Insights
Newsletters
Wilson Sonsini Global Cartel Law Quarterly Q4 2025/Q1 2026
The firm is pleased to distribute the Wilson Sonsini Global Cartel Law Quarterly Q4 2025/Q1 2026, which provides a summary of key cartel enforcement trends across the U.S., Europe, and beyond. A “cartel” under competition law is typically reserved for agreements between competitors to restrict competition, such as price-fixing, bid-rigging, and market allocations.
Newsletters
2025 Technology and Life Sciences PIPE and RDO Report
Wilson Sonsini is pleased to present the 2025 Technology and Life Sciences PIPE and RDO Report. This report presents analysis related to 163 private investments in public equity (PIPEs) and registered direct offerings (RDOs) by U.S.-based technology and life sciences companies between January 1 and December 31, 2025. The report is limited to transactions in which the company raised at least $10 million and had at least one closing in 2025.
Newsletters
2025 Technology and Life Sciences IPO Report
Wilson Sonsini’s 2025 Technology and Life Sciences IPO Report provides in-depth analysis on 40 initial public offerings (IPOs) and five direct listings completed by U.S.-based technology and life sciences companies in 2025 with deal values exceeding $75 million.
All Results
5.22.26
Draft Guidelines Clarify Which AI Systems Are “High-Risk” Under EU AI Act
The European Commission has published draft guidelines (Draft Guidelines) to clarify the classification of high-risk AI systems under the European Union's Artificial Intelligence Act (EU AI Act). This classification is crucial, as it determines whether an AI system will be subject to the EU AI Act’s most burdensome obligations. The Draft Guidelines provide general principles which inform if an AI system is high-risk, as well as a non-exhaustive list of examples of high-risk AI systems across various sectors. Organizations can provide feedback on the Draft Guidelines via this survey until June 23, 2026.
Blog Posts
5.22.26
SEC Adds New Jurisdictions to FPI Section 16(a) Relief: Australia, India, and Singapore
On May 20, 2026, the SEC issued an exemptive order relieving directors and officers of certain foreign private issuers from the Section 16(a) reporting requirements of the Securities Exchange Act of 1934. The order expanded the list of qualifying jurisdictions (and corresponding qualifying regulations) to include Australia, India, and Singapore.
Client Highlights
5.22.26
Wilson Sonsini Advises WuXi AppTec on Issuance of RMB6,780 Million USD Settled Zero Coupon Convertible Bonds Due 2027
On May 21, 2026, all the conditions precedent under the subscription agreement dated May 14, 2024, entered into between WuXi AppTec Co., Ltd. (WuXi AppTec), Morgan Stanley Asia Limited, Citigroup Global Markets Limited, and Goldman Sachs (Asia) L.L.C. have been fulfilled and the issuance of the RMB6,780 million USD settled zero coupon convertible bonds due 2027 (the Bonds) in an aggregate principal amount of RMB6,780 million was completed. The net proceeds from the subscription of the Bonds, after deducting the managers’ commissions and expenses in connection with the offering, will be approximately US$1,023 million, and will be utilized in the following manner: (a) approximately 90 percent will be used for global capacity and capability expansion and (b) approximately 10 percent will be used for general corporate purposes. A formal application has been made to the Vienna Stock Exchange for the listing of the Bonds on the Vienna Stock Exchange.
News Articles
5.21.26
Michael Hostetler Recognized Among Daily Journal’s 2026 Top IP Lawyers
On May 21, 2026, Wilson Sonsini partner Michael Hostetler was recognized in the Daily Journal’s special report "Top Intellectual Property Lawyers 2026," an annual list honoring California's top lawyers specializing in patent litigation, trademark, and copyright. Michael has over 25 years of experience specializing in patent law for life sciences companies, particularly in pharmaceuticals and biotechnology.
Client Advisories
5.21.26
SBIR and STTR Contracts: Not for Just Any Small Business
On April 13, 2026, President Trump signed into law the Small Business Innovation and Economic Security Act, reauthorizing the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. See our prior alert here. Because of the significance of these programs to small businesses and their ability to sell new and innovative solutions to the federal government, here is a refresher on some of the rules small companies should be aware of before applying for an SBIR or STTR contract.
Blog Posts
5.21.26
SEC Proposes Significant Reforms to Filer Status and Registered Offering Frameworks
On May 19, 2026, the SEC proposed two significant rulemakings: 1) Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies and 2) Registered Offering Reform. This blog post summarizes aspects of each proposal.
Client Highlights
5.20.26
Wilson Sonsini Advises Armada on $230 Million Series B
On May 19, 2026, Armada, the world’s first full-stack edge computing platform, revolutionizing connectivity, compute, and AI solutions where they’re needed most, announced that it has raised $230 million in an oversubscribed Series B financing at a $2 billion valuation. The round, which brings the company’s total funding to nearly half a billion dollars, was co-led by Overmatch, BlackRock, and 8090 Industries. Wilson Sonsini Goodrich & Rosati advised Armada on the transaction.
New strategic investors BlackRock, Johnson Controls, NightDragon, Mitsui, and Singtel Innov8 participated in the Series B round alongside existing investors including Overmatch, 8090 Industries, Felicis, Marlinspike, Shield Capital, Lux Capital, Founders Fund, Silent Ventures, Veriten, and Gladebrook. Armada will use the proceeds from the Series B to accelerate deployment of the U.S. AI stack and support customer demand growth across industries.
The Wilson Sonsini team that advised Armada on the transaction included Rezwan Pavri, Colin Conklin, Richa Sharma, Isaac Reed, and Jiyoon Song.
For more information, please see Armada’s news release.
New strategic investors BlackRock, Johnson Controls, NightDragon, Mitsui, and Singtel Innov8 participated in the Series B round alongside existing investors including Overmatch, 8090 Industries, Felicis, Marlinspike, Shield Capital, Lux Capital, Founders Fund, Silent Ventures, Veriten, and Gladebrook. Armada will use the proceeds from the Series B to accelerate deployment of the U.S. AI stack and support customer demand growth across industries.
The Wilson Sonsini team that advised Armada on the transaction included Rezwan Pavri, Colin Conklin, Richa Sharma, Isaac Reed, and Jiyoon Song.
For more information, please see Armada’s news release.
Alerts
5.19.26
Agri Stats Settlement Clarifies DOJ Views on Information Sharing
On May 7, 2026, the U.S. Department of Justice (DOJ) Antitrust Division and six state attorneys general filed a proposed Final Judgment to resolve antitrust claims against benchmarking and consulting firm Agri Stats, Inc. (Agri Stats). Agri Stats collects, processes, and distributes benchmarking data to broiler chicken, pork, and turkey processing operations. The reports are based on non-public pricing, profitability, and cost data submitted by meat processors. While Agri Stats purported to aggregate and anonymize the data, the DOJ alleged that those receiving the reports could identify who submitted the non-public data, allowing participants to raise prices.
Alerts
5.19.26
Colorado Legislature Repeals and Replaces Colorado AI Act: What SB 189 Means for Your Business
On May 14, 2026, Colorado Governor Jared Polis signed SB 189 into law, which repeals and replaces the Colorado Artificial Intelligence Act (CAIA). SB 189 goes into effect on January 1, 2027.
Client Highlights
5.19.26
Firm Advises Viktor on $75 Million Series A
On May 19, 2026, Viktor, a start-up building agentic AI coworkers, announced it has raised a $75 million Series A led by London-based venture capital firm Accel with participation from Bek Ventures, Kaya VC, Inovo VC, and Tenacity Capital. Angel investors, including Slack co-founders Stewart Butterfield and Cal Henderson, Synthesia CEO Victor Riparbelli, and executives from Google DeepMind, Figma, and ElevenLabs also participated in the funding round. Wilson Sonsini Goodrich & Rosati advised Viktor on the transaction.
Alerts
5.18.26
The “Friendly Buyer” Fallacy: Why U.S. Ownership Is No Longer a Regulatory Safe Bet
Over the past decade, the number of countries with foreign direct investment (FDI) screening regimes has more than doubled. What was once a niche, rarely-used regulatory tool has become a standard feature of global deal-making and a routine consideration in cross-border M&A, including U.S. to U.S. transactions that involve the indirect acquisition of foreign subsidiaries. As jurisdictions continue to strengthen their FDI screening regimes, parties are seeing more U.S.-led deals encounter longer and more intrusive reviews and increasingly complex conditions as a condition of approval.