HSE Securities and Capital Markets Newsletter – Fall 2022 

Editor’s Message 


Thank you to everyone who joined us for our Accessing Capital Markets event in Buffalo last month. If you couldn’t attend, you will find a link below to view the insightful presentation, which was hosted by Buffalo Business First. As several of the panelists mentioned during the discussion, it is a rough time to be accessing the capital markets right now. However, we still have clients navigating the choppy capital markets and raising money in the current environment. While valuations and offering structures are not as company-friendly as they were in 2020 and 2021, using the right structure and accepting current valuations, there are still deals getting done. Feel free to reach out to us for guidance navigating these choppy capital markets. 

The last quarter was a little quieter on the SEC rulemaking front. We have information in this newsletter about the SEC’s long proposed pay-for-performance disclosure rules, which were finally adopted. We also have a timely article on recent tax law changes that will impact companies that currently have implemented or are contemplating a share repurchase plan.  

We were excited to welcome a new member to our Securities and Capital Markets team last month. Alexa Thomas joined us after graduating from Wisconsin Law School. Despite getting over her alma mater’s bumpy start to the college football season, Alexa is quickly coming up to speed as a securities lawyer and looks forward to working with many of you.

For those already saddened by the recent chill in the air, feel free to join Kayla Klos and Chris Murillo who are speaking at and attending the LD Micro Main Event XV investor conference in sunny Los Angeles from October 24-27, to get warmed up before winter hits. It should be a wonderful event.

With that, I hope you enjoy our Fall newsletter.

Alex McClean
Practice Group Leader, Securities and Capital Markets Group 

Recent Deal

Harter Secrest & Emery Advises Athenex, Inc. in Connection with $30 Million Public Offering

We represented Athenex, Inc., a global biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies to treat cancer and related conditions, in a $30 million underwritten public offering of shares of common stock and warrants. View the deal press release here.

Upcoming Event

C. Christopher Murillo and Kayla E. Klos will be attending LD Micro Main Event XV, one of the world’s leading industry conferences in the investment community. In its 15th year, the Main Event showcases over 200 notable companies and brings together C-level executives, MicroCap investors, financial professionals, and industry leaders for three days of presentations, one-on-one meetings, and networking in Los Angeles. Chris will present on “Uplisting to an Exchange in a Difficult Market: Process Overview, Practical Advice and Common Pitfalls to Avoid” on Monday, October 24, at 4:30 pm PDT.

Past Event

Last month, we joined Deloitte, Kei Advisors, and Maxim Group LLC, for a panel discussion on the latest trends and considerations in accessing the capital markets in today’s challenging economy. Hosted and moderated by Buffalo Business First, we provided actionable insights for accessing and utilizing capital funds. Click here to watch the recorded event that was part of Buffalo Business First’s Panel of Experts series.

Team News

Our team has grown and many of our members have been honored over the past quarter for their accomplishments locally and nationally. Read about our newest team member and the wonderful recognitions we have received for our abilities, professionalism, and community involvement.

Our Newest Team Member

Joining us from the land of cheese, badgers, and beer, we are happy to welcome recent University of Wisconsin Law School grad, Alexa Thomas.

Recent Honors

Follow us on Instagram

We launched a new Instagram account – – over the summer to provide an insider’s view of HSE and our wonderful culture of collaboration, entrepreneurship, inclusion, and teamwork. Please follow us so you can see what we’re doing to make HSE great!

Legal Insights

We regularly provide insight on a range of important securities and regulatory developments through our LEGALcurrents. Below are links to some of our recent articles and some additional content that may be of interest:

Executive Compensation Forum

New Excise Tax on Stock Repurchases
by Christopher M. Potash, Partner

The Inflation Reduction Act of 2022, signed into law on August 16, 2022, will impose a new non-deductible 1% excise tax on certain stock repurchases. This article details which corporations are subject to the excise tax, the repurchases covered in the excise tax, certain exceptions, the effective date, and more. Read article.

Introducing LEGALnotes Podcast

We recently launched LEGALnotes, a podcast that provides business leaders and general/inside counsel with insights and perspectives on legal developments that may impact their businesses or nonprofit organizations. Check out our episodes on the current state of cannabis licensing in NYS, what employers need to know about the annual H-1B Visa Lottery process, and complex issues with severance plans and other benefit plan implications of employee layoffs.

Attorney Advertising. Prior results do not guarantee a similar outcome. This publication is provided as a service to clients and friends of Harter Secrest & Emery LLP. It is intended for general information purposes only and should not be considered as legal advice. The contents are neither an exhaustive discussion nor do they purport to cover all developments in the area. The reader should consult with legal counsel to determine how applicable laws relate to specific situations. ©2022 Harter Secrest & Emery LLP