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New York Venture Hub

Legal & Business Issues Facing Entrepreneurs and Investors

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4(a)(1-1/2)

Good Choice: Important Capital Formation Reforms in Financial CHOICE Act of 2017 Passed by HouseNew Investor Exit Strategy Buried in Highway Bill

accelerated filer

"Third Time's a Charm": House Adopts JOBS Act 3.0 to Fix Earlier Capital Raising Reform EffortsSEC Expands Eligibility for Scaled Disclosure; Signals Possible Auditor Attestation Relief

accredited investors

Pitch Perfect: Demo Days, General Solicitation and the HALOS Act of 2025(Minimum Investment) Size Matters, When it Comes to Rule 506(c) Verification

acquisitions

Too Big to Waive?  Enforceability of Drag-Along Covenants Not-to-Sue“So What?”:  Twitter Resists Merger Agreement Termination by Invoking Musk’s Unclean Hands

advertising

(Minimum Investment) Size Matters, When it Comes to Rule 506(c) VerificationSecurities Safety Check for New TV Series "Unicorn Hunters"

affiliate

Push to Facilitate Liquidity in Private CompaniesNo Satisfaction: Absence of Affiliation Rule Waiver Leaves Most Venture-Backed Companies Ineligible for Paycheck Protection Plan Loans

Affiliation Rules

No Satisfaction: Absence of Affiliation Rule Waiver Leaves Most Venture-Backed Companies Ineligible for Paycheck Protection Plan Loans

AI

From Algorithms to Altruism: Risks and Rewards of xAI's Benefit Corporation Strategy

airdrop

"No Good Deed": Free Tokens Issued in Airdrops, Bounty Programs Likely Violate Securities Laws

angel investing

Beyond the Discount: Why Maturity Terms Matter in Convertible NotesPlanting Seeds:  New Standard Convertible Note Could Disrupt Angel Investing

anti-dilution

“Whoever has the Gold, (Once Again) Makes the Rules”: VC Deal Terms Likely to be More Investor FavorableThe Upshot of Down Rounds

artificial intelligence

From Algorithms to Altruism: Risks and Rewards of xAI's Benefit Corporation Strategy

attestation

In my Backyard: Real Estate Developers can Use Equity Crowdfunding both to Fund Projects and Convert OppositionSEC Expands Eligibility for Scaled Disclosure; Signals Possible Auditor Attestation Relief

bad actor

Significant Exempt Offering Rule Reforms Approved by SEC to Facilitate Capital FormationWhat to Make of SEC Leniency in Block.one ICO Settlement?

beneficial ownership

Corporate Transparency Act Risks for Startups and Venture-Backed CompaniesPassive Aggressive: Unpacking Elon Musk’s Beneficial Ownership Filings Regarding Twitter, Inc.

bitcoin

First Ever SEC Registered Digital Token IPO May Bring Clarity to Blockchain Asset IndustrySEC vs. Ripple Could Make Waves in Cryptocurrency Market

blockchain

Crypto Reform Goes to Congress: Proposed Three-Year Safe Harbor for Distribution of Pre-“Network Maturity” Digital TokensFirst Ever SEC Registered Digital Token IPO May Bring Clarity to Blockchain Asset Industry

blue sky

Exempt Offering Amendments Deeper Dive, Part One: Higher Offering CapsSEC Reporting Companies Soon to be Regulation A+ Eligible

board approval

“Draft Dodging”:  Approving “Nearly Final” Merger Agreement Becomes Dangerous in Delaware

board of directors

From Algorithms to Altruism: Risks and Rewards of xAI's Benefit Corporation StrategyStockholders’ Agreements for Startups: When to Sign, When to Skip

books and records

DExit Strategy: Delaware's Books and Records Reset

bounty program

"No Good Deed": Free Tokens Issued in Airdrops, Bounty Programs Likely Violate Securities Laws

breakup fee

Inside the Merger Agreement between Elon Musk and Twitter

broker

Middle Market M&A Brokers Get ReliefSEC Proposes Much Needed Finder Exemption, and Paul Anka Must Be Singing

broker-dealer

Making Finders Keepers:  Unregistered Broker-Dealers and the Need for ReformMiddle Market M&A Brokers Get Relief

business combination

Comments from the SEC(nut) Gallery: SEC Comment Letters Focus on SPAC Conflicts of Interest

business judgment rule

Out of Control!  What the Elon Musk Compensation Case Reminds Us about Transactions with Controlling StockholdersManagement and Common Stockholder Resistance to Acquisitions, and Using Carve-Outs to Overcome It

cap table

Cap Table Confidential: Should Startup Employees Get a Peek?

Capital Markets Reform

Pitch Perfect: Demo Days, General Solicitation and the HALOS Act of 2025(Minimum Investment) Size Matters, When it Comes to Rule 506(c) Verification

Capital Raising

Pitch Perfect: Demo Days, General Solicitation and the HALOS Act of 2025(Minimum Investment) Size Matters, When it Comes to Rule 506(c) Verification

capitalization

Cap Table Confidential: Should Startup Employees Get a Peek?

carve-out plan

Management and Common Stockholder Resistance to Acquisitions, and Using Carve-Outs to Overcome It

class structure

Management and Common Stockholder Resistance to Acquisitions, and Using Carve-Outs to Overcome ItPower Lyfting: Lyft IPO is Latest in Trend Giving Founders Disproportionate Voting Power

compensatory equity

Cap Table Confidential: Should Startup Employees Get a Peek?Restoring Incentives of Underwater Stock Options

concept release

Significant Exempt Offering Rule Reforms Approved by SEC to Facilitate Capital FormationSEC Exempt Offering Concept Release Seeks Comment on Ideas to Ease Restrictions on Sales to Non-Accredited Investors

conditions to closing

“So What?”:  Twitter Resists Merger Agreement Termination by Invoking Musk’s Unclean HandsMay Elon Musk Terminate his Merger Agreement with Twitter over Spambots?

conflicts of interest

Comments from the SEC(nut) Gallery: SEC Comment Letters Focus on SPAC Conflicts of Interest

control

Out of Control!  What the Elon Musk Compensation Case Reminds Us about Transactions with Controlling StockholdersCorporate Transparency Act Risks for Startups and Venture-Backed Companies

convertible

Corporate Transparency Act Risks for Startups and Venture-Backed CompaniesWhat Can't be Cured, Must be Endured: Delaware Limits Defective Corporate Act Ratification

convertible note

Beyond the Discount: Why Maturity Terms Matter in Convertible NotesPlanting Seeds:  New Standard Convertible Note Could Disrupt Angel Investing

Cornell

“Birthing a Unicorn is Hard” and other Takeaways from the 2014 Cornell Entrepreneurship Summit

Cornell Tech

Cornell Tech Dedicates New Roosevelt Island Campus

Coronavirus

The Upshot of Down RoundsRestoring Incentives of Underwater Stock Options

corporate governance

Stay in Your Lane! Delaware Court Invalidates Stockholder Agreement Provisions that Encroach on Board Authority

Corporate Transparency Act

Corporate Transparency Act Risks for Startups and Venture-Backed Companies

corporate VC

How Corporate Venture Capital Differs

covenants

“So What?”:  Twitter Resists Merger Agreement Termination by Invoking Musk’s Unclean HandsMay Elon Musk Terminate his Merger Agreement with Twitter over Spambots?

COVID-19

Inside the Merger Agreement between Elon Musk and TwitterCourse Correction:  Why "Ordinary Course" Covenants in Acquisition Agreements Should be Drafted Carefully

cram down

“Whoever has the Gold, (Once Again) Makes the Rules”: VC Deal Terms Likely to be More Investor Favorable

Crowdfunding

Revenue Participation Rights as a Crowdfunding Instrument AlternativeSecurities Safety Check for New TV Series "Unicorn Hunters"

cryptocurrency

Crypto Collectibles: Meme Coins Deemed Not Securities by SEC StaffFTX, Sam Bankman-Fried and the Risk of Unchecked Founder Control

de-SPAC

Comments from the SEC(nut) Gallery: SEC Comment Letters Focus on SPAC Conflicts of Interest

decentralized

Crypto Reform Goes to Congress: Proposed Three-Year Safe Harbor for Distribution of Pre-“Network Maturity” Digital TokensSEC vs. Ripple Could Make Waves in Cryptocurrency Market

decimalization

Power Lyfting: Lyft IPO is Latest in Trend Giving Founders Disproportionate Voting Power"Third Time's a Charm": House Adopts JOBS Act 3.0 to Fix Earlier Capital Raising Reform Efforts

defective corporate act

What Can't be Cured, Must be Endured: Delaware Limits Defective Corporate Act Ratification

Delaware

The Forfeited Equity Trap: Why Your Non-Compete Might Be WorthlessDExit Strategy: Delaware's Books and Records Reset

demo day

Pitch Perfect: Demo Days, General Solicitation and the HALOS Act of 2025Why Private Capital and Crowdfunding Markets Should be Nervous about President Biden’s Regulatory Freeze

digital assets

Crypto Collectibles: Meme Coins Deemed Not Securities by SEC StaffSEC’s First Two NFT Enforcement Actions Cast Shadow of Ambiguity

digital token

Crypto Collectibles: Meme Coins Deemed Not Securities by SEC StaffParting the Crypto Sea:  Ripple’s XRP Ruled to be a Security When Sold to Private Investors, But Not When Sold on an Exchange

dilution

Cap Table Confidential: Should Startup Employees Get a Peek?Bumpy Ride Ahead for Startups After Silicon Valley Bank Crash

directors

Stockholders’ Agreements for Startups: When to Sign, When to SkipStay in Your Lane! Delaware Court Invalidates Stockholder Agreement Provisions that Encroach on Board Authority

disclosure

Out of Control!  What the Elon Musk Compensation Case Reminds Us about Transactions with Controlling StockholdersIn my Backyard: Real Estate Developers can Use Equity Crowdfunding both to Fund Projects and Convert Opposition

Dodd Frank

Proposed Reform of Venture Capital Fund Advisor Exemption Will Boost Startup Investment and Founder Liquidity

down round

Navigating the Downside: The Rise of Down Rounds in 2024 VC DealsBumpy Ride Ahead for Startups After Silicon Valley Bank Crash

drag-along

Too Big to Waive?  Enforceability of Drag-Along Covenants Not-to-Sue

dual-class

Power Lyfting: Lyft IPO is Latest in Trend Giving Founders Disproportionate Voting Power

due diligence

“Do Your Homework!”: SEC Order Sends Strong Message to SPAC Participants on Due Diligence

Elon Musk

From Algorithms to Altruism: Risks and Rewards of xAI's Benefit Corporation Strategy“So What?”:  Twitter Resists Merger Agreement Termination by Invoking Musk’s Unclean Hands

emerging growth company

SEC Reporting Companies Now Regulation A+ Eligible"Third Time's a Charm": House Adopts JOBS Act 3.0 to Fix Earlier Capital Raising Reform Efforts

entire fairness

Out of Control!  What the Elon Musk Compensation Case Reminds Us about Transactions with Controlling Stockholders

Entrepreneurship

Cornell Tech Dedicates New Roosevelt Island CampusThe JOBS Act at Five: Congressional Hearing Highlights Need for Further Reform

equity

What Can't be Cured, Must be Endured: Delaware Limits Defective Corporate Act RatificationIrredeemable: Delaware Case Will Make Redemption Rights Tougher to Enforce

equity incentive plan

Restoring Incentives of Underwater Stock Options

ether

SEC’s First Two NFT Enforcement Actions Cast Shadow of AmbiguitySEC vs. Ripple Could Make Waves in Cryptocurrency Market

Ethereum

SEC’s First Two NFT Enforcement Actions Cast Shadow of AmbiguityFirst Ever SEC Registered Digital Token IPO May Bring Clarity to Blockchain Asset Industry

exit

Too Big to Waive?  Enforceability of Drag-Along Covenants Not-to-SueIt's (Mostly) Good to be the Serial Entrepreneur

exit strategy

Too Big to Waive?  Enforceability of Drag-Along Covenants Not-to-SuePush to Facilitate Liquidity in Private Companies

exit strategy; resale exemption; 4(a)(1-1/2)

Good Choice: Important Capital Formation Reforms in Financial CHOICE Act of 2017 Passed by House2016 Trends in Convertible Note Deal Terms

FAST Act

SEC Exempt Offering Concept Release Seeks Comment on Ideas to Ease Restrictions on Sales to Non-Accredited InvestorsNew Investor Exit Strategy Buried in Highway Bill

Federal

Trick or Treat? SEC Adopts Controversial Crowdfunding Rules“It’s Complicated”: Establishing “Preexisting Relationships” with Prospective Investors

Federal Trade Commission

FTC Ban on Non-Competes: Throwing the Baby Out with the BathwaterRIP Non-Competes?

fiduciary duties

From Algorithms to Altruism: Risks and Rewards of xAI's Benefit Corporation StrategyManagement and Common Stockholder Resistance to Acquisitions, and Using Carve-Outs to Overcome It

Financial Choice Act of 2017

Do Private Company M&A Intermediaries Need to Register with the SEC as Broker-Dealers?

financial statements

Founder Fraud Case Study: Roundtrip Contracts and Other Revenue Recognition Schemes

finder

Making Finders Keepers:  Unregistered Broker-Dealers and the Need for ReformWhy Private Capital and Crowdfunding Markets Should be Nervous about President Biden’s Regulatory Freeze

Fix Crowdfunding Act

Good Choice: Important Capital Formation Reforms in Financial CHOICE Act of 2017 Passed by HouseThe JOBS Act at Five: Congressional Hearing Highlights Need for Further Reform

forfeiture

The Forfeited Equity Trap: Why Your Non-Compete Might Be Worthless

Form S-3

SEC Reporting Companies Soon to be Regulation A+ Eligible

founders

Stockholders’ Agreements for Startups: When to Sign, When to SkipOut of Control!  What the Elon Musk Compensation Case Reminds Us about Transactions with Controlling Stockholders

fraud

Parting the Crypto Sea:  Ripple’s XRP Ruled to be a Security When Sold to Private Investors, But Not When Sold on an Exchange“Do Your Homework!”: SEC Order Sends Strong Message to SPAC Participants on Due Diligence

FTC

RIP Non-Competes?

full-diluted shares

Seed Round Model Structures, Part I: EquityWhy Valuation is Overvalued, Part I: The Option Pool

full-ratchet

“Whoever has the Gold, (Once Again) Makes the Rules”: VC Deal Terms Likely to be More Investor FavorableWeWork, SoftBank and Anti-Dilution Protection

funding platform

Revenue Participation Rights as a Crowdfunding Instrument AlternativeIn my Backyard: Real Estate Developers can Use Equity Crowdfunding both to Fund Projects and Convert Opposition

funding portal

Revenue Participation Rights as a Crowdfunding Instrument AlternativeSecurities Safety Check for New TV Series "Unicorn Hunters"

general solicitation

Pitch Perfect: Demo Days, General Solicitation and the HALOS Act of 2025(Minimum Investment) Size Matters, When it Comes to Rule 506(c) Verification

Getting Started

Accelerator Mentoring and Money: On-Ramp for Startup SuccessConvertible Valuation Caps: Loved by Angels, Tolerated by VCs and Hated by Entrepreneurs

gig economy

Gig Stock: Extension of Rule 701 Exemption for Compensatory Equity Proposed for Gig Economy Participants

Howey

Crypto Collectibles: Meme Coins Deemed Not Securities by SEC StaffSEC’s First Two NFT Enforcement Actions Cast Shadow of Ambiguity

ICO

First Ever SEC Registered Digital Token IPO May Bring Clarity to Blockchain Asset IndustrySEC vs. Ripple Could Make Waves in Cryptocurrency Market

incentive units

The Forfeited Equity Trap: Why Your Non-Compete Might Be Worthless

initial coin offering

SEC vs. Ripple Could Make Waves in Cryptocurrency Market"Kik" in the Butt: Court Decision Against Initial Coin Offering Could be Opportunity for Others

innovation

FTC Ban on Non-Competes: Throwing the Baby Out with the Bathwater

inspection rights

DExit Strategy: Delaware's Books and Records Reset

intermediaries

Do Private Company M&A Intermediaries Need to Register with the SEC as Broker-Dealers?

Investment Advisers Act

Proposed Reform of Venture Capital Fund Advisor Exemption Will Boost Startup Investment and Founder Liquidity

investment contract

Crypto Collectibles: Meme Coins Deemed Not Securities by SEC StaffParting the Crypto Sea:  Ripple’s XRP Ruled to be a Security When Sold to Private Investors, But Not When Sold on an Exchange

IPOs

Venture Capital Set Records in 2021, Faces Headwinds in ’22WeWork, SoftBank and Anti-Dilution Protection

JOBS Act

(Minimum Investment) Size Matters, When it Comes to Rule 506(c) VerificationExempt Offering Amendments Deeper Dive, Part One: Higher Offering Caps

KISS

Seed Round Model Structures, Part II: Convertible Notes, KISSes and SAFEs

limited liability

Series LLCs, Serious Risks

liquidation preference

Management and Common Stockholder Resistance to Acquisitions, and Using Carve-Outs to Overcome It“Whoever has the Gold, (Once Again) Makes the Rules”: VC Deal Terms Likely to be More Investor Favorable

liquidity

Proposed Reform of Venture Capital Fund Advisor Exemption Will Boost Startup Investment and Founder Liquidity

Lyft

Power Lyfting: Lyft IPO is Latest in Trend Giving Founders Disproportionate Voting Power

management fee

Are VCs incentivized to lose money?

material adverse effect

“So What?”:  Twitter Resists Merger Agreement Termination by Invoking Musk’s Unclean HandsInside the Merger Agreement between Elon Musk and Twitter

merger agreement

“Draft Dodging”:  Approving “Nearly Final” Merger Agreement Becomes Dangerous in Delaware

mergers & acquisitions

“Draft Dodging”:  Approving “Nearly Final” Merger Agreement Becomes Dangerous in DelawareMiddle Market M&A Brokers Get Relief

multi-class

Power Lyfting: Lyft IPO is Latest in Trend Giving Founders Disproportionate Voting PowerDropbox IPO Multi-Class Structure: Bad Corporate Governance or Good Long Term Focus?

NASAA

Electronic Blue Sky Filing System Launched by North American Securities Administrators Association

network maturity

Crypto Reform Goes to Congress: Proposed Three-Year Safe Harbor for Distribution of Pre-“Network Maturity” Digital Tokens

New York

Sellout: Why Control is Key in the Sale of VC-Backed Companies“Birthing a Unicorn is Hard” and other Takeaways from the 2014 Cornell Entrepreneurship Summit

NFT

SEC’s First Two NFT Enforcement Actions Cast Shadow of Ambiguity

no-shop

Inside the Merger Agreement between Elon Musk and Twitter

non-accredited investors

Strict Traffic Rules for New Crowdfunding Vehicles - Part Three of Exempt Offering Amendments Deeper DiveSEC Exempt Offering Concept Release Seeks Comment on Ideas to Ease Restrictions on Sales to Non-Accredited Investors

non-compete

The Forfeited Equity Trap: Why Your Non-Compete Might Be WorthlessFTC Ban on Non-Competes: Throwing the Baby Out with the Bathwater

non-competition agreement

FTC Ban on Non-Competes: Throwing the Baby Out with the BathwaterRIP Non-Competes?

non-fungible tokens

SEC’s First Two NFT Enforcement Actions Cast Shadow of Ambiguity

non-voting

First Ever SEC Registered Digital Token IPO May Bring Clarity to Blockchain Asset IndustryDropbox IPO Multi-Class Structure: Bad Corporate Governance or Good Long Term Focus?

notice

Shareholder Meetings in the Age of COVID-19

NVCA

Planting Seeds:  New Standard Convertible Note Could Disrupt Angel InvestingToo Big to Waive?  Enforceability of Drag-Along Covenants Not-to-Sue

option repricing

Restoring Incentives of Underwater Stock Options

options

The Upshot of Down RoundsRestoring Incentives of Underwater Stock Options

ordinary course

Inside the Merger Agreement between Elon Musk and Twitter

participating preferred

Sellout: Why Control is Key in the Sale of VC-Backed CompaniesValuation Disconnect Leads to 2016 IPO Drought

passive investor

Passive Aggressive: Unpacking Elon Musk’s Beneficial Ownership Filings Regarding Twitter, Inc.

poison pill

Inside the Merger Agreement between Elon Musk and Twitter

preemptive rights

“Whoever has the Gold, (Once Again) Makes the Rules”: VC Deal Terms Likely to be More Investor Favorable

preexisting relationship

Significant Exempt Offering Rule Reforms Approved by SEC to Facilitate Capital FormationSEC Proposes Much Needed Finder Exemption, and Paul Anka Must Be Singing

preferred stock

Management and Common Stockholder Resistance to Acquisitions, and Using Carve-Outs to Overcome ItWeWork, SoftBank and Anti-Dilution Protection

private company M&A broker

Middle Market M&A Brokers Get Relief"Third Time's a Charm": House Adopts JOBS Act 3.0 to Fix Earlier Capital Raising Reform Efforts

private equity

Protecting the Protected: SEC Proposes New Safeguards for Private Fund Investors

private fund advisers

Protecting the Protected: SEC Proposes New Safeguards for Private Fund Investors

private funds

Protecting the Protected: SEC Proposes New Safeguards for Private Fund Investors

raising capital

(Minimum Investment) Size Matters, When it Comes to Rule 506(c) VerificationPlanting Seeds:  New Standard Convertible Note Could Disrupt Angel Investing

ratification

“Draft Dodging”:  Approving “Nearly Final” Merger Agreement Becomes Dangerous in DelawareWhat Can't be Cured, Must be Endured: Delaware Limits Defective Corporate Act Ratification

Real Estate Crowdfunding

In my Backyard: Real Estate Developers can Use Equity Crowdfunding both to Fund Projects and Convert Opposition

redemption

“Beyond Redemption”: SPAC Shareholder Redemptions and New Excise Tax Could Lead to Year-End Rush to Close or Liquidate“Whoever has the Gold, (Once Again) Makes the Rules”: VC Deal Terms Likely to be More Investor Favorable

registration statement

What to Make of SEC Leniency in Block.one ICO Settlement?WeWork, SoftBank and Anti-Dilution Protection

Regulation A

Push to Facilitate Liquidity in Private CompaniesWhy Private Capital and Crowdfunding Markets Should be Nervous about President Biden’s Regulatory Freeze

Regulation A+

First Ever SEC Registered Digital Token IPO May Bring Clarity to Blockchain Asset IndustrySEC vs. Ripple Could Make Waves in Cryptocurrency Market

Regulation Crowdfunding

Revenue Participation Rights as a Crowdfunding Instrument AlternativePush to Facilitate Liquidity in Private Companies

rescission

SEC’s First Two NFT Enforcement Actions Cast Shadow of Ambiguity

restrictive covenants

The Forfeited Equity Trap: Why Your Non-Compete Might Be Worthless

revenue participation

Revenue Participation Rights as a Crowdfunding Instrument Alternative

revenue recognition

Founder Fraud Case Study: Roundtrip Contracts and Other Revenue Recognition Schemes

reverse breakup fee

Inside the Merger Agreement between Elon Musk and Twitter

risk factors

Gig Stock: Extension of Rule 701 Exemption for Compensatory Equity Proposed for Gig Economy ParticipantsFirst S-1 Filing for an ICO: Going Legit or Just a Crypto Head Fake?

royalties

SEC’s First Two NFT Enforcement Actions Cast Shadow of AmbiguityTechnology Licensing Primer for Entrepreneurs – Part II: Financial Terms

Rule 144

Push to Facilitate Liquidity in Private Companies

Rule 148

Pitch Perfect: Demo Days, General Solicitation and the HALOS Act of 2025“Demo Days are Here Again”: Part Two of Exempt Offering Amendments Deeper Dive

Rule 506

Protecting the Protected: SEC Proposes New Safeguards for Private Fund InvestorsSEC vs. Ripple Could Make Waves in Cryptocurrency Market

Rule 506(c)

(Minimum Investment) Size Matters, When it Comes to Rule 506(c) VerificationProtecting the Protected: SEC Proposes New Safeguards for Private Fund Investors

Rule 701

Significant Exempt Offering Rule Reforms Approved by SEC to Facilitate Capital FormationGig Stock: Extension of Rule 701 Exemption for Compensatory Equity Proposed for Gig Economy Participants

S-1

WeWork, SoftBank and Anti-Dilution ProtectionFirst S-1 Filing for an ICO: Going Legit or Just a Crypto Head Fake?

SAFE

Planting Seeds:  New Standard Convertible Note Could Disrupt Angel InvestingCorporate Transparency Act Risks for Startups and Venture-Backed Companies

SAFT

"Kik" in the Butt: Court Decision Against Initial Coin Offering Could be Opportunity for OthersTelegram TRO Sends Strong Message to Digital Token Issuers

SBA

No Satisfaction: Absence of Affiliation Rule Waiver Leaves Most Venture-Backed Companies Ineligible for Paycheck Protection Plan Loans

Schedule 13D

Passive Aggressive: Unpacking Elon Musk’s Beneficial Ownership Filings Regarding Twitter, Inc.

SEC

Pitch Perfect: Demo Days, General Solicitation and the HALOS Act of 2025Making Finders Keepers:  Unregistered Broker-Dealers and the Need for Reform

SEC guidance

“Demo Days are Here Again”: Part Two of Exempt Offering Amendments Deeper DiveCOVID-19 SEC Filing Relief and Disclosure Guidance

Secondary Market

Push to Facilitate Liquidity in Private Companies

secondary transactions

Proposed Reform of Venture Capital Fund Advisor Exemption Will Boost Startup Investment and Founder Liquidity

Section 220

DExit Strategy: Delaware's Books and Records Reset

Securities Exchange Act

Protecting the Protected: SEC Proposes New Safeguards for Private Fund InvestorsStrict Traffic Rules for New Crowdfunding Vehicles - Part Three of Exempt Offering Amendments Deeper Dive

serial entrepreneur

It's (Mostly) Good to be the Serial Entrepreneur

Series LLC

Series LLCs, Serious Risks

shareholder meeting

Shareholder Meetings in the Age of COVID-19

sharing economy

Gig Stock: Extension of Rule 701 Exemption for Compensatory Equity Proposed for Gig Economy Participants

Silicon Valley Bank

Bumpy Ride Ahead for Startups After Silicon Valley Bank Crash

Small Business Administration

No Satisfaction: Absence of Affiliation Rule Waiver Leaves Most Venture-Backed Companies Ineligible for Paycheck Protection Plan Loans

Small Business Capital Formation Advisory Committee

Push to Facilitate Liquidity in Private Companies

smaller reporting company

SEC Expands Eligibility for Scaled Disclosure; Signals Possible Auditor Attestation Relief

Snap

Power Lyfting: Lyft IPO is Latest in Trend Giving Founders Disproportionate Voting PowerDropbox IPO Multi-Class Structure: Bad Corporate Governance or Good Long Term Focus?

SoftBank

WeWork, SoftBank and Anti-Dilution Protection

SPAC

“Beyond Redemption”: SPAC Shareholder Redemptions and New Excise Tax Could Lead to Year-End Rush to Close or LiquidateVenture Capital Set Records in 2021, Faces Headwinds in ’22

special purpose acquisition company

“Beyond Redemption”: SPAC Shareholder Redemptions and New Excise Tax Could Lead to Year-End Rush to Close or LiquidateVenture Capital Set Records in 2021, Faces Headwinds in ’22

special purpose vehicles

Strict Traffic Rules for New Crowdfunding Vehicles - Part Three of Exempt Offering Amendments Deeper DiveSignificant Exempt Offering Rule Reforms Approved by SEC to Facilitate Capital Formation

Startup

Stockholders’ Agreements for Startups: When to Sign, When to SkipOut of Control!  What the Elon Musk Compensation Case Reminds Us about Transactions with Controlling Stockholders

stock ledger

Unchained: Delaware Authorizes Blockchain Technology for Corporate Records

stock options

Out of Control!  What the Elon Musk Compensation Case Reminds Us about Transactions with Controlling StockholdersPotential Relief for Employee Option Exercises

stockholder meeting

Shareholder Meetings in the Age of COVID-19

stockholders agreement

Stockholders’ Agreements for Startups: When to Sign, When to SkipStay in Your Lane! Delaware Court Invalidates Stockholder Agreement Provisions that Encroach on Board Authority

success fee

SEC Proposes Much Needed Finder Exemption, and Paul Anka Must Be SingingDo Private Company M&A Intermediaries Need to Register with the SEC as Broker-Dealers?

Tax Issues

Potential Relief for Employee Option ExercisesClose to the Vest: Founders’ Stock and Vesting

Taxes

Potential Relief for Employee Option ExercisesTax Me Now: Founder Stock and the 83(b) Election

technology

The Snap IPO: Speculation Without (Board) RepresentationValuation Disconnect Leads to 2016 IPO Drought

technology

Technology Licensing Primer for Entrepreneurs – Part I: Non-Financial Terms

technology license agreement

Technology Licensing Primer for Entrepreneurs – Part II: Financial TermsTechnology Licensing Primer for Entrepreneurs – Part I: Non-Financial Terms

technology licensing

Technology Licensing Primer for Entrepreneurs – Part II: Financial Terms

termination

“So What?”:  Twitter Resists Merger Agreement Termination by Invoking Musk’s Unclean Hands

testing-the-waters

Issuers May "Test-the-Waters" Before Choosing a Securities ExemptionWhy Private Capital and Crowdfunding Markets Should be Nervous about President Biden’s Regulatory Freeze

tick-size

"Third Time's a Charm": House Adopts JOBS Act 3.0 to Fix Earlier Capital Raising Reform EffortsWeak First Quarter for U.S. Venture-Backed IPOs

Title III Crowdfunding

Strict Traffic Rules for New Crowdfunding Vehicles - Part Three of Exempt Offering Amendments Deeper DiveCOVID-19 Capital Needs Addressed by Temporary Relaxation of Title III Crowdfunding Rules

token

Parting the Crypto Sea:  Ripple’s XRP Ruled to be a Security When Sold to Private Investors, But Not When Sold on an ExchangeCrypto Reform Goes to Congress: Proposed Three-Year Safe Harbor for Distribution of Pre-“Network Maturity” Digital Tokens

token sale

Crypto Reform Goes to Congress: Proposed Three-Year Safe Harbor for Distribution of Pre-“Network Maturity” Digital TokensSEC vs. Ripple Could Make Waves in Cryptocurrency Market

Twitter

“So What?”:  Twitter Resists Merger Agreement Termination by Invoking Musk’s Unclean HandsInside the Merger Agreement between Elon Musk and Twitter

Uncategorized

Beyond the Discount: Why Maturity Terms Matter in Convertible NotesPlanting Seeds:  New Standard Convertible Note Could Disrupt Angel Investing

utility token

SEC’s First Two NFT Enforcement Actions Cast Shadow of AmbiguityFirst Ever SEC Registered Digital Token IPO May Bring Clarity to Blockchain Asset Industry

valuation

Navigating the Downside: The Rise of Down Rounds in 2024 VC DealsBumpy Ride Ahead for Startups After Silicon Valley Bank Crash

valuation caps

Navigating the Downside: The Rise of Down Rounds in 2024 VC Deals

VC

Beyond the Discount: Why Maturity Terms Matter in Convertible NotesStockholders’ Agreements for Startups: When to Sign, When to Skip

venture backed company

Navigating the Downside: The Rise of Down Rounds in 2024 VC DealsCorporate Transparency Act Risks for Startups and Venture-Backed Companies

venture capital

Beyond the Discount: Why Maturity Terms Matter in Convertible NotesStockholders’ Agreements for Startups: When to Sign, When to Skip

venture debt

Bumpy Ride Ahead for Startups After Silicon Valley Bank Crash

vesting

Stockholders’ Agreements for Startups: When to Sign, When to Skip

virtual meeting

Pitch Perfect: Demo Days, General Solicitation and the HALOS Act of 2025“Demo Days are Here Again”: Part Two of Exempt Offering Amendments Deeper Dive

voting

Power Lyfting: Lyft IPO is Latest in Trend Giving Founders Disproportionate Voting PowerDropbox IPO Multi-Class Structure: Bad Corporate Governance or Good Long Term Focus?

weighted average

WeWork, SoftBank and Anti-Dilution Protection

WeWork

WeWork, SoftBank and Anti-Dilution Protection

xAI

From Algorithms to Altruism: Risks and Rewards of xAI's Benefit Corporation Strategy

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