Shae Armstrong, Tim Joyce Publish on SEC Proposed Amendments in International Bar Association

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Dallas Partner Shae Armstrong and Minneapolis attorney Tim Joyce recently published in the International Bar Association's Corporate and M&A Law Committee publications on the Securities and Exchange Commission's (SEC) proposal of amendments to Rule 506(b)/506(c) fundraising strategies.

"The proposal builds on the work begun with the enactment of the Jumpstart Our Business Startups Act (the JOBS Act) in 2012, pursuant to which the SEC amended Rule 506 of Regulation D, a widely used securities exemption for private companies raising money from investors," the authors write. "The addition of new Rule 506(c) created an offering exemption which eliminated the ban on general solicitation and advertising, so long as the investors in the offering are all accredited investors; and the issuer takes reasonable steps to verify that the investors are accredited investors."

Shae and Tim go on to highlight an expected rise in digitally promoted investments and crowdfunding platforms using Rule 506(c) offerings to raise funds as many move to remote work environments amid the COVID-19 pandemic.

Shae’s practice includes representing lenders and borrowers in bilateral and syndicated financings involving unsecured and secured first lien and subordinated debt transactions. He has closed financial transactions involving commercial lending, asset-based lending, and real estate lending. Further, Shae’s practice also involves advising private funds and investment companies in connection with fund structuring, advertising, private placement procedures, compliance policies and procedures, side letters, placement contracts, and related agreements.

Tim focuses his practice on assisting public and private companies with raising and deploying capital, mergers and acquisitions, public offerings and other strategic transactions. He has also spent time on the inside of several startup businesses – at both local and nationwide levels – witnessing the strategic choices that define an enterprise’s ability to grow and thrive.


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