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In a move that could have wide-ranging implications for developers of real estate, including renewable energy projects, throughout the United States, the U.S. Army Corps of Engineers...
Thursday, January 7, 2021 Rule 144 was originally adopted by the U. S. Securities and Exchange Commission (“SEC”) in 1972 to improve liquidity for investors in privately-placed securities. Under Section 5 of the Securities Act of 1933, as amended (the “33 Act”), it is unlawful to sell any security unless it is registered with the SEC or exempt from that registration requirement. One available exemption under Section 4(2) of the 33 Act is for offerings “not involving a public offering,” an exemption frequently relied upon to raise capital for start-ups and for local bus...
Tuesday, December 29, 2020 On Tuesday, December 22, 2020, the U.S. Securities and Exchange Commission (“SEC”) issued Release No. 34 -90768 (the “Release”), approving the proposal by the New York Stock Exchange (“NYSE”) to allow primary direct listings of securities on the NYSE without going through the Initial Public Offering process. This step means that companies able to meet the listing requirements spelled out in Chapter One of the NYSE’s Listed Company Manual can become listed on the NYSE without the involvement of an underwriter or the “firm commitment” o...