Sichenzia Ross Friedman Ference LLP announced today that it has reached a milestone in its PIPEs practice, having advised on their 300th PIPE transaction of over $1 million as issuer’s counsel. PIPE transaction information and numbers are calculated and recorded by Private Raise, a subsidiary of Deal Flow Media (www.dealflow.com).
SRFF, which is ranked number 1 of 946 law firms surveyed in this category, has been ranked as the most active PIPE issuer law firm from 2004 through 2008, and is currently ranked as the most active PIPE issuer law firm year-to-date in 2009 with 26 such transactions completed thus far. Since 2004, the Firm has been credited with 300 such transactions, which have resulted in aggregate gross proceeds of approximately $1.5 billion with an average transaction size of approximately $4.75 million. For the last six years, SRFF has been in the forefront of the PIPEs market and has served as an advocate for small- and mid-sized public companies seeking the financing required to help them grow and expand their business.
“The market has certainly changed over the last year, and while other strategies including secondary public offerings and underwritten registered direct offerings present alternatives to PIPEs, we still believe this traditional type of financing will be an integral resource for small public companies,” said Richard Friedman, Managing Partner of Sichenzia Ross Friedman Ference LLP. “We are proud that we have been instrumental in this marketplace for nearly six consecutive years and our 300th PIPE transaction milestone is a testament to our commitment to helping public companies secure financing.”
Private investment in public equity (PIPE) transactions involve the selling of restricted securities of publicly traded companies, generally in the form of either common stock, preferred stock or convertible securities to private investors.
About Sichenzia Ross Friedman Ference LLP
Sichenzia Ross Friedman Ference LLP (SRFF) has led the nation in representing public companies in private financing transactions since 2004. The New York-based firm has completed over 300 such transactions totaling approximately 1.5 billion dollars. The Firm has also represented many domestic and international companies in Reverse Merger transactions. The firm’s clients include private and public corporations, partnerships, broker-dealers, bank-affiliated broker-dealers, investment advisors, registered personnel, public and corporate customers and investors, partnerships and other entities. SRFF also maintains specialized Asian and Israeli corporate practice groups. For more information, visit www.srff.com.
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NEW YORK, NEW YORK—July 7, 2009—Sichenzia Ross Friedman Ference LLP, a leading securities law firm specializing in micro, small and mid-cap public companies, today announced their successful representation of Rodman & Renshaw, LLC in an underwritten public offering of Skystar Bio Pharmaceutical Co., Ltd. (NASDAQ:SKBI). The offering consists of 1,400,000 shares of common stock at a price of $12.98 per share and an over-allotment option of an additional 210,000 shares. The total offering amount was 20,897,000. The offering closed today, July 7, 2009. This offering “demonstrates the ability for investment bankers and investors to uncover inherent value in China-based companies whose market capitalization has been undervalued in this economic climate,” said Gregory Sichenzia, Principal at Sichenzia Ross Friedman Ference. “This transaction represents a new financing model for small and mid-cap companies to gain access to and leverage US capital markets. We believe this innovative model enables companies with diminished share prices and strong earnings to recapitalize, list on senior exchanges and ultimately raise capital.” Skystar is a China-based developer and distributor of veterinary healthcare and medical care products. The Company has four product lines (veterinary medicines, micro-organisms, vaccines and feed additives), approximately 170 products, and over 40 new products in the developmental stage. Skystar has formed strategic sales distribution networks covering 29 provinces throughout the China region. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc.(NASDAQ:RODM) served as sole book-running manager for the offering.
About Sichenzia Ross Friedman Ference LLP
Sichenzia Ross Friedman Ference LLP (SRFF) has led the nation in representing public companies in private financing transactions since 2004. The New York based firm has completed over 250 such transactions totaling over 1 billion dollars. The Firm has also represented many companies and underwriters in public offerings of securities. The firm’s clients include private and public corporations, partnerships, broker-dealers, bank-affiliated broker-dealers, investment advisors, registered personnel, public and corporate customers and investors, partnerships and other entities. SRFF also maintains specialized Asian and Israeli corporate practice groups. For more information visit, www.srff.com.
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Sichenzia Ross Friedman Ference LLP’s Client, Universal Travel Group, Lists on NYSE Amex Following Reverse Split
NEW YORK, June 1, 2009 (GLOBE NEWSWIRE) — New York- based securities law firm, Sichenzia Ross Friedman Ference LLP congratulates its client, Universal Travel Group on its first day of trading on the NYSE Amex. China-based Universal Travel Group opened for trading on NYSE Amex under the ticker symbol “UTA” on May 28, 2009. Universal Travel Group is the fifth company to list on the NYSE Amex market in 2009, and the third Chinese company to list on NYSE Amex year-to-date. continue reading >>
NEW YORK, Dec. 12, 2008 (GLOBE NEWSWIRE) — Sichenzia Ross Friedman Ference LLP (SRFF) is pleased to announce the formation of its Israel Practice Group. SRFF is currently a leading law firm in the United States representing Israeli companies in PIPE financing transactions as well as organic direct public offerings. The SRFF Israel Practice Group is comprised of partners of the firm as well as attorneys who are fluent in both Hebrew and English.
SRFF has been the number one law firm in the United States for the past five consecutive years in terms of the number of issuers represented in PIPE transactions, as ranked both by Private Raise and Saigent Research publishers of Placement Tracker.
“We have seen a lot of exciting and promising companies emerge recently from Israel along with substantial interest by Americans to do business with these companies,” said Marc Ross, founding partner of SRFF. “We are excited to have designated a select group of attorneys, those with close ties to Israel, to help develop our Israeli practice and focus their attention on helping Israeli companies raise money and obtain listing on U.S. Exchanges.”
Marc Ross, along with Jonathan Shechter, an Israeli national, will be spearheading the Israel Practice Group. Remarking on the opportunity, Jonathan Shechter stated, “Having grown up in Israel, I realize that Israel’s culture and the mentality of its citizens is unique, which plays in to the approach and business development of Israeli companies.”
This group is not only experienced in the Israeli markets, but also recognizes the needs of Israeli companies and is focused on expanding the synergy between Israeli and American interests.
NEW YORK, April 9, 2007 (GLOBE NEWSWIRE) — Sichenzia Ross Friedman Ference LLP (www.srff.com) is once again ranked the most active PIPE issuer law firm year-to-date in 2007, making it No. 1 for the 36th consecutive month. This comes on the heels of the firm’s ranking as the most active PIPE issuer law firm in both 2005 and 2006. As of March 31, the firm has been credited with representing 13 issuers in over $120 million of PIPEs transactions, averaging $9.24 million per transaction. For the same period last year the firm represented 19 issuers in over $73 million of PIPEs transactions, averaging $4.0 million per transaction. While the actual number of transactions is fewer, the total dollars advised has increased by over 50%. While the average transaction size has increased Almost 250%.
“We continue to see strong growth in the PIPEs market in part because larger companies are seeking financing in this area,” said Gregory Sichenzia founding Partner of Sichenzia Ross Friedman Ference LLP. “Additionally, we have been able to clarify the issues that the SEC has raised concerning these financings and do not view them as an impediment to the future of the PIPEs market. Our firm has capitalized on the trend towards larger PIPE deals by increasing our average deal size by more than 250%. Still, even with the larger PIPE deals, our firm remains dedicated to helping micro-cap companies raise the funding they need and we continue to provide clients of all sizes with the high level of service they have come to expect of us.”
SRFF’s increase in PIPEs transactions is representative of an industry that continues to demonstrate explosive growth. Upwards of $12.5 billion has been raised through March 31 of this year, more than 50% more than the $9 billion raised at this point in 2006 (according to the PIPEs Report).
“I believe that the market sector will continue to grow as more mainstream companies seek financing through PIPEs,” said Sichenzia. “This is not just for small- and mid-cap companies anymore. In fact, much of the current growth in the PIPEs industry stems from large-cap companies who are increasingly turning to PIPEs for financing.”
Sichenzia Ross Friedman Ference LLP (SRFF) provides experienced, professional representation in all matters involving the securities industry, as well as in all general corporate and litigation matters. SRFF’s clients range from start-ups to established, listed companies. They include private and public corporations, partnerships, broker-dealers, bank-affiliated broker-dealers, investment advisors, registered personnel, public and corporate customers and investors, partnerships and other entities. SRFF also advises institutional investors on transactions involving complex securities law considerations. The firm’s practice includes the representation of clients located in the United States and throughout the world, including Argentina, Austria, Australia, Canada, China, Germany, Hungary, Israel, Korea, Malaysia, Mexico, Switzerland and the United Kingdom. For more information, visit www.srff.com. For interview and media requests, contact Avalanche Strategic Communications at 201-488-0049.
* PIPEs Rankings are measured by the number of placements advised according to The PIPEs Report and Privateraise.com. The rankings include only PIPE transactions that have a value of at least $1.0 million. For more information about PIPE rankings, go to www.privateraise.com.
NEW YORK, Jan. 11, 2007 (GLOBE NEWSWIRE) — Richard Friedman, founding member of Sichenzia Ross Friedman Ference LLP (SRFF), will present and moderate a panel discussion on “Registration Statements: Regulatory Landmines in PIPE Transactions” on January 26 at the 6th Annual Summit on PIPEs in New York. This panel will assess the latest developments in the SEC’s application and interpretation of regulations when reviewing registration statements covering the proposed resale on a secondary basis of PIPE financings in connection with Rule 415, and will discuss the impact of the SEC’s evolving position on this rule.
“The SEC’s current position that the investors in certain PIPE financings may be deemed affiliates of the Company and that the resale registration statements are really primary offerings which are not permitted by Rule 415 has had a chilling effect on PIPE financings,” explains Friedman. “Approximately 52 percent of the companies utilizing PIPE financing have a market capitalization of under $50 million. It is these companies that are primarily being hurt by this position, as they are left with little or no ability to raise much needed capital, and, as a result, may be forced out of business.”
Mr. Friedman recently met with senior SEC officials in an effort to clarify their evolving position on the use of resale registration statements in connection with PIPE financings.
“We are pleased that David Lynn, Esq., Chief Counsel of the Division of Corporation Finance of the Securities and Exchange Commission, has agreed to join this forum to discuss the SEC’s position on Rule 415 with practitioners for the first time,” said Friedman.
In addition to a discussion about the potential changes to Rule 415, Mr. Friedman and the panel will address hot-button topics including:
— How EITF-0019 has affected micro-cap companies
— Other current SEC regulatory issues affecting small public companies’ ability to secure financing and/or go public in the current economic climate
— What funds are doing in response to the emerging and evolving regulatory issues
Appearing on the panel with Friedman and Lynn are David Skrilloff, Head of Investments of Vision Capital Advisors, Richard Smithline, Chairman & CEO of CentreCourt Asset Management, and Peter Stefanou, a Partner of Russell Bedford Stefanou Mirchandani.
As a founding member and the managing partner of Sichenzia Ross Friedman Ference LLP (SRFF), Mr. Friedman counsels public and private companies in a wide range of Corporate and Securities Law matters. He represents clients in a wide variety of corporate transactions, including mergers and acquisitions, secured and unsecured private equity financing transactions (PIPE’s), joint ventures, employment and shareholder agreements, as well as with the formation of private equity hedge funds. He also represents publicly held companies with their 1934 Act reporting obligations, and with NASDAQ, AMEX and other exchange listing and compliance matters.
For more information on the firm, visit www.srff.com. For interview requests, call at 201-488-0049.