Client Alert

| July 19, 2010

Continuous Equity Financing with Forwards: A Practical Solution to Strategic Capital Raising

As the financial markets began to emerge from the latest economic crisis, issuers increasingly employed at-the-market continuous equity financing programs to raise capital. Also known as sales agency programs or equity “dribble-outs,” as well as by many acronyms (such as “SAFE” programs or “ATM equity”), these financing programs are designed to allow issuers to quickly and opportunistically access equity markets, especially during periods of high volatility when a “traditional” equity issuance may not be economically attractive.

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This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Tahmidur Remura Dewey LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent. For further information on Tahmidur Remura Dewey LeBoeuf, please visit www.tahmidurrahman,com. +1 888 532 6383