Two WGA Clients Go Public and Top the Charts
The ExecutiveRisk team at William Gallagher Associates (WGA) saw two clients through their initial public offerings yesterday – Intercept Pharmaceuticals Inc. (Nasdaq: ICPT) and Shutterstock Inc. (NYSE: SSTK). They were also Thursday’s leading percentage gainers as well, up 29.33 % and 27.41 % respectively.
Intercept, a biopharmaceutical company based in New York focused on the development and commercialization of novel therapeutics to treat chronic liver disease, took advantage of the JOBS Act for its IPO. The Jumpstart Our Business Startups Act, or JOBS Act, was passed in April 2012 to encourage funding of U.S. small businesses by easing various securities regulations. The JOBS Act allows emerging growth companies that have less than $1 billion in annual sales to bypass some of the restrictions that are imposed on larger companies that seek to raise money with an equity offering. Some other benefits to a pre-IPO company include: reduced IPO registration disclose requirements, confidential submission of the IPO registration statement up to 21 days before public disclosure, and reduced post-IPO reporting.
“We are seeing several of our clients take advantage of the benefits provided by the JOBS Act, and we hope to see more positive activity over the coming months,” said Jennifer Sharkey, Senior Vice President with WGA.” It is important to recognize that there are D&O insurance effects on the private company (pre-IPO) and the public (post-IPO) policies, so we encourage emerging growth companies to consider these in the decision making process.”
Shutterstock is a leading global provider of high-quality licensed photographs, vectors, illustrations and videos to businesses, marketing agencies and media worldwide. The New York-based firm had an offering of 4,500,000 shares of common stock at a price to the public of $17.00 per share. It is trading on NASDAQ under the ticker (SSTK).
William Gallagher Associates (WGA) is a leading provider of insurance brokerage, risk management and employee benefit services to companies with complex risks and dynamic needs, within industries that include life sciences, technology, financial risks, healthcare, energy, clean tech and environmental services. The firm was founded in 1983 and is one of the country’s leading independent brokerage firms, with offices in Boston, MA; New York, NY; Hartford, CT; Princeton, NJ Columbia, MD; and Atlanta, GA.
WGA’s professionals are available with expertise to provide background or be interviewed on the record in a range of subject areas.
Please feel free to contact us directly at the firm:
Marketing Director and Senior Vice President
William Gallagher Associates
470 Atlantic Avenue
Boston, MA 02210