Bitcoin payments innovation by pervees faisal islam Faisal Islam
Paybefore required a love/hate piece on bitcoin. My writeup was the love piece.
You can find the other piece and the full magazine for trial review on paybefore.com
Private equity investment in India in May 2010 grew by nearly 200% as compared to the same period last year. Deal value was $630 million in May ‘10 as against $211 million in May ’09. Total deal count also increased by 42% to 28 deals, up from 19 in May ’09.
On a month on month basis deal value in May ‘10 was substantially lower than that in Apr ‘10.
Bitcoin payments innovation by pervees faisal islam Faisal Islam
Paybefore required a love/hate piece on bitcoin. My writeup was the love piece.
You can find the other piece and the full magazine for trial review on paybefore.com
Private equity investment in India in May 2010 grew by nearly 200% as compared to the same period last year. Deal value was $630 million in May ‘10 as against $211 million in May ’09. Total deal count also increased by 42% to 28 deals, up from 19 in May ’09.
On a month on month basis deal value in May ‘10 was substantially lower than that in Apr ‘10.
Distressed Multifamily Opportunities: Who Will Be the First to Jump In, and Who Will Follow? by Mike Kelly, President, Caldera Asset Management. Presented at GreenPearl Events' Distressed Real Estate Summit Chicago on May 13, 2010.
ULI Los Angeles DEBT Where to find it in 2010Bob Eidson
This is a presentation I prepared for a ULI LA Education Event "DEBT: Where to find it in 2010." We brought 4 institutional scale lenders together, to respond to 4 loan request scenarios. If the CMBS market grows 10x in 2010, then it will only accomodate 3% of maturities. Debt will still come from Life Cos, Banks (recourse & non-recourse), and Mezz lenders
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
Website Link :
https://skyeresidences.com/
https://skyeresidences.com/about-us/
https://skyeresidences.com/gallery/
https://skyeresidences.com/rooms/
https://skyeresidences.com/near-by-attractions/
https://skyeresidences.com/commute/
https://skyeresidences.com/contact/
https://skyeresidences.com/queen-suite-with-sofa-bed/
https://skyeresidences.com/queen-suite-with-sofa-bed-and-balcony/
https://skyeresidences.com/queen-suite-with-sofa-bed-accessible/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-king-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed-accessible/
#Skye Residences Etobicoke, #Skye Residences Near Toronto Airport, #Skye Residences Toronto, #Skye Hotel Toronto, #Skye Hotel Near Toronto Airport, #Hotel Near Toronto Airport, #Near Toronto Airport Accommodation, #Suites Near Toronto Airport, #Etobicoke Suites Near Airport, #Hotel Near Toronto Pearson International Airport, #Toronto Airport Suite Rentals, #Pearson Airport Hotel Suites
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Search Disrupted Google’s Leaked Documents Rock the SEO World.pdf
At-the-Market Offering – A Guide for US-Listed Israeli Companies
1. WELCOME TO OUR WEBINAR
Tuesday, March 23, 2010
4:00 p.m. Israel Time / 2:00 p.m. GMT / 10:00 a.m. ET
Presented by:
If you cannot hear us speaking, please make sure you have called into the teleconference
number on your invite information.
US participants: 800 768 3350
Outside the US: 212 231 2909 or +44 647 722 6865
The audio portion is available via conference call. It is not broadcast through your computer.
*This webinar is offered for informational purposes only, and the content should NOT be construed as legal advice on any matter.
2. Introduction
CURRENTLY SPEAKING
Introduction of Panelists
Dean Colucci
Partner
DLA Piper Jeff Lumby Joshua Feldman Daniel Goldberg James Seery Nir Weissberger Guy Hadar
Sr. Managing Director Director Partner Partner Partner Attorney
Cantor Fitzgerald Cantor Fitzgerald DLA Piper DLA Piper Eitan-Mehulal Eitan-Mehulal
Overview of At-the-Market Offerings
Mechanics of ATM Execution
US Law and the Legal Mechanics of Structuring a Deal
Israeli Law Issues Related to ATM Issuance in US
Questions and Answers
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 9, 2010 2
3. What Is An ATM Offering?
ATMs enable public companies listed on a U.S. Exchange (NYSE, AMEX,
NASDAQ) to sell to the public periodically during the term of the offering,
through a broker-dealer, registered common or preferred shares in amounts
and at times of the issuer’s choosing
The shares are sold at the then prevailing “market price” to “natural interest”
in the market – thus the name “At-the-Market” offering
Employed by public companies eligible to issue securities using either Form
S-3 under Rule 415 of the Securities Act of 1933 (“Securities Act”) or Form F-
3 (as employed by Foreign Private Issuers)
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 3
4. At-the-Market Offerings (ATMs)
ATM programs with a value in excess of $40 billion have been implemented
since 2001 with programs put in place in 2009 exceeding $22 billion in value
(value calculated at time of filing)
Issuers from a wide variety of industries including:
Airlines
Banking and financial services
Biotech and life sciences
Energy and utilities
Natural resources
Real estate and real estate investment trusts
Technology
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 4
5. Overview of the Controlled Equity OfferingSM
Cantor’s ATM product, the Controlled Equity OfferingSM (CEOSM) Program, is a
flexible equity offering vehicle that gives its clients the ability to sell shares from
time-to-time by discreetly feeding demand in market neutral transactions
Cost efficient, low-profile financing option for companies to raise capital over
time
Enables issuers to raise equity when needed and to match the sources and
uses of funds
Minimizes underwriting costs – transaction costs range from 2 to 5% depending
on market cap of issuer and size of transaction, but if Cantor exceeds the
volume weighted average price of the security being issued (VWAP) over the
execution period authorized by client, the all-in-cost of issuance is significantly
reduced and dilution minimized
Leverages Cantor’s position and trading expertise as the dominant third market
trading firm
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 5
6. Cantor Fitzgerald and ATMs
Cantor Fitzgerald created one of the first ATM programs available to public companies
and Cantor remains the leader in ATM offerings
Cantor has executed far more ATM offerings than any other broker-dealer since 2001
(including 20 programs in 2009)
Senior-level “dedicated” execution team has been active in ATM transactions since
2001 – skilled in accessing all liquidity pools and executing both anonymously and
efficiently
90 83
$10,053
80 $10,000
70
60
Number of Transactions $8,000 Value of Transactions
50 $6,000 $5,235
$5,005
40 30
28 $3,675
30 20
$4,000 $3,256 $3,063
19 17
20 14 $2,136
11 11 $1,351 $1,335
$2,000
10
0 $0
Cantor BofA / UBS BoNY / Brinson Morgan JP Goldman Citi Cantor Morgan BofA / UBS Goldman BoNY / JP Credit Citi
Fitzgerald Merrill Mellon Patrick Stanley Morgan Sachs Fitzgerald Stanley Merrill Sachs Mellon Morgan Suisse
Lynch Lynch*
Source: Dealogic as of December 31, 2009 and CF&Co. Internal *Does not include ATM done to raise its own capital
Data Note: Value of transactions determined by value at filing / ATM
Value Limit
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 6
7. Benefits of ATM Offerings
Event Driven
Continuous Capital
Need
Balance Sheet
Strength
Increased Liquidity
Cost of Capital
Flexibility & Control
Anonymity
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 7
8. Benefits of ATMs and the Cantor CEOSM
Flexibility & Control: Ability to execute on natural demand when there is a need, number of shares
and minimum price. Can change instruction as often as desired.
Sales are only made per the company’s specific instructions
Client parameters include size, price, and type of execution
Sales can be initiated, halted, or changed at any time
Efficiency: Able to match uses and sources better than traditional offerings
Superior Distribution: Traded over 108 billion shares globally last year. Highest crossing ratio.
Ability to trade anonymously away from the primary exchange.
Lower Cost of Capital: No market discount, no warrant coverage, lower underwriter compensation
Ability to Monitor Progress: Sales price versus VWAP over time period in which Cantor is
authorized to execute
Anonymity: Sales are made completely anonymously and execution anonymity ensures that the
market will not be aware when or if sales are made through the ATM structure
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 8
9. Cantor Advantage
At Cantor Fitzgerald, orders are executed by dedicated ATM capital
markets traders who are entirely focused on issuers
Information flows only one way from Cantor’s 15 trading floors to the
ATM capital markets traders. Even internally at Cantor, the ATM capital
markets trader’s execution remains anonymous.
While a majority of all sales are made anonymously at-the-market, the
ATM structure provides the flexibility to execute negotiated block
transactions
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 9
10. Lower “All-in-Cost”
ATMs and Cantor’s CEOSM product allows companies to raise money without sacrificing
price-stability, and at less of a cost than follow-on offerings, registered directs or PIPEs
For PIPEs/registered
directs announced YTD,
the all-in cost of capital
is near 20% when
taking into account the
20%+
underwriter fee, market
discount and warrant 15%+
coverage 15%
Non-CEO deals
traditionally observe a
negative impact on their
stock price going into
the transaction as well
as post-announcement
Cantor’s underwriting
fee is typically 2-5%,
and historically Cantor
has beat the VWAP
when placing shares.
CEO deals traditionally
do not experience any
significant price impact.
Source: Capital IQ
Note: Financings include deals with transactions over $10m and under $150m. Market discount based on the closing price one day prior to announcement.
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 10
11. Who Is Eligible for ATMs?
Companies listed on a US Exchange (NASDAQ, AMEX, NYSE) that are
eligible to file either Form F-3 or Form S-3 Shelf Registration Statements
under Rule 415 of the Securities Act
This includes Israeli companies whether or not dually listed on the Tel-Aviv
Stock Exchange
Form F-3/S-3 eligibility requirements for issuers with a public float of greater
than $75 million:
Securities registered under Section 12 of Securities Exchange Act of 1934
(“Exchange Act”) are required to file reports under Section 15(d) of Exchange Act
Timely file all Exchange Act reports during the 12 months preceding the later of the
filing of the F-3/S-3 or the 10-K/20-F
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 11
12. Who Is Eligible for ATMs?
Form F-3/S-3 eligibility requirements for issuers with a public float of less than
$75 million:
The requirement for issuers with a public float of greater than $75 million and
The issuer must have a class of common equity securities listed and registered on a
US national securities exchange
The issuer must not have been a shell company for a minimum of 12 months prior to
the filing of the F-3/S-3
Issuers with a public float of less than $75 million may not sell more than 1/3
of its public float under an F-3/S-3 over a period of 12 months including the
ATM and any other shelf takedowns
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 12
13. US Legal Documentation for ATMs
Effective form F-3/S-3
Prospectus supplement – filed pursuant to Rule 424(b)(2) or 424(b)(5) of the
Securities Act
Sales agreement or equity distribution agreement – similar in form and
substance to typical underwriting agreement
Filed with SEC on Form 6-K or Form 8-K at execution
Stays in place for as long as there is unsold stock
The issuer has ongoing obligations throughout the term of the agreement
including:
Quarterly negative assurance letters from the issuer’s counsel
Quarterly comfort letters from the issuer’s auditors
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 13
14. Israeli Legal and Regulatory Considerations
Israeli Securities Law – 1968; Securities regulations
Israeli securities laws and regulations will apply to ATM offerings of Israeli
companies
ATM offerings can be structured to be exempt from the prospectus requirements
under Israeli law including the need for a permit from the Israeli Securities Authority
Similarly, ATM offerings of non-dually listed companies can be structured to
minimize applicability of on-going reporting requirements under Israeli Securities
laws and regulations while dually listed companies will remain subject to certain
reporting requirements under Israeli Securities laws and regulations
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 14
15. Israeli Legal and Regulatory Considerations
Israeli Companies Law–1999; Companies regulations
Corporate issues will also be governed by Israeli corporate laws and
regulations
Including procedures for approval of the ATM, issuance of the offered
securities and related matters
Tel-Aviv Stock Exchange Rules and Regulations
Will apply to dually listed companies (traded on a US Exchange as well as on
the Tel-Aviv Stock Exchange)
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 15
16. Israeli Legal and Regulatory Considerations
OCS / Investment Center
Approvals of / notices to the Office of the Chief Scientist of the Israeli Ministry of
Industry and Trade, Israeli Investment Center may be applicable
Other specific requirements may be applicable
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 16
17. Israeli Documentation Considerations
Israeli issues in offering documents
Updated Israeli matters addressed in F-3 / 20-F / Prospectus Supplement
Including ‘Risk Factors – Risks Related to Operations in Israel’, ‘Information on the
Company’, ‘Directors, Senior Management and Employees’, ‘Major Shareholders
and Related Party Transactions’, ‘Description of securities’, ‘Taxation – Israeli
Taxation’
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 17
18. Compugen Case Study
Price/Volume Chart 30,000,000
Historical Trading Analysis
5.00 At Conclusion of
ANNOUNCES COMPLETION OF CEO
PROGRAM 25,000,000 At Filing ATM Program
DISCOVERS DRUG TARGET FOR TREATMENT OF
4.00 EPITHELIAL TUMORS
Oct. 30, 2009 Dec. 29, 2009
“DISCOVERY ON DEMAND” THERAPEUTIC PEPTIDE 20,000,000
Stock Price 2.56 4.62
COLLABORATION WITH PFIZER
3.00
52-Week High 3.37 5.86
15 , 0 0 0 , 0 0 0
52-Week Low 0.34 0.34
2.00
Shares Outstanding (mm) 29.1m 33.2m
10 , 0 0 0 , 0 0 0
Market Capitalization ($mm) 73 132
1
Daily Share Volume 85,000 1,635,000
1. 0 0
5,000,000
1
Volume Price Average Price 2.87 3.01
1
$Volume/Day (mm) 0.24 4.93
0.00 0 1
Trailing 60-days
Mar-09Mar-09 Apr-09 Jun-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09Dec-09 Jan-10
Source: CapitalIQ
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 18
19. Compugen Case Study – Lessons Learned
Compugen filed a CEO at a time when they needed to raise a small amount of
capital to continue to have 12+ months or more of cash
Their stock price was not at an attractive price, their volume was down and most
traditional deals would have required warrants and a significant discount
As of a result of Compugen’s low volume there was pent up demand for their
shares. When Compugen began utilizing the CEO program, we witnessed a
meaningful increase in aggregate volume.
As a result of a number of key catalysts including a deal with Pfizer, Compugen’s
share price and volume skyrocketed and they were able to take advantage of this
through the CEO
Compugen was selected as one of the Top 5 best performing biotech stocks in
2009 by TheStreet.com
BOTTOM LINE: Compugen raised money at very attractive prices with zero
warrant coverage, minimal management time, and they significantly
increased the liquidity in their stock
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 19
20. Distinctions Between ATM and
Other Equity Offerings
Equity lines of credit, registered directs, and PIPEs are more dilutive, typically
require warrant coverage, and incur much higher all-in transaction costs than
ATMs
There is generally no lock-up period under US law during the term of the
agreement and the issuer is free to pursue a traditional follow-on if business
or market conditions merit
Equity issuances are disclosed at the end of each quarter in the issuer’s
periodic reports under the Exchange Act
For NASDAQ Issuers, ATM programs (unlike PIPES, equity lines and certain
registered direct offerings) are considered “Public Offerings” under NASDAQ
Rule 5635 – shareholder approval is NOT required under US laws if the
issuer desires to issue more than 20% of its common stock or voting
securities through an ATM offering
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 20
21. What the Research Analysts Are Saying...
The [Cantor] continuous offering allows companies to raise very low cost capital, while also having control over the
timing and size of the offering, as well as selectively expand their institutional ownership. We believe this is a very
intelligent source of capital with minimum disruption.
Wachovia
From an issuer’s perspective, this program [CEOSM] has several advantages in our view. First, management of the
issuer does not need to conduct time consuming road shows. Second, the issuer does not face the risk of seeing its
stock price drop in the market between the time of announcement and pricing. Thus, the cost of issuing equity in this
manner is meaningfully more affordable than the traditional bulk sale method.
Bank of America
The company entered into agreement with Cantor Fitzgerald to sell up to two million shares of beneficial interest...We
believe that this is an efficient way to raise capital and fits the company's matching funds strategy. We do not expect the
company to utilize this capital until later in the year.
Stifel, Nicolaus & Company
We remind investors that the controlled equity offering (CEO) program allows companies to issue equity in small,
periodic increments. CEOs are usually done to manage capital needs and raise capital in an optimal fashion, with
periodic increments that may not cause as much pressure on a stock as a single large equity offering might. Further,
CEOs have lower underwriting fees. The prospectus indicates that [The Company] will be paying a 2% gross fee -
materially lower than the 4.5% underwriter's fee paid by [other companies] in recent secondary offerings.
Macquarie
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 21
22. Select ATM Transactions
$105,000,000 $72,000,000 $15,000,000 $175,000,000 $125,000,000 $175,000,000 $20,000,000 $75,000,000 $142,500,000 $155,000,000
Nationwide FAMCO/Claymore Nationwide
Health Props. Opportunity Fund Health Props.
Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering
February 2010 February 2010 January 2010 January 2010 November 2009 November 2009 October 2009 October 2009 October 2009 August 2009
$35,000,000 $30,000,000 $75,000,000 $45,000,000 $30,000,000 $54,600,000 $31,800,000 $475,000,000 $37,400,000 $23,500,000
Tortoise Energy
Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering
July 2009 July 2009 July 2009 June 2009 June 2009 June 2009 May 2009 May 2009 April 2009 April 2009
$21,000,000 $24,000,000 $130,000,000 $60,000,000 $20,000,000 $226,000,000 $24,000,000 $500,000,000 $80,000,000 $13,000,000
Ramco Nationwide
Dynex Capital Gershenson Health Props. DryShips
Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering
March 2009 January 2009 January 2009 January 2009 December 2008 December 2008 November 2008 November 2008 July 2008 July 2008
$100,000,000 $170,000,000 $425,000,000 $114,000,000 $20,000,000 $155,000,000 $720,000,000 $150,000,000 $21,000,000 $42,000,000
Nationwide
Ocean Freight Anworth DryShips Health Props. DryShips Anworth Education Realty
Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering
June 2008 May 2008 March 2008 January 2008 January 2008 December 2007 October 2007 July 2007 May 2007 May 2007
$160,000,000 $24,000,000 $260,000,000 $975,000,000 $250,000,000 $25,000,000 $125,000,000 $25,000,000 $80,000,000 $140,000,000
Nationwide Cedar Shopping Nationwide
Health Props. HRPT Props. Centers Health Props.
Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering
May 2007 April 2007 March 2007 March 2007 December 2006 December 2006 November 2006 October 2006 September 2006 September 2006
$95,000,000 $30,000,000 $200,000,000 $50,000,000 $305,000,000 $26,500,000 $110,000,000 $425,000,000 $25,000,000 $230,000,000
Nationwide
DryShips Valence Health Props.
Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering
July 2006 June 2006 May 2006 May 2006 April 2006 April 2006 January 2006 July 2005 May 2005 November 2004
$146,000,000 $70,000,000 $260,000,000 $50,000,000 $210,000,000 $60,000,000 $80,000,000 $75,000,000 $50,000,000 $80,000,000
Anworth Anworth
Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering Continuous Offering
August 2004 August 2004 July 2004 May 2004 April 2004 November 2003 July 2003 April 2003 January 2003 August 2002
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 22
23. Contact Us
Dean Colucci Jeff Lumby Joshua Feldman Nir Weissberger
Partner, DLA Piper Sr.Managing Director, Cantor Fitzgerald Director, Cantor Fitzgerald Partner, Eitan-Mehulal
+1 212 335 4794 +1 212 829 4717 +1 212 829 4846 +972 9 9726090
dean.colucci@dlapiper.com jlumby@cantor.com jfeldman@cantor.com nirw@em-lg.com
Guy Hadar James Seery
Daniel Goldberg
Attorney, Eitan-Mehulal Partner, DLA Piper
Partner, DLA Piper
+972 9 9726059 +1 212 335 4830
+1 212 335 4966
guyh@em-lg.com james.seery@dlapiper.com
daniel.i.goldberg@dlapiper.com
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 23
24. About Cantor Fitzgerald
COMMERCIAL BULGE BRACKET
REAL ESTATE CAPABILITIES
Commercial Real Estate
Major global player
Lending, Investment,
Advisory, Asset One of the largest sales
Management and DEBT CAPITAL EQUITY forces in the industry:
INVESTMENT
Investment Banking MARKETS & CAPITAL over 280 global
BANKING institutional sales and
Experienced team of FOREX MARKETS trading professionals
senior managers with 80
years of combined Credit Securities Equity & Debt Daily coverage of over
In 2008, traded over
experience (IG, HY Corp., Hybrids) Origination 5,000 institutional clients
108bn shares with
around the globe
The team has facilitated Mortgage Securities approximately $1 trillion Financial Advisory
over $160 billion debt (CMOs, ABS, CMBS) in value (including M&A and Focus on smaller cap
transactions and over restructurings) stocks
Repos/Securities Lending Top ranked execution in
$40 billion public and Market Leader in
both illiquid and difficult Merchant Banking
private REIT Interest Rate Products Controlled Equity
trades
transactions IPO, Follow-On & Offerings
Agencies (FNMA, FHLB,
Known for cross-trading Controlled Equity
FFCB, TVA, SLMA, SBAs)
and block trading Offerings
abilities
FIRM OVERVIEW
Founded in 1945 Cantor Fitzgerald, L.P. is a global financial services firm with a leading position in the fixed income and institutional
equity markets
One of only 18 primary dealers permitted to trade U.S. Government securities directly with the Federal Reserve Bank
Headquartered in: New York City; worldwide presence, including Europe, India & China/APAC
Private Partnership; over 3,700 employees worldwide—rapid and profitable recovery after 9/11
Industry-recognized execution capabilities - Traded 100 billion equity shares in 2008 – over $1.1 trillion in value
Trade over 7,700 Listed NYSE, NASDAQ & AMEX securities as well as OTCBB and Pink Sheet securities
Market Maker in over 4,600 securities , ensuring 3rd market liquidity, a vital part to the success of thinly traded middle market companies
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 24
25. About DLA Piper
THE FIRM
More than 3,500 lawyers in
67offices and 29 countries
The US practice includes
approximately 1,300 lawyers
In Europe and Asia, the firm
has approximately 2,200
lawyers
The largest law firm in the
world by number of lawyers
and the only firm in the world
with more than 1,000 lawyers
on each side of the Atlantic
OUR CLIENTS
We represent half of the
FTSE 250 or their subsidiaries
and more than 140 of the top
250 companies in the Fortune
500
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 25
26. About Eitan - Mehulal
Combining a distinctive interdisciplinary approach
the Eitan-Mehulal Law Group’s expertise spans
across multiple industries and jurisdictions,
supporting the global legal interests and worldwide
needs of our Israeli clients as well as those of
our foreign clients in Israel.
Corporate Securities Financing Technology law
Taxation Litigation Bankruptcy Labor law
Real Estate Intellectual Property
Representative Clients
Microsoft, Merck, Nike, Seiko, Iscar, Blades Technologies, Shamir Optical, Keter Plastic, CaesarStone,
Oil Refineries, Klil Industries, Saifun, Marvel, HP, Agilent, Apple, Google, Bank Hapoalim, Union Bank,
Nikon, Albemarle, Vertex, Walden, Giza, Medica, Formula, Castro, Bird & Bird
At-the-Market Offering – A Guide for US-Listed Israeli Companies March 23, 2010 26