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11.18.24
Wilson Sonsini Advises OneStream on Registered and Synthetic Secondary Offering
On November 18, 2024, OneStream, Inc., the leading enterprise finance management platform that modernizes the Office of the CFO by unifying core finance and operational functions, closed an underwritten public offering of 15,000,000 shares of its Class A common stock at a public offering price of $31.00 per share. Wilson Sonsini Goodrich & Rosati represented OneStream in the transaction.
Newsletters
9.25.24
2024 Mid-Year Technology and Life Sciences PIPE and RDO Report
Wilson Sonsini Goodrich & Rosati is pleased to present the 2024 Mid-Year Technology and Life Sciences PIPE and RDO Report, analyzing 124 private investments in public equity (PIPEs) and registered direct offerings (RDOs) by U.S.-based tech and life science companies between January 1 and June 30, 2024.
Client Highlights
7.29.24
Wilson Sonsini Advises OneStream on Up-C IPO
On July 25, 2024, OneStream, a leading enterprise finance management platform, closed its initial public offering of 28,175,000 shares of its Class A common stock, including the exercise in full by the underwriters of their option to purchase an additional 3,675,000 shares, at a public offering price of $20 per share. The shares began trading on the Nasdaq Global Select Market on July 24, 2024, under the symbol “OS.” The offering consisted of 21,729,333 shares sold by OneStream, including the underwriters’ option exercise, and 6,445,667 shares sold by existing stockholders. Wilson Sonsini Goodrich & Rosati advised OneStream on the offering.
News Articles
6.06.24
Wilson Sonsini Practices, Attorneys Named in 2024 Chambers USA Guide
Wilson Sonsini Goodrich & Rosati practices and attorneys were honored in the recently published 2024 edition of Chambers USA: America's Leading Lawyers for Business. This year, the firm was ranked in 36 geography-specific practice categories, while 79 attorneys were honored among the best in their fields.
Alerts
5.20.24
Looking Ahead to T+1 Settlement for Broker-Dealer Securities Transactions
Beginning May 28, 2024, the standard settlement cycle for most broker-dealer securities transactions will be one business day (T+1) following a trade instead of two business days (T+2), which has been the standard since 2017. The amendment to Securities Exchange Act Rule 15c6-1, the rule governing standard settlement cycle, reflects improvements in technology that allow trades to settle more quickly but will put additional timing pressure on market participants.
Newsletters
3.28.24
2023 Technology and Life Sciences IPO Report
Market volatility, high interest rates, and ongoing geopolitical conflict continue to influence low levels of IPO activity in the U.S. capital markets. The trend is observed across all sectors, resulting in IPO levels similar to those seen during and in the aftermath of the 2009 financial crisis. While the third quarter of 2023 saw a boost with a handful of high-profile technology companies completing their IPOs, it did not usher in a wave of other transactions. Many companies continue to opt for a “wait-and-see” approach.
Client Highlights
3.11.24
Wilson Sonsini Advises Bakkt on Concurrent Registered Direct Offerings
On February 29, 2024, Bakkt Holdings, Inc. (Bakkt), a leading crypto services platform, announced its entry into two securities purchase agreements relating to the purchase and sale of up to 57,670,127 shares of the company’s Class A common stock (or pre-funded warrants in lieu of Class A common stock) and accompanying warrants to purchase up to an equal number of shares of the company’s Class A common stock in concurrent registered direct offerings. The purchase price of each share of Class A common stock and accompanying warrant is $0.8670, resulting in aggregate expected gross proceeds of $50 million. Bakkt issued approximately $42.4 million of such securities on March 4, 2024, and will close on the issuance of the incremental approximately $7.6 million of such securities after the company obtains stockholder approval, subject to the satisfaction of other customary closing conditions. Wilson Sonsini Goodrich & Rosati advised Bakkt on the transaction.
Newsletters
2.22.24
2023 Technology and Life Sciences PIPE and RDO Report
Wilson Sonsini’s 2023 Technology and Life Sciences PIPE and RDO Report presents analysis related to 177 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, 2023. PIPEs and RDOs can be good alternatives to traditional underwritten offerings, particularly during periods of market volatility, because they can be negotiated discreetly and publicly announced after the parties agree to terms.
Client Highlights
12.01.23
Wilson Sonsini Advises Rover on $2.3 Billion Acquisition by Blackstone
On November 29, 2023, Blackstone Inc. announced the acquisition of Rover Group Inc., the world’s largest online marketplace for pet care, in an all-cash deal worth $2.3 billion. Wilson Sonsini Goodrich & Rosati advised Rover on the transaction.
Client Highlights
11.10.23
Wilson Sonsini Advises Alpine Immune Sciences on $150 Million Follow-on Public Offering
On November 6, 2023, Alpine Immune Sciences, Inc., a clinical-stage immunotherapy company focused on developing innovative treatments for autoimmune and inflammatory diseases, announced the pricing of its underwritten public offering of 8,800,000 shares of its common stock and pre-funded warrants to purchase up to 3,200,000 shares of its common stock, pursuant to its existing shelf registration statement. Wilson Sonsini Goodrich & Rosati advised Alpine Immune Sciences on the transaction.
Alerts
10.12.23
SPARCs: An Attractive Alternative to Traditional SPACs?
On September 29, 2023, the U.S. Securities and Exchange Commission (SEC) declared effective a registration statement for Pershing Square SPARC Holdings, Ltd., which is contemplating a unique variation on the traditional special purpose acquisition company (SPAC) structure. This variation, called a SPARC—or special purpose acquisition rights company—was spearheaded by billionaire investor Bill Ackman through his investment fund, Pershing Square Capital Management, L.P., and was designed to address several pain points for SPACs, which have lost popularity after frenzied activities in 2020 and 2021.
Alerts
9.29.23
Potential Ramifications of a Government Shutdown for the SEC
If U.S. congressional leaders are unable to resolve the current federal budget standoff, it is expected that much of the federal government, including the U.S. Securities and Exchange Commission (SEC), would shut down soon after the government’s September 30th fiscal year end. We encourage all public reporting companies to monitor the SEC’s website (http://www.sec.gov) for the latest information regarding a shutdown and the status of SEC operations.