July 09, 2019
On July 5th, 2019 the Securities and Exchange Commission published Amendment No. 3 to proposed changes by the Nasdaq Stock Market LLC (“Nasdaq” or the “Exchange”) to its Initial Listing Standards. Nasdaq stated in its proposed rule change that it believes that these amendments are necessary in order to ensure that Nasdaq only lists securities with a sufficient market, with adequate depth and liquidity, and with sufficient investor interest to support an exchange listing. The proposed rules will take effect on an expedited basis prior to the thirtieth day following its publication in the Federal Register.
July 09, 2019
On June 10, 2019, in response to the proposed bill, “Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges” (“EQUITABLE Act”), Nasdaq released a FAQ (identification number 1696) clarifying listing standards for an applicant’s initial or continued listing based on a company’s financial statements. For more information, please read our previous alert dated June 25, 2019.
June 26, 2019
Blockchain: What is it?
New buzzwords and phrases are always circulating in the business world; “Big Data,” “The Cloud,” “Digital Transformation” are prominent among others. However, one has reigned supreme and has been the topic of many boardroom conversations; “The Blockchain.” Unless you are adequately informed, the blockchain can be a confusing concept that the average person may have difficulty understanding. Is blockchain a cryptocurrency? Is there one huge blockchain, like the internet? How is blockchain applicable to my line of work? In this article, we will provide a brief overview of blockchain and some of the concepts associated with it in order to give some clarity
June 25, 2019
On June 5, 2019, a bill was introduced to Congress that, if passed, would strengthen disclosure requirements for foreign companies listed on U.S. exchanges. The “Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges” (“EQUITABLE Act”) would require foreign companies with securities listed on a U.S. exchange to utilize outside accounting firms who make their audits available for inspection to the Public Company Accounting Oversight Board (“PCAOB”) in the same manner that U.S. regulators can review firms from almost all other jurisdictions.
May 07, 2019
HTFL has been a leader in advising issuers, underwriters and investors in the use of Regulation A (Reg A), which was implemented as part of the Jumpstart Our Business Startups (JOBS) Act. In June 2017, HTFL represented TriPoint Global Equities, LLC, and its online division BANQ® (www.banq.co) in their role as lead managing selling agent and bookrunner in the first Reg A plus IPO on the New York Stock Exchange (NYSE) and since that time the firm has participated in several Reg A IPOs on the Nasdaq and OTC Markets. HTFL has been instrumental in providing sound counsel to issuers and underwriters as they navigate the securities laws and in their interaction with the SEC, FINRA, NASDAQ and the NYSE.
April 09, 2019
On March 20, 2019, the Securities
and Exchange Commission (“SEC”) adopted amendments to simplify disclosure requirements
under Regulation S-K for companies and investment advisors. These amendments are
intended to improve the readability and navigability of SEC documents and to discourage
disclosure of immaterial information. The final amendments include approximately
30 changes. The summary below highlights their key aspects.
April 05, 2019
Powerbridge Technologies Co., Ltd. (the “Company”) (Nasdaq: PBTS), a global trade software application and technology services provider, today announced the closing of the initial public offering (“IPO”) of 1,750,000 ordinary shares, par value $0.00166667 per share, at a price of $5.00 per share. The Company’s ordinary shares began trading on the Nasdaq Capital Market on April 2, 2019 under the symbol “PBTS.”
February 19, 2019
This Valentine’s Day, our client Boustead Securities, LLC, acting as the sole underwriter, completed the initial public offering (the “Offering”) of Soliton, Inc. (the "Company") a pre-revenue stage medical device company with a proprietary platform technology licensed from The University of Texas on behalf of the MD Anderson Cancer Center. The Company raised approximately $10.4 million in gross proceeds from this initial closing, before deducting underwriting commissions and other offering expenses, by issuing 2,086,391 ordinary shares at a public offering price of $5.00 per share. Soliton has been approved to begin trading its shares on the Nasdaq Capital Market under the symbol ”SOLY” on Tuesday February 19, 2019. The Offering is the first IPO using Tier II of Regulation A to be completed on Nasdaq or NYSE in over one year.
January 13, 2019
In light of the federal government shutdown commencing on December 22, 2018, the U.S. Securities and Exchange Commission (“SEC”) remains leanly staffed. This has caused delay in staff’s review of registration statements and other filings, and the SEC will not be able to declare any registration statements effective during the shutdown. Nevertheless, regardless of the SEC’s operational status, EDGAR will still accept filings.