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8.17.26
SEC Ends No-Action Responses Under Rule 14a-8
On August 14, 2026, the Division of Corporation Finance (the Division) of the U.S. Securities and Exchange Commission (the SEC or Commission) announced that, effective immediately, it will discontinue responding to no-action requests under Exchange Act Rule 14a-8.
Client Highlights
8.05.26
Wilson Sonsini Advises Rambus on Accelerated Share Repurchase Program
On August 5, 2026, Rambus Inc., a provider of industry-leading chips and silicon IP for data center and artificial intelligence (AI) infrastructure, announced that it initiated an accelerated share repurchase program with Mizuho Markets Americas LLC to repurchase an aggregate of $100 million of its common stock. Wilson Sonsini Goodrich & Rosati is representing Rambus in the transaction.
Client Highlights
7.20.26
Wilson Sonsini Advises Crypto.com on $400 Million Strategic Investment by Citadel
On July 16, 2026, Crypto.com announced a strategic $400 million investment from Citadel Securities, valuing the company at $20 billion. Wilson Sonsini Goodrich & Rosati advised Crypto.com on the transaction. Funding is expected to accelerate Crypto.com's expansion into all asset classes, including tokenized securities and derivatives. The milestone marks the first institutional funding round in the company's decade-long history.
Client Highlights
6.24.26
Firm Advises Underwriters on Legend Biotech’s Public Offering
On June 17, 2026, Legend Biotech Corporation, a global leader in cell therapy, announced the pricing of an underwritten public offering of 7,700,000 American Depositary Shares (ADSs), each representing two ordinary shares of the company, at a public offering price of $29.35 per ADS. In addition, Legend Biotech has granted the underwriters a 30-day option to purchase up to an additional 1,155,000 ADSs at the public offering price, less underwriting discounts and commissions. The gross proceeds to Legend Biotech from the offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by Legend Biotech, were approximately $226 million, excluding any proceeds from the exercise of the underwriters’ option to purchase additional ADSs. Wilson Sonsini Goodrich & Rosati advised the underwriters on the transaction.
Client Highlights
6.17.26
Wilson Sonsini Advises Enliven Therapeutics on $460 Million Follow-On Offering
On June 15, 2026, Enliven Therapeutics, a clinical-stage biopharmaceutical company focused on the discovery and development of small molecule therapeutics, closed an upsized underwritten public offering of 10,533,334 shares of its common stock, which includes the full exercise of the underwriters' option to purchase 1,600,000 additional shares of its common stock, at a price to the public of $37.50 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase 1,733,333 shares of its common stock at a price to the public of $37.499 per pre-funded warrant, which represents the per share public offering price of each share of Enliven Therapeutics' common stock less the $0.001 per share exercise price for each pre-funded warrant. All of the shares and pre-funded warrants were sold by Enliven Therapeutics. The gross proceeds from the offering were approximately $460 million before deducting underwriting discounts and commissions and other offering expenses.
Alerts
6.05.26
SEC Proposes Significant Registered Offering Reforms to Increase Public Market Access
On May 19, 2026, the U.S. Securities and Exchange Commission (the SEC or Commission) announced proposed rule and form amendments that would substantially revise the framework for registered securities offerings by U.S. public companies. The proposal is intended to facilitate capital formation by broadening access to short-form registration, expanding offering communications flexibility, and reducing certain procedural burdens associated with registered offerings, while maintaining robust investor protections.
Alerts
6.05.26
SEC Proposes Streamlining Filer Status Framework and Broadening Availability of Scaled Disclosures
On May 19, 2026, the U.S. Securities and Exchange Commission (the SEC or Commission) announced proposed rule and form amendments that would streamline the existing filer status framework and extend many of today’s scaled disclosure requirements and accommodations to a significantly larger portion of reporting companies. The proposal is intended to better align disclosure and compliance obligations with issuer size and maturity while preserving core investor protections. The Commission estimates that approximately 81 percent of reporting companies would qualify for scaled disclosure under the proposal, although large accelerated filers would continue to represent the majority of the U.S. equity market capitalization.
Blog Posts
6.02.26
SEC Chairman Invites Comment on Modernizing the IPO Process
In remarks delivered on May 26, 2026, at the Stanford Rock Center for Corporate Governance, SEC Chairman Paul S. Atkins expressly invited public input on how the Commission should improve and modernize the IPO process. The remarks indicate that the Commission is prepared to consider whether long-standing rules governing offering communications, routes to the public markets, and disclosure obligations continue to serve capital formation efficiently in the current market environment. The SEC has provided an online form for submission of comments, and Chairman Atkins requested that any comments be submitted by July 27, 2026.
Client Highlights
5.22.26
Wilson Sonsini Advises WuXi AppTec on Issuance of RMB6,780 Million USD Settled Zero Coupon Convertible Bonds Due 2027
On May 21, 2026, all the conditions precedent under the subscription agreement dated May 14, 2024, entered into between WuXi AppTec Co., Ltd. (WuXi AppTec), Morgan Stanley Asia Limited, Citigroup Global Markets Limited, and Goldman Sachs (Asia) L.L.C. have been fulfilled and the issuance of the RMB6,780 million USD settled zero coupon convertible bonds due 2027 (the Bonds) in an aggregate principal amount of RMB6,780 million was completed. The net proceeds from the subscription of the Bonds, after deducting the managers’ commissions and expenses in connection with the offering, will be approximately US$1,023 million, and will be utilized in the following manner: (a) approximately 90 percent will be used for global capacity and capability expansion and (b) approximately 10 percent will be used for general corporate purposes. A formal application has been made to the Vienna Stock Exchange for the listing of the Bonds on the Vienna Stock Exchange.
Blog Posts
5.21.26
SEC Proposes Significant Reforms to Filer Status and Registered Offering Frameworks
On May 19, 2026, the SEC proposed two significant rulemakings: 1) Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies and 2) Registered Offering Reform. This blog post summarizes aspects of each proposal.
Client Highlights
5.13.26
Wilson Sonsini Advises Whitehawk Therapeutics on $87.5 Million PIPE Financing
On May 13, 2026, Whitehawk Therapeutics, a clinical-stage oncology therapeutics company applying advanced technologies to established tumor biology to efficiently deliver improved antibody drug conjugate cancer treatments, announced that it has entered into a securities purchase agreement with certain qualified institutional buyers and accredited investors for a private investment in public equity (PIPE) financing that is expected to result in gross proceeds of approximately $87.5 million, before deducting placement agent fees and other private placement expenses. The PIPE financing includes participation from existing investors including Avoro Capital, QVT, Coastlands Capital, KVP Capital, ADAR1 Capital Management, Acuta Capital Partners, StemPoint Capital LP, Invus, as well as members of the company’s executive team. Wilson Sonsini Goodrich & Rosati advised Whitehawk on the transaction.
Newsletters
4.07.26
2025 Technology and Life Sciences PIPE and RDO Report
Wilson Sonsini is pleased to present the 2025 Technology and Life Sciences PIPE and RDO Report. This report presents analysis related to 163 private investments in public equity (PIPEs) and registered direct offerings (RDOs) by U.S.-based technology and life sciences companies between January 1 and December 31, 2025. The report is limited to transactions in which the company raised at least $10 million and had at least one closing in 2025.