The world is changing! Over the last several years, Environmental, Social and Governance (ESG) criteria have been an emerging focus in the investing world, primarily driven by equity investors where it can be harder for a company raising funds to correlate capital costs with ESG impact. Last month, multinational food-products giant Danone Group and its bank group, led by BNP Paribas, redefined the ESG landscape with a credit facility that is said to directly link borrowing rates to “verified positive impact on the word.”
In this four-part series, we revisit 2017’s biggest developments in Energy & Sustainability-related news, milestones, policy changes, and financial transactions. This is the fourth installment of the series. Click to read Part 1, Part 2, and Part 3. Continue Reading Energy & Sustainability 2017 Year in Review: Notable Deals and Financial Activities (Part 4 of 4)
If you are a year-end U.S. public company, your second fiscal quarter has recently come to an end, which means that it’s time to calculate your public float to see if your reporting status has changed. Here are a few things to remember. Continue Reading U.S. Public Companies: Calculating Your Public Float – What You Need to Know
The last twelve months have seen strong levels of M&A activity in the U.S. energy tech and renewables sector. As this trend continues, we want to share a recent update on the increased use of representations and warranties insurance in M&A deals that our Private Equity Practice wrote. To learn more about the use of R/W insurance in M&A transactions, read on!
President Obama signed into law the Fixing America’s Surface Transportation Act (the “FAST Act”) on December 4, 2015 to address the nation’s infrastructure challenges. However, the FAST Act also made notable changes to the Securities Act of 1933 (the “Securities Act”), including by adding a new statutory exemption – Section 4(a)(7) – which permits private resales of restricted securities under certain circumstances.
The new Section 4(a)(7) feels a lot like the uncodified “Section 4(a)(1½)”, which practitioners have relied upon for resales of securities by any person other than the issuer, underwriter or dealer. However, the new Section 4(a)(7) includes a few significant distinctions, including issuer information requirements and elimination of most holding periods. To learn more about Section 4(a)(7) and its potential impact on the secondary markets in private securities, read the latest Venture Capital and Emerging Companies Alert.
Mintz Levin’s own Paul Dickerson was quoted in a Law360 article published last week regarding the past year’s M&A developments in the energy industry. The article, entitled “5 Energy M&A Trends Amid 2015 Oil Price Slump,” explores how the extremely low price of oil has impacted industry players’ approach to energy transactions, with Paul providing his assessment of the lack of private equity action in the distressed energy sector. For a brief overview of his comments, along with more information about the article, read on!
Last Wednesday UPS agreed to purchase up to 46 million gallons of renewable diesel over the course of the next three years from the energy companies Neste, Renewable Energy Group, and Solazyme. The agreement is the centerpiece of a plan to displace 12 percent of the petroleum-based fuels in UPS’s ground fleet by 2017 – a significant next step in what is fast becoming a trend of corporate investment in biofuels and other renewable forms of energy. Read on for more on the UPS deal and the growing trend it embodies.
If you have an idea for the next great company, but can’t quite figure out how to communicate it, listen up! On Thursday, May 7th at 5pm, Mintz Levin is hosting a panel discussion on how emerging companies can craft compelling stories that hook consumers and investors. Chuck Goldstone, Executive Director at the New Venture Institute, and Mintz Levin’s own Scott Samuels will examine the art and the underlying science of persuasive communications, dispel myths about the pitch presentation, and provide best practices for the most successful start-ups.
Developing an engaging pitch that is clear and memorable is essential to separating your start up from the rest of the competitive landscape. Register by May 1st for this information packed evening at the Venture Café at CIC Cambridge.
The value of a company’s NOL carryforward may be one of its most valuable assets, particularly for energy technology companies that have funded long and expensive development cycles to get to market.
Matthew Gardella, a member in Mintz Levin’s corporate and securities section, was recently featured on DealLawyers.com on preserving a company’s Net Operating Loss Carryforward. The potential to lose the benefits of NOLs due to changes in shareholder base can be a particular concern for publicly-traded companies, whose ownership base is inherently fluid. In 2014, the number of companies adopting NOL Rights Plans hit a three-year high. Read more from Matt’s article at DealLawyers.com
In this quarter’s Cleantech Law Alert from CleanEdge, Sahir Surmeli takes a deep look at the Initial Public Offering statistics for Cleantech and Renewable companies in 2014. Last year was the most active year for IPOs in the United States since 2000, with an astounding 275 IPOs completed in 2014. Sahir explores what this activity means for emerging clean technology and renewable energy companies that might be looking to the capital markets. As he reveals, there were nine cleantech/renewables IPOs in 2014, two more than the year before. However, in both years, these numbers represented a relatively small percentage of total IPOs and still have not matched the activity in the more traditional energy and oil & gas sector. To read Sahir’s full piece, please find his article here.
This article was originally published in the CleanEdge Quarterly Clean-Tech Law Alert.