Road Show Preparation


Summary

This practice note discusses road shows, which are presentations that market a securities offering to potential investors. Companies are not required to conduct road shows, and many securities offerings are successful without them. But road shows are often key to developing a market for and pricing a company's securities (i.e., book-building). For attorneys involved in the transaction, road shows implicate a host of practical and legal considerations. These considerations include strategic decisions surrounding form, content, timing, audience, and other logistics, as well as the compliance burden imposed by various securities laws designed to protect investors and ensure that relevant information is communicated in a timely, comprehensive manner. This practice note guides an attorney through advising a client on the strategic implications of a road show, the process of putting one together, and the review required to make sure the road show is compliant with existing securities laws.