Many of our clients are taking a close look at their sources and uses of cash over the next several quarters and beyond in the face of a potentially prolonged period of market and business uncertainty associated with the coronavirus (COVID-19) pandemic. In a turbulent market, many public companies and their underwriters want to be prepared to take advantage of potential opportunities to raise debt or equity capital, even if they occur during a company’s self-imposed blackout period.

This memo discusses what factors public companies and their underwriters should consider when contemplating a securities offering — including equity, equity-linked or debt offerings and PIPE (private investment in public equity) transactions — during a blackout period.

If you have any questions regarding the matters covered in this publication, please reach out to any of the lawyers listed below or your usual Davis Polk contact.

This communication, which we believe may be of interest to our clients and friends of the firm, is for general information only. It is not a full analysis of the matters presented and should not be relied upon as legal advice. This may be considered attorney advertising in some jurisdictions. Please refer to the firm's privacy notice for further details.

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