Thank you for sharing!

Your article was successfully shared with the contacts you provided.
The former Brobeck, Phleger & Harrison attorneys who joined Heller Ehrman White & McAuliffe‘s San Diego office have had their share of initial public offerings this year. Last week, the team completed the $13.5 million IPO for Path 1 Network Technologies Inc. The deal was the group’s second public offering in 2003. “This one little group has had 100 percent of the tech IPOs in Southern California this year, and in fact we’ve had over 10 percent of all IPOs of all kinds in the U.S.,” says Heller Ehrman partner Hayden Trubitt, who was lead counsel on the Path 1 deal. Technically, the deal wasn’t an initial public offering — Path 1 stock has been trading on the Over-the-Counter Bulletin Board, a micro-cap and penny stock index, for a few years. But the offering moved Path 1′s stock to the American Stock Exchange, giving the company its first significant access to the public markets. The offering sold 1.25 million Path 1 units at $10.80 each. The units consist of three shares of Path 1 common stock and two warrants to buy a share of common stock at $5.40. The Heller group began working on the IPO in February, filing the first registration statement draft in May. While IPOs are much more rare today than they were during the dot-com boom, Trubitt said the sense of urgency in getting a deal done remains the same. “In all markets everybody wants to get to the market as quickly as possible for fear that the window might close if you wait one extra day,” Trubitt said. “So nothing changes; that’s true in good times and bad.” Trubitt was assisted by San Diego associates Jason Hannon and Patrick Keran, as well as by David Wilson, a partner in Heller’s Seattle office. Path 1′s underwriter, Paulson Investment Co. Inc., was represented by the Portland, Ore., office of Stoel Rives. Digital River Inc. Howard, Rice, Nemerovski, Canady, Falk & Rabkin and Wilson Sonsini Goodrich & Rosati helped Digital River Inc. tap the public equities market for additional capital. Howard, Rice represented Digital River, a Minnesota-based e-commerce company, in a $44.8 million follow-on public offering. The deal, which sold 2.1 million shares of common stock to the public, was Digital River’s second follow-on offering since going public in 1998. Since Digital River had previously filed a shelf registration for the offering with the Securities and Exchange Commission, the deal was completed much faster than usual, said Michael Sullivan, the partner who led the Howard, Rice team. “We found out about the offering on a Friday afternoon, and by Wednesday we had priced the deal,” said Sullivan. “From Friday afternoon until Wednesday, there weren’t very many hours that weren’t devoted to the transaction.” Sullivan was assisted by Howard, Rice associates Julia Vax, David Tang, John Sutton and Christopher Woolley. Wilson Sonsini’s Palo Alto office represented the underwriters, which included Deutsche Bank Securities Inc., U.S. Bancorp Piper Jaffray and RBC Capital Markets. Partner Robert Day led the group, with help from partner Michael Occhiolini, and associates Craig Lang and Larry Kane.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercar[email protected]


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.