUTIONS CORP ~ 1-A ~
Mitchell Silberberg & Knupp LLP HELIOS & MATHESON ANALYTICS INC HMNY S-3 Services – misc. business services
Morgan, Lewis & Bockius LLP VERITONE INC ~ S-1 Services – computer processing & data preparation
Morgan, Lewis & Bockius UK LLP UNIQURE N.V. QURE S-3 Pharma. preparations
Morrison & Foerster LLP CATALYST BIOSCIENCES INC CBIO S-1 Pharma. preparations
Morrison & Foerster LLP ARMADA HOFFLER PROPERTIES INC AHH S-3 Real estate
Morrison & Foerster LLP B. RILEY FINANCIAL INC RILY S-3 Services – business services, not elsewhere classified
Morrison & Foerster LLP VEECO INSTRUMENTS INC VECO S-4 Special industry machinery, not elsewhere classified
Nelson Mullins Riley & Scarborough LLP MONROE CAPITAL CORP MRCC N-2 Management investment offices, open-end
Nemus Bioscience, Inc. NEMUS BIOSCIENCE INC NMUS S-1 Trucking, except local
Nevada Agency and Transfer Company PUEBLA RESOURCES CORP ~ S-1 ~
Nutraceutical International Corporation NUTRACEUTICAL INTERNATIONAL CORP NUTR S-3 Medicinal chemicals & botanical products
O’Melveny & Myers LLP VEECO INSTRUMENTS INC VECO S-4 Special industry machinery, not elsewhere classified
Ortoli Rosenstadt LLP Q BIOMED INC ISMT S-1 Services – computer programming services
Phelps Dunbar LLP RENASANT CORP RNST S-4 State commercial banks
Polsinelli PC KALOBIOS PHARMACEUTICALS INC KBIO S-1 Pharma. preparations
Reed Smith LLP BRIGHTHOUSE LIFE INSURANCE CO OF NY ~ S-3 ~
Reed Smith LLP NEONODE INC NEON S-3 Electronic components, not elsewhere classified
Reed Smith LLP BRIGHTHOUSE LIFE INSURANCE CO ~ S-3 Life insurance
Ropes & Gray LLP E.L.F. BEAUTY INC ELF S-1 Perfumes, cosmetics & other toilet preparations
Sichenzia Ross Ference Kesner LLP MONEYONMOBILE INC CLPI S-1 Services – business services, not elsewhere classified
Sichenzia Ross Ference Kesner LLP IMPERIAL GARDEN & RESORT INC ~ F-1 Services – misc. amusement & recreation
Sidley Austin LLP POWERSHARES DB SILVER FUND DBS S-1 Commodity contracts brokers & dealers
Sidley Austin LLP POWERSHARES DB US DOLLAR INDEX TRUST UDN S-1 Commodity contracts brokers & dealers
Sidley Austin LLP ATHENE HOLDING LTD ATH S-1 Life insurance
Simpson Thacher & Bartlett LLP BLACKSTONE REAL ESTATE INCOME FUND ~ N-2 ~
Simpson Thacher & Bartlett LLP BLACKSTONE REAL ESTATE INCOME FUND II ~ N-2 ~
Simpson Thacher & Bartlett LLP NETSHOES (CAYMAN) LTD ~ F-1 Retail – catalog & mail-order houses
Skadden, Arps, Slate, Meagher & Flom LLP NOBLE ENERGY INC NBL S-4 Crude petroleum & natural gas
Skadden, Arps, Slate, Meagher & Flom LLP ONEOK INC /NEW/ OKE S-4 Natural gas transmission & distribution
Skadden, Arps, Slate, Meagher & Flom LLP WESTERN ASSET MORTGAGE CAPITAL CORP WMC S-3 Real estate investment trusts
Skadden, Arps, Slate, Meagher & Flom LLP ACTIVISION BLIZZARD INC ATVI S-4 Services – prepackaged software
Skadden, Arps, Slate, Meagher & Flom LLP TCP CAPITAL CORP TCPC N-2 Unit investment trusts, face-amount certificate offices & closed-end management investment offices
Spencer Fane LLP HOOPER HOLMES INC HH S-4 Services – misc. health & allied services, not elsewhere classified
Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. BBX CAPITAL CORP BFCF S-3 Real estate investment trusts
Stradling Yocca Carlson & Rauth, P.C. TANDEM DIABETES CARE INC TNDM S-1 Surgical & medical instruments & apparatus
Stradling, Yocca, Carlson & Rauth, P.C. VERITONE INC ~ S-1 Services – computer processing & data preparation
Stroock & Stroock & Lavan LLP A&Q LONG/SHORT STRATEGIES FUND LLC ~ N-2 ~
Sullivan & Cromwell LLP LSC COMMUNI-CATIONS INC LKSD S-1 Commercial printing, not elsewhere classified
Sullivan & Cromwell LLP CADENCE BANCORP- ORATION ~ S-1 National commercial banks
Sullivan & Cromwell LLP KEY ENERGY SERVICES INC KEG S-3 Oil & gas field services, not elsewhere classified
Sullivan & Cromwell LLP B. RILEY FINANCIAL INC RILY S-4 Services – business services, not elsewhere classified
Sullivan & Cromwell LLP DONNELLEY FINANCIAL SOLUTIONS INC DFIN S-4 Services – misc. business services
Tandem Diabetes Care, Inc. TANDEM DIABETES CARE INC TNDM S-1 Surgical & medical instruments & apparatus
Team 360 Sports, Inc. TEAM 360 SPORTS INC ~ S-1 ~
The Matt Law Firm, PLLC ACTINIUM PHARMA-CEUTICALS INC ATNM S-3 Pharma. preparations
Thompson Hine LLP INTREXON CORP XON S-4 Services – commercial physical & biological research
Troutman Sanders LLP PINNACLE FINANCIAL PARTNERS INC PNFP S-4 National commercial banks
Troutman Sanders LLP RENASANT CORP RNST S-4 State commercial banks
Vinson & Elkins L.L.P. SWIFT ENERGY CO SFY S-3 Crude petroleum & natural gas
Vinson & Elkins L.L.P. WESTLAKE CHEMICAL PARTNERS LP WLKP S-3 Industrial organic chemicals, not elsewhere classified
Vinson & Elkins L.L.P. WESTERN GAS PARTNERS LP WES S-3 Natural gas transmission
Vinson & Elkins L.L.P. SOLARIS OILFIELD INFRA- STRUCTURE INC ~ S-1 Oil & gas field machinery & equipment
Vinson & Elkins L.L.P. CSI COMPRESSCO LIMITED PARTNERSHIP CCLP S-3 Oil & gas field services, not elsewhere classified
Vinson & Elkins L.L.P. C&J ENERGY SERVICES INC CJ S-3 Oil & gas field services, not elsewhere classified
Vorys, Sater, Seymour & Pease LLP EAGLE FINANCIAL BANCORP INC ~ S-1 ~
Vorys, Sater, Seymour and Pease LLP FIRST MERCHANTS CORP FRME S-4 National commercial banks
Wachtell, Lipton, Rosen & Katz CADENCE BANCORP- ORATION ~ S-1 National commercial banks
Wachtell, Lipton, Rosen & Katz PINNACLE FINANCIAL PARTNERS INC PNFP S-4 National commercial banks
Wachtell, Lipton, Rosen and Katz B. RILEY FINANCIAL INC RILY S-4 Services – business services, not elsewhere classified
Weil, Gotshal & Manges LLP NCS MULTISTAGE HOLDINGS INC ~ S-1 Oil & gas field services, not elsewhere classified
Wilmer Cutler Pickering Hale and Dorr LLP EDITAS MEDICINE INC EDIT S-3 Biological products, except diagnostic substances
Wilson Sonsini Goodrich & Rosati P.C. FLUIDIGM CORP FLDM S-3 Laboratory analytical instruments
Wilson Sonsini Goodrich & Rosati, P.C. ON DECK CAPITAL INC ONDK S-3 Finance services
Wilson Sonsini Goodrich & Rosati, P.C. AEHR TEST SYSTEMS AEHR S-3 Instruments for measuring & testing of electricity & electric signals
Wilson Sonsini Goodrich & Rosati, P.C. OKTA INC ~ S-1 Services – prepackaged software
Wilson Sonsini Goodrich & Rosati, P.C. TALEND SA ~ F-1 Services – prepackaged software
Wilson Sonsini Goodrich & Rosati, PC YEXT INC ~ S-1 Services – computer processing & data preparation
Winston & Strawn LLP KAYNE ANDERSON ACQUISITION CORP ~ S-1 Blank checks
Zysman, Aharoni, Gayer and Sullivan & Worcester LLP DARIOHEALTH CORP DRIO S-3 Surgical & medical instruments & apparatus

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IPO Underwriters of the Week: March 6 – 17 / plus “Billion Dollar Questions” for M&A

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 +
NIGHTFOOD HOLDINGS INC S-1 Black Forest Capital, LLC ~ ~
BLACKSTONE REAL ESTATE INCOME FUND N-2 Blackstone Advisory Partners, L.P. ~ ~
BLACKSTONE REAL ESTATE INCOME FUND II N-2 Blackstone Advisory Partners, L.P. ~ ~
BRIGHTHOUSE LIFE INSURANCE CO S-3 Brighthouse Securities, LLC ~ ~
BRIGHTHOUSE LIFE INSURANCE CO OF NY S-3 Brighthouse Securities, LLC ~ ~
LSC COMMUNICATIONS INC S-1 Citigroup Global Markets Inc. Merrill Lynch, Pierce, Fenner & Smith Inc. J.P. Morgan Securities LLC / Wells Fargo Securities, LLC
KAYNE ANDERSON ACQUISITION CORP S-1 Citigroup Global Markets Inc. Deutsche Bank Securities Inc. Credit Suisse Securities LLC
SOLARIS OILFIELD INFRASTRUCTURE INC S-1 Credit Suisse Securities LLC Goldman, Sachs & Co.
WARRIOR MET COAL LLC S-1 Credit Suisse Securities LLC / Citigroup Global Markets Inc. Morgan Stanley & Co. LLC / BMO Capital Markets Corp. / RBC Capital Markets, LLC Apollo Global Securities, LLC / KKR Capital Markets LLC / Clarksons Platou Securities, Inc.
NCS MULTISTAGE HOLDINGS INC S-1 Credit Suisse Securities LLC / Citigroup Global Markets Inc. Wells Fargo Securities, LLC / J.P. Morgan Securities LLC / Piper Jaffray & Co. Raymond James & Associates, Inc. / RBC Capital Markets, LLC / Tudor, Pickering, Holt & Co. Securities, Inc.
ACTINIUM PHARMACEUTICALS INC S-3 FBR Capital Markets & Co. ~ ~
HERITAGE NOLA BANCORP INC S-1 FIG Partners, LLC ~ ~
NETSHOES (CAYMAN) LTD F-1 Goldman, Sachs & Co. J.P. Morgan Securities LLC / Banco Bradesco BBI S.A. Allen & Company LLC / Jefferies LLC
ATHENE HOLDING LTD S-1 Goldman, Sachs & Co. ~ ~
TALEND SA F-1 Goldman, Sachs & Co. / J.P. Morgan Securities LLC Barclays Capital Inc. / Citigroup Global Markets Inc. Pacific Crest Securities / William Blair & Company, L.L.C.
OKTA INC S-1 Goldman, Sachs & Co. / J.P. Morgan Securities LLC Allen & Company LLC / Pacific Crest Securities Canaccord Genuity Inc. / JMP Securities LLC
CADENCE BANCORPORATION S-1 Goldman, Sachs & Co. / J.P. Morgan Securities LLC / Sandler O’Neill & Partners, L.P. Keefe, Bruyette & Woods, Inc. / Robert W. Baird & Co. Inc. / Raymond James & Associates, Inc. Stephens Inc. / SunTrust Robinson Humphrey, Inc. / Tudor, Pickering, Holt & Co. Securities, Inc.
CUI GLOBAL INC S-3 H.C. Wainwright & Co., LLC ~ ~
E.L.F. BEAUTY INC S-1 J.P. Morgan Securities LLC Morgan Stanley & Co. LLC Piper Jaffray & Co. / Wells Fargo Securities, LLC
MONEYONMOBILE INC S-1 Joseph Gunnar & Co., LLC ~ ~
EAGLE FINANCIAL BANCORP INC S-1 Keefe, Bruyette & Woods, Inc. ~ ~
CATALYST BIOSCIENCES INC S-1 Ladenburg Thalmann & Co. Inc. ~ ~
DEXTERA SURGICAL INC S-1 Ladenburg Thalmann & Co. Inc. Craig-Hallum Capital Group LLC ~
TOCAGEN INC S-1 Leerink Partners LLC Evercore Group L.L.C. Stifel, Nicolaus & Company, Inc.
ONCOBIOLOGICS INC S-1 Lincoln Park Capital Fund, LLC ~ ~
MODERN MEDIA ACQUISITION CORP S-1 Macquarie Capital Inc. ~ ~
YEXT INC S-1 Morgan Stanley & Co. LLC J.P. Morgan Securities LLC / RBC Capital Markets, LLC Pacific Crest Securities / Piper Jaffray & Co.
IMPERIAL GARDEN & RESORT INC F-1 Network 1 Financial Securities, Inc. ~ ~
TANDEM DIABETES CARE INC S-1 Piper Jaffray & Co. Wedbush Securities Inc. ~
VERITONE INC S-1 Wunderlich Securities, Inc. Craig-Hallum Capital Group, LLC ~

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