Financing Alternatives in Today’s Capital Market Environment

Raising capital in today’s uncertain economic environment requires public companies to look beyond the methods used in the past. Private investment in public equity (PIPE) transactions or fully underwritten offerings can be expensive and time consuming in the best of times.

Because shares placed in a PIPE transaction are not registered, a resale registration statement must be filed with the SEC and declared effective for the shares to be freely tradable in open market transactions. Investors in PIPE transactions typically request a heavy discount to the issuer’s current share price and possibly warrant coverage to compensate for the risks related to this illiquidity. Additionally, the terms of the PIPE transaction may include penalties or liquidated damages provisions in the event the issuer fails to obtain an effective registration statement within a prescribed timeframe.

An underwritten or secondary offering of shares can be time consuming and expensive, given the need to file a registration statement and accompanying prospectus with the SEC and the associated legal and underwriting fees. The shares cannot be priced or placed until the SEC declares the registration statement effective which, depending on the SEC review process and any related follow on comments that need to be addressed, can take time, a commodity that many smaller public companies cannot afford.

A registered direct offering provides an alternative to public companies seeking capital and provides a number of benefits to the above alternatives; however, an RDO is not without its downsides.

What is a Registered Direct Offering?

A registered direct offering (RDO) is similar to a PIPE transaction, in that both are marketed and sold to a limited number of accredited and institutional investors; however, unlike a PIPE, shares sold in an RDO are registered and therefore, liquid, and can be sold to anyone. To complete an RDO, an issuer must be eligible to use Form S-3 and should have an effective shelf registration statement on file with the SEC. If an issuer is Form S-3 eligible, but doesn’t have an effective shelf registration statement on file, the issuer must file either a single purpose registration statement (i.e. “bullet”) covering the shares to be issued in the RDO, or a shelf registration statement.

RDO transactions are governed by a placement agency agreement, rather than an underwriting agreement. With a placement agency agreement, the offering is sold on a ‘best efforts’ basis, so there is no firm commitment for the placement of a specific number of shares, and the placement agent never takes possession of any securities. The placement agency agreement will typically include issuer representations and warranties concerning itself and its business, certain covenants applicable to the issuer, a promise to indemnify the placement agent for any Securities Act liabilities arising from the transaction, as well as closing conditions, such as legal opinions, comfort letter requirements, delivery of certificates, etc.

To complete the RDO pursuant to an effective registration statement, the issuer will ultimately prepare and file a preliminary or final prospectus supplement that describes the offering, depending upon how the shares are marketed and sold.

What are the advantages of an RDO?

An RDO has multiple advantages over a PIPE or traditional secondary offering.

1. Pricing – The shares sold in an RDO are freely tradable and therefore, there is no liquidity discount that would normally apply in a PIPE transaction. Additionally, the warrant coverage, if any, is typically lower in an RDO than would otherwise be the case in a PIPE.

2. Timeliness – With an effective shelf registration statement on file, an issuer can offer registered shares when market conditions permit, rather than be subject to the regulatory timeline that is typical in secondary offerings and that can cause an issuer to miss a market window. Investors in a PIPE transaction negotiate and execute individual purchase agreements, which can delay the closing of the transaction, whereas investors in an RDO are not required to sign or complete any such documentation.

3. Confidentiality – Because an RDO is marketed similarly to a PIPE, an issuer and the placement agent can market the transaction confidentially, enabling the parties to assess the market for the issuer’s securities without creating downward selling pressure on the stock that would typically accompany a public announcement of a proposed share offering. An RDO transaction is typically publicized just prior to or at pricing.

4. Lower legal and administrative expenses – Investors in an RDO are not required to negotiate and sign individual purchase agreements as they would otherwise be required to do in a PIPE transaction. Additionally, the shares in an RDO are typically offered under a shelf registration statement and therefore, are marketed based upon the issuer’s existing public disclosures, which eliminates the complexities of crafting a preliminary prospectus supplement as a selling document. RDO transactions also avoid the ‘give and take’ with the SEC typically associated with registration statements filed in connection with secondary offerings.

5. Exchange Rules – Certain securities exchanges require that any offering of securities that is determined not to be a ‘public offering,’ such as a PIPE, and which is greater than 20% of an issuer’s outstanding capital stock, must be presented to shareholders for approval. The determination of whether an RDO qualifies as a public offering is typically on a case by case basis; however, an RDO can be structured to allow the issuer to sidestep the 20% rule and avoid the need for shareholder approval of the proposed transaction.

What are the disadvantages of an RDO?

RDO’s are not a financing cure-all and there are some disadvantages to RDO’s over other methods of financing.

1. Distribution – Because an RDO is marketed to a select number of investors, shares are not as widely distributed as would typically be the case in a secondary offering. As a consequence, the issuer’s shareholder base is not necessarily broadened as a result of an RDO transaction.

2. Exchange Rules – If an RDO cannot be structured to meet an exchange’s definition of a public offering, and the proposed transaction is greater than 20% of the issuer’s outstanding capital stock, shareholder approval may be required, which would erode the advantages of timeliness and cost effectiveness of an RDO transaction.

3. Form S-3 – An issuer must be Form S-3 eligible to complete an RDO. While Form S-3 eligibility requirements have been relaxed, not all issuers will qualify.

4. Best efforts basis – A ‘best efforts’ basis means no firm commitment to the issuer regarding the number of shares to be sold. If the market fails to materialize for the issuer’s securities, the placement agent has no obligation to purchase any shares.

How do I start the process?

If an issuer does not already have an effective shelf registration statement on file, the first step in the process is to determine, together with legal counsel, the issuer’s Form S-3 eligibility. The next step is to assess any exchange rules that might apply regarding the determination of whether a proposed RDO is a ‘public offering.’ If the issuer is eligible for an RDO transaction, identification of the appropriate placement agent is the next critical hurdle. For a successful RDO, the placement agent should have longstanding relationships with a number of institutional investors who prefer to invest in the issuer’s industry or niche.

The Bottom Line

RDO’s are quicker to close than either a PIPE transaction or a secondary offering, which allows the issuer to quickly take advantage of favorable capital market conditions. The securities offered in an RDO are priced similar to a secondary offering, but without the related hurdles, and an RDO transaction can be marketed confidentially, which will reduce selling pressure on the issuer’s stock prior to completion of the transaction. Additionally, RDO transactions are typically cheaper to complete, in terms of discount, fees and related warrant coverage.

How to Use the Directional Movement Index

The Directional Movement Index is one of Welles Wilder’s lesser-known creations, but it is explained in his book “New Concepts in Technical Trading Systems” published in 1978. Many of the most common indicators in use today originate in this seminal book on technical trading. The ADX, RSI, Average True Range, the Parabolic SAR, and the Directional Movement Index all come from the same volume. If you have not read this book yet, it should be on your required reading list as it is truly one of the classics in trading.

The Directional Movement Index (DMI) is a momentum indicator. It calculates the strength of the upward movement or downward moment and shows the results as a trend strength line, also called the ADX. But for the purpose of this article, we will exclude analyzing the ADX and speak strictly of the DMI. The indicator is recognizable by two distinct lines called the +DI and the -DI.

The + DI measures the upward pressure, or upward movement or buying pressure (take your pick of which term you prefer) and the -DI measures the negative or downward movement, or selling pressure. When the two lines cross it can be a buying signal if the + DI crosses over the -DI, and conversely if the -D1 crosses over the + DI is considered a selling signal. Wilder also theorized that when a crossover takes place, it can be seen as a trend reversal.

My experience with the DMI, which is extensive, would suggest that the crossover points are not necessarily indicative of trend reversals. On the contrary, depending too heavily upon the DMI can cause you to be whipsawed in tightly congested markets. So I discount Welles Wilder’s theory on crossing points being indicative of trend reversals.

In non-trending markets the DMI can be confusing and cause many false buy/sell signals. For that reason, I do not use the DMI in consolidating or congested markets. However, in trending markets the DMI can be quite useful in identifying potential retracements, and when combined with Fibonacci retracements, can allow you to obtain a few extra points playing the retracements in a broader trend.

To Welles Wilder’s credit, he was aware of the whipsawing tendencies of the DMI and places a limitation upon its use. Wilder thought that you should not initiate a long position until price has taken out the high posted on the day or the bar that the+ DMI crosses above them. This caveat does tend to lessen the number of spurious crossovers the DMI can display, but I’m still not comfortable using the DMI as a primary indicator in my futures trading.

On the other hand, the DMI is a great backup indicator, especially since it is momentum-based, to filter trades off of your primary indicator. This is the exact role I have implemented to use the DMI and have been pleased with the results.

In summary, the DMI is not an optimal primary buy/sell indicator because of the false and/or spurious buy/sell indicators it routinely indicates. But it can be very valuable as a filter indicator to back up the validity of your primary indicator and ultimate trading decisions. Finally, I have used the DMI in trending markets to identify retracements with great success and it truly shines in this capacity.

The Best Target Market Research Questions

If you are ready to start conducting Human Touch Research of you target market, follow these questions as a guide. Begin by over the next few days interviewing 10 people from your target market. They can be past clients, prospects, people in your network, etc. Conduct the interviews over the phone or in person.If you know the person in your target market very well, I recommend you pick up the phone and set up a time where you can talk for 15 minutes. If you don’t know them well, email them and ask for a 15 minute conversation. Give them some specific days and times to choose from that works for them.TIP #1: When you’re setting up the interview tell them, “I’m doing some research to grow my business and I want your advice.”TIP #2: Make your interview relaxed and conversational. The more at ease you are the more relaxed they’ll be.TIP #3: Use the questions I provide for you later in the article as a guide. Feel free to go “off script” and pursue any question deeper.TIP #4: If possible, record your interviews with them. Be sure to tell them you are recording the call for research purposes only. Basically, you want to note the EXACT words they use to describe their top questions, challenges and complaints around your topic.If you don’t have past or current clients yet, ask people who could be your clients – even if they are friends and family. Just start somewhere. Figure out how to reach them and adapt the questions to fit the context of your conversation.Sample Questions, what path lead them to you:1. How did you find me?This is very important because you want to trace how they found you so you can help all those unknown members of your market do the same. This helps you define your future marketing outreach strategy.2. What would you type into Google to find help solve your problem? Or, if you didn’t remember my name, what would you type into Google to find me?Find out how people perceive you, what they identify as your keyword and the phrases they would use to search your topic online.3. Why did you decide to do business with me? Or, what was it that made you decide to hire me and not someone else?4. What do you read?Get specific answers: magazines, ezines, websites, etc. You’re looking for places you can submit articles and ads to promote your business.5. Where do you like to hang out? (Both online and offline)6. Where do you network?This will tell you if you’re going to the right networking events and which ones you need to start going to. Also listen for seminars and live events they go to.7. Who else do you do business with?This will tell you who to approach later as joint venture partners, JV’s, and affiliates.8. Where can I find a roomful of people just like you?Sample Questions to help identify their problems:1. What were the main problems you wanted help with when you first came to me?2. What keeps you up at night?3. What are you afraid of?4. What are you angry about?5. What are your top frustrations about (your topic)?6. What do you secretly desire most? Not everything is a “problem.” Sometimes the problem your target faces is an unfulfilled desire.7. What would I need to say right now that would cause you to pull out your credit card this very instant and buy from me?8. What is the exact language they use to describe their problems and desires?9. What objections do they have to buying your program?During Their Walk across the Magic Room Questions (Your Process)I use the analogy of a Magic Room when conducting market research. Imagine a room with an entry door on one end and an exit door on the opposite side. Outside of the room, near the entrance, a member of your target market is struggling and suffering. They read a sign above the entry door. It compels them enough to gather enough strength and open the door to go inside. As they journey across your Magic Room, they get noticeably better and better. By the time they reach for the exit door, they are happy, free and smiling. They walk out the door with a song in their heart and a skip in their step.Now imagine your target walking through the Magic Room. This is where you do your work with them so they transform. Your goal with these questions is to find out what specifically in your process worked best for them. This can be very enlightening. You’ll discover ways to improve your products and services and hone in to get the best and fastest results for your clients.If you’re asking people you’ve never worked with before simply adjust these questions and find out what they want IF they were to work with you.1. Why did you want a solution for these problems?2. What part of our work together did you receive the most benefit from?3. Was there anything I did in our work together that caused the greatest shift for you?4. How best do you like to consume information? Books, eBooks, teleclasses, audio CDs, downloadable audios, live events, one-on-one coaching, group coaching, etc.?After They Walk Out of the Magic Room Questions (The End Result)After they’ve walked through the room they’ve transformed. You want to capture the end results they experienced as they walk out the exit door. Hone in on the tangible results as well as the emotions they feel now that they are free and fulfilled.1. What are the top three benefits you received from our work together?2. How does it feel now that you have solved your problem?3. What specific results do you now have because of our work together? You want to get this ideally in the form of a numerical statistic.Leverage People Who Know Your Target MarketIn addition to asking your target market directly, ask people who know your market well. This is especially a good exercise if you don’t have clients yet.Contact people who know your target market and ask them the same questions from the last section. They can be business colleagues, associates, etc. Maybe invite them out to lunch to interview them.Summing Up Your Market ResearchAt this point you should have a VERY good idea about which of your business and/or product ideas will be a hit based on what the market tells you, not what you THINK will be a hit.

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