Insights on Corporate & Securities

Schiff Hardin LLP acted as counsel to the placement agent in ZW Data Action Technologies, Inc.’s registered direct offering of more than 5.2 million shares of common stock at $3.59 per share and the concurrent private placement to the same investors of warrants to purchase up to 2,606,000 shares of common stock at an exercise price of $3.59 per share.

Schiff Hardin represented Washington Savings Bank on its acquisition of The First National Bank of Mattoon.

Schiff Hardin Partner Sarah A.W. Fitts has once again been recognized in the Chambers Global 2020 guide, which recognizes top lawyers and law firms in more than 200 jurisdictions across the world. Fitts earned her seventh consecutive ranking.

Schiff Hardin LLP advised Dawson James Securities, Inc. as underwriter in GT Biopharma, Inc.’s Nasdaq up-listing offering of 4.3 million units.

Schiff Hardin LLP acted as counsel to the placement agent in Senmiao Technology Limited’s registered direct offering of more than five million shares of common stock at $1.38 per share for aggregate gross proceeds of $7 million.

Schiff Hardin LLP acted as counsel to the placement agent in connection with CBAK Energy Technology, Inc.’s $70 million registered direct offering priced at-the-market under applicable Nasdaq rules.

Schiff Hardin LLP advised Moleculin Biotech, Inc. in connection with its public offering of 16,414,736 shares of common stock for gross proceeds of approximately $78 million.

Schiff Hardin LLP represented Altaris Capital Partners, LLC, a private investment firm focused on the healthcare industry, in the majority recapitalization of Minnetronix Medical, Inc., a leading medical technology and operations partner to global medical device companies.

Schiff Hardin LLP served as counsel to the placement agent in Blue Hat Interactive Entertainment Technology’s registered direct offering of over seven million shares at a price of $1.06 per share, resulting in total gross proceeds of $7.59 million.

Schiff Hardin represented its long-standing client Tuthill Corporation, in the sale of its Tuthill Vacuum and Blower Systems division to Ingersoll Rand Inc. for $184 million dollars, completed January 31, 2021.

Schiff Hardin LLP is pleased to announce that 28 attorneys have been recognized on the 2021 Illinois Super Lawyers and Rising Stars lists.

Arent Fox Associate Megan (Woodward) Daily will speak as part of the DC Pro Bono Center’s 8-part Business Law Training.

Schiff Hardin LLP counseled the placement agent in China Natural Resources, Inc.’s registered direct offering of approximately $7.3 million of common shares at a price of $1.85 per share on January 22, 2021.

Many corporations, limited liability companies, and other similar entities will soon be required to disclose their beneficial owners to the United States government.

Schiff Hardin LLP acted as counsel to the placement agent in Dogness (International) Corporation’s $7.4 million offering.

Our initial alert highlighted various hospitality and service industry businesses suing their insurers to recover for losses arising out of closure and stay-at-home (Civil Authority) orders.

The recently-passed Consolidated Appropriations Act, 2021 (the “CAA”) augments the CARES Act by expanding the existing Paycheck Protection Program (“PPP”) and adding additional stimulus programs in an attempt to lay some traction to the most troubled sectors of the US economy.

AFC Gamma’s SEC filing illustrates the importance of proper risk assessment and adequate risk factor disclosures to investors in the rapidly-shifting regulatory landscape of cannabis production, sales, and lending.

2020 was an unprecedented year for business owners. It brought a pandemic, a deep recession, a civil rights movement, and civil unrest in cities across America.

The highly anticipated coronavirus relief package was passed by Congress late on December 21, 2020, and is expected to be signed into law in the coming days. 

After months of debate, Congress has passed, and President Trump is expected to sign, a COVID-19 relief, appropriations, and tax bill. Doubtlessly, the Bill, which is nearly 6,000 pages long, will undergo much scrutiny and analysis over the ensuing days and weeks.

States seeking to regulate pharmacy benefit managers (PBMs) and prescription drug pricing received a win from the Supreme Court, which reversed an Eighth Circuit decision that had invalidated an Arkansas law governing pharmacy and PBM conduct on ERISA preemption grounds.

When acquiring shares in a corporation, minority shareholders often evaluate the profitability of the corporation, the value of their shares, and what protections are in place to shield them from wrongdoing at the hands of the controlling shareholders.

On Monday, December 14, Senator Joe Manchin (D-WV) and Senator Susan Collins (R-Maine) introduced the “Emergency Coronavirus Relief Act of 2020,” which would provide another round of relief to combat the economic fallout resulting from COVID-19.

Schiff Hardin LLP acted as counsel to the placement agent in connection with CBAK Energy Technology, Inc.’s registered direct offering of approximately $49.2 million of common stock at a price of $5.18 per share.