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)
Abstract:
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.