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Confidentially Marketed Public Offerings (CMPOs) and Underwritten Registered Directs have been increasing in popularity as preferred alternatives to raise capital. Volatility in the capital markets has caused companies and their advisors to be wary of traditional public offerings that are considered time consuming, risky, and likely to depress a company's stock price.

In a CMPO, companies will initially market their stock on a confidential basis to a select list of institutions. The company will file its disclosure and selling documents with the SEC and "flip" the deal into a public offering. The public selling process commences after the stock market closes and concludes before the stock market opens the following day.

Underwritten Registered Directs follow the same initial process, but do not include the public selling component.

CMPOs provide the benefits of private placements while meeting the regulatory and exchange requirements of public offerings. Companies that make use of CMPOs generally:

• Raise capital quickly (no more multi-week road shows)
• Meet the investors' demands for liquidity
• Ensure confidentiality during the capital raising process and thus avoid a stock price drop
• Avoid the need for shareholder approval of the stock sale
• Allow company insiders to participate at a discount
• Give preference to institutions in their wall cross

Join this highly-informative web seminar for a detailed description of the process and the reasons why CMPOs and Underwritten Registered Directs are increasing in popularity.

Faculty: Stuart Bressman, Proskauer Rose 
              Michael Maline, Goodwin Procter

Moderator: Phil Kerewich, PrivateRaise