A significant number of Australian and New Zealand issuers accessed the US capital markets in 2023. We have identified 128 US debt and equity offers that were completed by Australian and New Zealand issuers in 2023, with a median amount raised of A$100 million. The following graph shows the number of debt and equity offers…

On July 26, 2021, a senior U.S. Securities and Exchange Commission official, Allison Lee, advised that Chinese companies listed on U.S. stock exchanges must disclose the potential risks associated with the Chinese government interfering in their businesses, as part of their normal reporting requirements. The genesis of SEC’s comment is believed to be the recent…

The SEC announced a series of amendments (likely to be effective early next year) to the rules governing private offering exemptions – by far the most frequent path for venture fundraising. The amendments retain the same “menu” of exemptions but make incremental improvements. For the early-stage community, the amendments include a very useful provision that excludes “Demo…

On November 2, 2020, the Securities and Exchange Commission (“SEC”) voted to amend and simplify its rules governing private-offering exemptions under the Securities Act of 1933 (the “Securities Act”) to promote capital formation (the “Amendments”).[1]  The SEC release included discussion of their intent to remain true to the key components of their mission, namely investor…

The US Securities and Exchange Commission proposes to establish a new limited and conditional exemption from the broker registration requirements for natural persons engaging in certain limited capital-raising activities on behalf of issuers seeking to raise funds from accredited investors. If adopted, the proposed exemption will allow natural persons to engage in certain limited activities involving accredited investors…

Dror Futter focuses his practice on startup companies and their investors and has worked with a wide range of technology companies. His fifteen years’ experience as in-house counsel includes positions with Vidyo, Inc., a venture-backed videoconferencing company, and New Venture Partners, a venture fund focused on corporate spinouts. Prior to that, Mr. Futter was Counsel to…

The SEC recently reached a $24 million settlement with Block.one for its unregistered offering of over $4 billion worth of EOS tokens. The Crowdfunder Insider news site reached out to Rimon partner Dror Futter for comment on this unusual development. “This seems to place EOS in the same category as Ether, a token that likely…

It has been two years since the SEC took its first formal action with respect to a token issuance.  Since then there has been a great deal of regulatory activity that has provided some clarity.  In this article, Rimon partner Dror Futter provides an in-depth regulatory summary of where things stand for those considering issuing…

The SEC has issued a Cease & Desist Order and sanctions against a token issuer and its founder.  Among several findings, the SEC determined that the “Bounty Program” run by the issuer constituted a securities offering.  The Order states “a ‘gift’ of a security is a ‘sale’ within the meaning of the Securities Act when the [issuer]…

William Hinman, Director of the SEC’s Division of Corporate Finance, announced last week that Ether was not a security.  He also provided the broadest look yet as to how the SEC analyzes ICOs. FinTech Partner, Dror Futter analyzes what it all means in the article below. Read the full article here. In addition to a growing blockchain practice, Dror Futter focuses his practice on…