发帖
雷达卡
TABLE OF CONTENTS
Page
Chapter 1 Deciding to Go Public. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
Brief Overview of the Legal Framework Governing the IPO
Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
Benefits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
Burdens. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
New World of Internal Controls. . . . . . . . . . . . . . . . . . . . . . . . . . . .16
Is the Company Ready?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
Now or Later?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21
Chapter 2 Assembling Your IPO Team. . . . . . . . . . . . . . . . . . . . . . . . .24
The Company’s Management Team. . . . . . . . . . . . . . . . . . . . . . . . .24
The Company’s Board of Directors. . . . . . . . . . . . . . . . . . . . . . . . .27
The Managing Underwriters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30
The Company’s Legal Counsel. . . . . . . . . . . . . . . . . . . . . . . . . . . . .37
The Underwriters’ Legal Counsel. . . . . . . . . . . . . . . . . . . . . . . . . .43
The Company’s Auditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44
The Company’s Financial Printer. . . . . . . . . . . . . . . . . . . . . . . . . . .46
Special Experts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49
Others. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49
Chapter 3 Gearing Up. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51
Chapter 4 D&O Liability Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . .77
The Need for D&O Liability Insurance. . . . . . . . . . . . . . . . . . . . . .77
Outline of a D&O Insurance Policy. . . . . . . . . . . . . . . . . . . . . . . . .78
Selecting the Right Broker. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83
The Insurance Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85
Chapter 5 Managing Publicity during the Offering Process. . . . . . . .87
The Pre-Filing Period; Gun Jumping Concerns. . . . . . . . . . . . . . . .87
The Waiting Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .93
The Post-Effective Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100
Chapter 6 Hosting the Organizational Meeting and
Management Presentations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102
Purpose. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102
Agenda for the Organizational Meeting. . . . . . . . . . . . . . . . . . . . .102
Management Presentations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .107
Chapter 7 Potential Liability and the Role of Due Diligence. . . . . .109
Potential Liability for Violations of Federal Securities Laws. . . .109
What is Due Diligence?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114
What is the “Due Diligence Defense”?. . . . . . . . . . . . . . . . . . . . . .114
Why is Due Diligence Important to the Company, the Board
of Directors and Management?. . . . . . . . . . . . . . . . . . . . . . . . . .115
Why is Due Diligence Important to the Underwriters?. . . . . . . .116
What’s the Standard?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .118
Examples of Bad Due Diligence. . . . . . . . . . . . . . . . . . . . . . . . . . .119
Examples of Good Due Diligence. . . . . . . . . . . . . . . . . . . . . . . . . .121
Different Diligence Standards for Different Participants. . . . . . . .127
The WorldCom Case and the Due Diligence Defense. . . . . . . . . . .128
The Use of Experts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .131
Chapter 8 Preparing the Registration Statement and Going
Effective. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136
Timeline. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136
The Drafting Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136
Contents of the Registration Statement. . . . . . . . . . . . . . . . . . . . .137
AWord about Words: Plain English Disclosure. . . . . . . . . . . . . .150
Filing the Registration Statement with the SEC. . . . . . . . . . . . . . .152
Filing Exhibits with the SEC and Requesting Confidential
Treatment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .152
Exchange Act Registration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .155
SEC Review. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .155
Exchange Listing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .158
Going Effective. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .160
Post-Effective Matters and the Closing. . . . . . . . . . . . . . . . . . . . .161
Chapter 9 Underwriting Arrangements and Marketing. . . . . . . . . . .163
The Underwriting Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .163
FINRA Review of Underwriting Arrangements. . . . . . . . . . . . . .163
The Underwriting Agreement. . . . . . . . . . . . . . . . . . . . . . . . . . . .167
The Comfort Letter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172
Other Underwriting Documents. . . . . . . . . . . . . . . . . . . . . . . . . . .176
Selling Stockholder Documents. . . . . . . . . . . . . . . . . . . . . . . . . . .176
The Role of Research Analysts in the IPO Process. . . . . . . . . . . .177
Online Offerings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .182
Dutch Auction Offerings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .182
The Road Show. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .183
Pricing the IPO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187
Chapter 10 Now that You’re Public. . . . . . . . . . . . . . . . . . . . . . . . . . .190
Managing Relations withWall Street. . . . . . . . . . . . . . . . . . . . . . .190
Periodic Reporting and the Disclosure Obligations of a
Public Company and its Stockholders. . . . . . . . . . . . . . . . . . . .199
Resales of Restricted Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .204
Section 16 and Insider Trading. . . . . . . . . . . . . . . . . . . . . . . . . . . .207
Additional Reporting Requirements for Certain Stockholders. . .214
Chapter 11 Special Considerations for Non-U.S. Companies. . . . . .217
Foreign Private Issuers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .217
Mechanics of the Public Offering. . . . . . . . . . . . . . . . . . . . . . . . . .218
Financial Disclosure Requirements. . . . . . . . . . . . . . . . . . . . . . . . .220
Ongoing Reporting Requirements. . . . . . . . . . . . . . . . . . . . . . . . .221
Corporate Governance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .222
Exemptions from Certain Provisions of the Exchange Act. . . . . .223
Appendices
Appendix A - The Listing Requirements of the NYSE and the
NASDAQ Global Market. . . . . . . . . . . . . . . . . . . . . . . .A-1
Appendix B - Sample Due Diligence Checklist. . . . . . . . . . . . . . . . . . .B-1
Appendix C - Sample IPO Timeline. . . . . . . . . . . . . . . . . . . . . . . . . . .C-1
Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .G-1
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