Kleinberg Kaplan Advises Paulson as a Lead Investor in Battery Technology Company, Ambri
August 18, 2021Firm News Kleinberg Kaplan client, Paulson & Co., Inc., was a lead investor in a recent Series E Preferred Share capital raise for Ambri Inc., a developer of a new battery technology that will enable power grids to operate more efficiently using stored renewable resources. The funds from this round will be used in new manufacturing facilities…
SEC Expands the Definition of Accredited Investors: Action Required
November 9, 2020Client Alerts On August 26, 2020, the Securities and Exchange Commission (the “SEC”) adopted previously proposed amendments (the “Amendments”) that expand the definition of “accredited investor” (or “AI”) applicable to private placements under Regulation D, and the definition of “qualified institutional buyer” (or “QIB”) under Rule 144A, each under the Securities Act of 1933, as amended (the…
SEC Proposes New “Finder” Exemption Registration
October 16, 2020Client Alerts In an effort to assist small businesses raise capital, on October 7, 2020, the Securities and Exchange Commission (the “SEC”) voted to propose a new limited, conditional exemption (the “Proposed Exemption”) from the broker-dealer registration requirements of Section 15(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) for natural persons who…
Kleinberg Kaplan represents Mittleman in its completed merger with Aimia
June 22, 2020Firm News Kleinberg Kaplan is pleased to have represented Mittleman Brothers, LLC in its completed merger with Aimia Inc. (AIM). This represents another in a recent string of Canadian public company transactions and activism engagements handled by our firm. Kleinberg Kaplan attorneys advising Mittleman included partners Christopher P. Davis and Eric Wagner and associate Alex Shiekman (Corporate), partner…
Treasury Releases PPP Loan Forgiveness Application
May 18, 2020Client Alerts Last Friday night, the Department of Treasury (“Treasury”) released the loan forgiveness application (“Application”) for the paycheck protection program (“PPP”). The Application is consistent with the CARES Act provisions and the Treasury’s guidance that Kleinberg Kaplan previously summarized in a client alert, available here. The form of Application can be found here. Applications must be completed by…
Kleinberg Kaplan Advises MG Capital Management in Its Consent Solicitation and Successful Settlement with HC2 Holdings
May 14, 2020Firm News May 14, 2020 – Kleinberg Kaplan’s activism team advised MG Capital Management Ltd. (together with its affiliates, “MG Capital”) both in connection with its 2020 consent solicitation and the resulting settlement, announced earlier today, with HC2 Holdings, Inc. (“HC2”). MG Capital is led by Third Point alum and first-time activist Michael Gorzynski, who, together with…
Treasury Adds Important FAQs and Responses for Paycheck Protection Program
May 7, 2020Client Alerts On May 3 and May 5, 2020, the Department of Treasury (“Treasury”) updated its frequently asked questions (“FAQs”) related to the paycheck protection loan program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). You can find our previous client alerts on the program here and the full text of the…
Treasury Provides New Guidance on PPP Loans to Corporate Groups
May 6, 2020Client Alerts Late last week, the Department of Treasury (“Treasury”) released a new interim final rule (the “Interim Final Rule”) relating to the administration of the paycheck protection program (“PPP”) under the CARES Act. The Interim Final Rule limits the amount any corporate group can receive under the PPP to $20,000,000. The full text of the Interim…
Fed Adds New Facility and Changes Terms of Main Street Lending Program
May 4, 2020Client Alerts On April 30, 2020, the Federal Reserve Board (the “Fed”) released new term sheets for the $600 billion Main Street Lending Program, which was initially announced on April 9, 2020. In addition to changing terms to the two existing facilities, the Main Street New Loan Facility and the Main Street Expanded Loan Facility, the Fed…
Treasury Provides Material PPP Update for Hedge Funds and PE Firms
April 24, 2020Client Alerts On April 24, 2020, the Department of Treasury (“Treasury”) issued a new interim final rule (the “Interim Final Rule”) and guidance, which materially changes portions of the existing guidance on the paycheck protection loan program (“PPP”) in a way meaningfully detrimental to hedge funds and private equity funds in particular. You can find our previous…
PPP Update for Partnerships and Self-Employed Individuals
April 16, 2020Client Alerts On April 14, 2020, the Department of Treasury released a third interim final rule relating to the paycheck protection program (“PPP”) funds, to the extent authorized and available. The full text of the rule can be found here. The new interim final rule relates to the treatment of partners in a partnership and self-employed individuals (including…
Fed Authorizes $600 Billion Main Street Lending Programs for Small and Mid-Sized Businesses
April 10, 2020Client Alerts On April 9, 2020, the Federal Reserve Board (the “Fed”) authorized up to $2.3 trillion in loans through various facilities, including the Main Street Lending Program, which will offer four-year loans to companies with fewer than 10,000 employees and less than $2.5 billion in 2019 revenue. The Fed will purchase up to $600 billion in…
The Force May Be With You: COVID-19 and Force Majeure Provisions
March 31, 2020Client Alerts COVID-19 has caused major disruption to businesses, commerce and the financial markets. With the CDC and WHO projecting that the coronavirus is only in its early stages in the United States, businesses and individuals may feel the burden of the effects of COVID-19 for the foreseeable future. As the flow of goods and services continues…
Material Corporate Provisions of the CARES Act
March 30, 2020Client Alerts In response to the recent outbreak of a novel coronavirus, COVID-19, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law on Friday, March 27, 2020. The CARES Act provides (I) unemployment assistance, (II) limits on paid leave requirements that were established in the Families First Coronavirus Response Act…
Summary of SBA 7(A) Loans under the Coronavirus Aid, Relief, and Economic Security Act
March 28, 2020Client Alerts President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law on Friday, March 27, 2020. Under the CARES Act, select small businesses are able to receive Small Business Administration (“SBA”) loans in the form of 7(a) loans (the “Loans”), which under the CARES Act are low interest loans from…
