Venture Briefing: November 16, 2016 Venture Briefing: November 16, 2016

Venture Briefing: November 16, 2016

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Nasdaq Vice-Chair Says Prepare for 'Big Deal' IPOs in 2017
Investors should get ready for "big deals" from initial public offerings markets next year as uncertainty around the U.S. elections fades away, the vice-chairman of the Nasdaq told CNBC. Only 80 companies have listed on U.S. markets in the first nine months of the year, versus 143 in the same period in 2015, Dealogic data shows.
(Source: CNBC, 2016-11-08) Read the full article
2016 on Track to Be Worst Year for IPOs Since 2009
Only 49 companies headquartered in the U.S. had completed public offerings through the third quarter, raising a combined $7.2 billion, according to data recently released by venture-capital research firm PitchBook. This is a sharp decline from the same time last year when 95 U.S. companies had gone public, raising about $15 billion. This year is on track to be the worst year for U.S. IPOs -- in terms of both number of offerings and capital raised -- since 2009, when the country was still emerging from a recession.
(Source: Quartz, 2016-11-14) Read the full article
Third Quarter M&A Higher, But Still Lowest Year Since 2009
Dealmakers have predicted all year that the second half of 2016 would be better for M&A than the first, and the third quarter data indeed shows signs of a turnaround. Q3 generated more completed transactions than Q2, although the volume for the year is still the lowest it's been since 2009.
(Source: Mergers & Acquisitions, 2016-11-14) Read the full article
Corporate America Readies Priorities for Trump Administration
Corporate America is both excited and anxious about the prospect of Mr. Trump’s presidency, seeing great opportunity to shape the agenda after an extended period of frustration over gridlock in Congress. Across Washington, lobbyists and trade association executives were busy reviewing their priorities, which include repealing financial regulations instituted during the Obama administration, pushing for cuts in corporate taxes, overhauling President Obama’s signature health care plan and spending billions on roads, bridges and other infrastructure.
(Source: The New York Times, 2016-11-10) Read the full article
Corporate V.C. Firms Poised for Record First-Time Investments
The number of new corporate venture capital firms making first-time investments is on track for a record year, according to CB Insights Corporate Venture Capital Report. More than 50 corporate venture capital firms globally made their first investment in the first half of 2016.
(Source: St. Louis Business Journal, 2016-11-08) Read the full article
Crowdfunding Site Permits Investments from Non-Accredited Investors
Armchair venture capitalists will soon have a new place to hunt for intriguing start-ups: Indiegogo, the popular crowdfunding site for developers of creative ventures like movies, games and gadgets. Indiegogo is the first major crowdfunding site to use a new securities rule that took effect six months ago, allowing ordinary investors to risk up to a few thousand dollars a year backing private companies.
(Source: The New York Times, 2016-11-15) Read the full article
Treasury Revises Rules Aimed at Curbing 'Earnings Stripping'
Many kinds of U.S. multinational companies, including S-corporations, REITS, and financial services companies apparently dodged a bullet last month when the U.S. Treasury Dept. issued its final, substantially revised rules aimed at curtailing "earnings stripping." Issued on Oct. 13, the final rules zeroed in on the practice of earnings stripping, particularly as a tax-avoidance method following a corporate inversion.
(Source:, 2016-11-04) Read the full article
Corporate Directors Report Increasing Scrutiny from Outside
Many corporate board members say they are facing increased scrutiny from regulators, shareholders and consumers who have unrealistic expectations about directors' capabilities to oversee corporate activity, according to recent survey results released by executive search firm Spencer Stuart. Sixty percent of corporate directors say they see a disconnect between reality and the expectations placed on them, according to the 2016 Global Board of Directors Survey, which Spencer Stuart conducted in partnership with the Women Corporate Directors Foundation and researchers from Harvard University and elsewhere.
(Source: Reuters, 2016-11-02) Read the full article
More Corporate Directors Addressing Cybersecurity Issues
Corporate directors are spending more time discussing cybersecurity issues in the boardroom and spending more money to mitigate cyber risks than a year ago, but they are still reluctant to go public with information about attacks, according to a survey by BDO USA. Almost three quarters (74 percent) of 160 public-company directors said their boards are now more involved with cybersecurity than they were last year, and 80 percent have expanded their cybersecurity budget, by an average of 22 percent.
(Source:, 2016-11-01) Read the full article
More Corporate Boardrooms Adding Younger, Tech-Savvy Members
Tech-savvy 30 and 40-somethings have become prized in boardrooms because they have something the S&P 500 desperately needs: insight into how companies can exploit digital technology. Software and internet-driven change is transforming most industries, and the bosses at America’s biggest corporations, for whom the average age is about 57, have struggled to keep up.
(Source: Quartz, 2016-10-31) Read the full article
Have a Safe Harbor 401(k) Plan? – Annual Notice Deadline Approaches

Plan sponsors of safe harbor 401(k) plans have many deadlines to keep in mind, one of those being the distribution of the safe harbor notice prior to the beginning of each plan year. The notice must be provided to eligible employees no later than 30 to 90 days prior to the start of the plan year. For calendar year plans the deadline for providing the notice is approaching – December 1. Read full article online.


By The Numbers

Venture capital financing for drone companies fell 59 percent in the third quarter, to $55 million from $134 million in the previous year, according to data research firm CB Insights. The drop reflects a widespread funding slump across the tech sector but also heightened caution about drone companies. Source: Reuters Technology News - Consumer drone business stumbles, but commercial markets beckon


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Ice Miller has been one of the most active law firms in the private equity industry over the last decade, representing both entrepreneurs building great companies and the private equity firms and individuals that invest in them.  We have extensive experience with all types of funds (formations and operations); mezzanine and senior secured financing; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and complex litigation on behalf of investors and privately financed companies.  In addition, over the past 10 years, Ice Miller has represented hundreds of emerging growth businesses in various industries on such matters as entity formation, capitalization, capital raising, alternative financing, intellectual property rights and protection, growth and exit strategies, corporate governance, tax matters, and many other legal issues that are critical to the growth and success of an emerging company.

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This publication is intended for general information purposes only and does not and is not intended to constitute legal advice.  The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.

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