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Direct Listings: Going Public Without an IPO  (Volume 53, Number 12– June 24, 2020)

Author:  Andrew J. Pitts.; D. Scott Bennett.; Michael E. Mariani.; Melanie R. Cook.

Source: Volume 53, Number 12, June 15 2020 , pp.139-150(12)

Review of Securities & Commodities Regulation


In this article, the authors discuss the considerations and motivations for a company going public by way of a direct listing. They then turn to the stock exchange rules and SEC regulations that govern the direct listing process, as well as the procedures and role-players, highlighting the ways the process both mimics and differs from a traditional IPO.

Keywords: Securities Exchange Act of 1934; Securities Act of 1933; Form 10; Form S-1; Dennee v. Slack Technologies Inc.

Affiliations:  1: Cravath, Swaine & Moore LLP; 2: Cravath; 3: Cravath; 4: Cravath.

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