Richard A. Friedman is a capital markets lawyer who primarily advises U.S. and foreign issuers and underwriters on private and public offerings and exchange listing matters. For more than 39 years, he has guided small and emerging companies and underwriters through initial public offerings, secondary offerings and post-IPO capital raises, helping growth-stage businesses in a wide variety of industries access the public markets as capital needs evolve.
Operating companies and development-stage issuers rely on Richard’s experience and counsel to efficiently structure and solve issues and provide value-added services, allowing them to access capital, whether in fully marketed public offerings or alternative capital-raising structures, including PIPEs, registered direct offerings (RDs), confidentially marketed public offerings (CMPOs) and at-the-market (ATM) programs. Richard advises on universal shelf registrations and related takedown transactions, including follow-on offerings by issuers and secondary offerings on behalf of selling shareholders. His experience includes representation in nationally covered public offerings and SPAC IPOs on behalf of issuers and underwriters. He also advises special committees of independent directors in connection with related-party and other conflict transactions.
Within the small-cap and micro-cap markets, where Richard concentrates his practice, market capitalizations typically fall below $500 million, with many IPOs at or under $100 million.
In addition to capital markets transactions, Richard advises publicly held companies on ongoing SEC reporting obligations and guides clients through NASDAQ, NYSE and other exchange listing and compliance requirements. He also represents broker-dealers and registered individuals in ongoing compliance matters, regulatory inquiries and disciplinary proceedings before the SEC, FINRA, NYSE and state securities commissions.
Richard is a member of the firm’s Life Sciences team, Blockchain Technology and Digital Assets team, Cannabis team, ESG & Sustainability team and Canada desk.