logo
Racing to Keep Up With Dual Share Class Applications

Racing to Keep Up With Dual Share Class Applications

Yahoo6 days ago

One might say progress toward the much-anticipated dual share class structure has been a bit one-dimensional.
That's because a single company, Dimensional Fund Advisors, has been chosen by the Securities and Exchange Commission as an example for others. That firm, which is in the front of the line for dual share class approval, filed a second amended application late last week that will likely serve as a template for the rest of the industry. The SEC has reached out to other companies in the queue, telling them to use Dimensional's application for exemptive relief under Section 6(c) of the Investment Company Act of 1940 to offer ETF share classes as the basis for their own. The latest revisions in the application are heightened oversight by fund boards in deciding whether to add ETF or mutual fund share classes to products as well as more disclosure for fund investors.
'The changes in the amended filing are generally consistent with the spirit of the last dual share class exemptive application amendment filings,' said Aisha Hunt, principal at law firm Kelley Hunt. 'The structure and exemptive relief framework remain largely intact, with most conditions tracking closely to prior versions.'
READ ALSO: Investors Turn to Defined Outcome ETFs Amid Market Turmoil and Not Taking Single-Stock ETFs for Granite
Numerous fund companies have applied with the SEC for dual share classes or amended their existing applications over the past few weeks. 'The SEC essentially told firms to replicate the Dimensional filing as the blueprint,' said Craig Kilgallen, relationship manager at Fuse Research Network. 'Now, the firms feel like it's on the horizon. They're starting to get in line.' More than 60 fund companies have requested the SEC's blessing for multiple share classes. Since the agency explained its stance on the Dimensional blueprint in April, at least 43 of them have filed amended applications to account for that, public records show.
Among those filing:
BlackRock, State Street, Charles Schwab, JPMorgan, Pimco, Morgan Stanley, and others submitted first-amended applications.
Nine companies turned in new applications: Goldman Sachs; Tweedy, Browne; Harbor Funds; Columbia Management; Exchange Traded Concepts; Tortoise Capital Advisors; Baron Investment Funds; Advisors Preferred; and New Age Alpha.
Boarded Up: Dimensional's application appears to have been shaped by the SEC's assessments of numerous requests by different asset managers. A common thread has been that fund boards would assess products' fit for the addition of either an ETF or mutual fund share class, as not all funds lend themselves to both. 'What's more pronounced in this amended filing is the emphasis on board oversight,' Hunt said, citing explicit requirements for board approval of monitoring funds to identify issues, including conflicts of interest between share classes. 'The amendment also includes enhanced disclosure intended to help investors better understand the dual share class structure and the potential for conflicts between share classes, reinforcing the importance of transparency for these hybrid models.'
This post first appeared on The Daily Upside. To receive exclusive news and analysis of the rapidly evolving ETF landscape, built for advisors and capital allocators, subscribe to our free ETF Upside newsletter.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Cibus, Inc. Announces Closing of $27.5 Million Public Offering
Cibus, Inc. Announces Closing of $27.5 Million Public Offering

Yahoo

time2 hours ago

  • Yahoo

Cibus, Inc. Announces Closing of $27.5 Million Public Offering

SAN DIEGO, June 09, 2025 (GLOBE NEWSWIRE) -- Cibus, Inc. (Nasdaq: CBUS) (the 'Company' or 'Cibus'), a leading agricultural biotechnology company that uses proprietary gene editing technologies to develop plant traits (or specific genetic characteristics) in seeds, today announced the closing of its previously announced public offering of 15,714,285 shares of its Class A Common Stock, at a purchase price of $1.75 per share, including to institutional and strategic investors, as well as the Chairman of Cibus' board of directors (5,714,286 shares). All of the shares of Class A Common Stock in the offering were sold by Cibus. The gross proceeds of the offering were $27.5 million before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund further development of the Company's weed management productivity traits in Rice and for working capital and general corporate purposes, as it pursues longer-term financing. A.G.P./Alliance Global Partners acted as the sole placement agent for the offering. This offering is being made pursuant to an effective shelf registration statement on Form S-3, as amended (File No. 333-273062), including base prospectus, filed with the U.S. Securities and Exchange Commission (the 'SEC'), and declared effective on October 27, 2023. A final prospectus supplement and accompanying prospectus describing the terms of the offering were filed with the SEC and are available on the SEC's website located at Copies of the prospectus supplement and the accompanying base prospectus, when available, may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@ This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities being offered, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Cibus Cibus is a leader in gene edited productivity traits that address critical productivity and sustainability challenges for farmers such as diseases and pests which the United Nations estimates cost the global economy approximately $300 billion annually. Cibus' long-term focus is productivity traits for major, large-acreage row crops. Cibus is not a seed company. It is a technology company that uses proprietary high-throughput gene editing technology to develop crop traits at a fraction of the time and cost of conventional breeding and to license them to seed companies in exchange for royalties on seed sales. Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as 'anticipates,' 'believes,' 'continue,' 'estimates,' 'expects,' 'intends,' 'may,' 'might,' 'plans,' 'predicts,' 'projects,' 'should,' 'targets,' 'will,' or the negative of these terms and other similar terminology. Forward-looking statements in this press release include, but are not limited to, statements regarding the expected use of the proceeds from the offering. You are cautioned not to place undue reliance on any forward-looking statements made by Cibus' management, which are based only on information currently available to it when, and speak only as of the date, such statement is made. Cibus does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by law. CIBUS CONTACTS: INVESTOR RELATIONSKaren Troeberktroeber@ Jeff Sonnek – MEDIA RELATIONSColin Sanfordcolin@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

3 E Network Technology Group Limited Announces Pricing of $7.4 Million Convertible Notes and Warrant Offering
3 E Network Technology Group Limited Announces Pricing of $7.4 Million Convertible Notes and Warrant Offering

Yahoo

time6 hours ago

  • Yahoo

3 E Network Technology Group Limited Announces Pricing of $7.4 Million Convertible Notes and Warrant Offering

Hong Kong, China, June 09, 2025 (GLOBE NEWSWIRE) -- 3 E Network Technology Group Limited (Nasdaq: MASK) (the 'Company' or '3e Network'), a business-to-business ('B2B') information technology ('IT') business solutions provider, today announced the pricing of up to $7.4 million aggregate principal amount of senior convertible secured notes (the 'Notes') to be issued in three tranches, and accompanying warrants (the 'Warrants'), in a private placement (the 'Offering') to an institutional investor (the 'Investor'). The Warrants grant the Investor the right to purchase up to certain number of Class A ordinary shares par value $0.0001 per share ('Shares'), equal to 40% of the maximum principal amount of the First Tranche Note divided by the daily volume weighted average price ('VWAP') prior to the initial closing date of the First Tranche. The Offering provides for three tranches of Notes and Warrants, including (i) the First Tranche, which consists of up to $2.2 million in principal amount of Note and related Warrants, to be issued in two installments, the first installment upon signing of a Securities Purchase Agreement ('Purchase Agreement') and the second installment upon the U.S. Securities and Exchange Commission (the 'SEC') declaring the initial resale registration statement to be filed therefor effective; (ii) the Second Tranche, also up to $2.2 million in principal amount of Note, to occur on the earlier of the date on which the First Tranche Note has less than $500,000 in principal remaining or after 120 days following effectiveness of the initial resale registration statement, subject to the Company having a minimum market capitalization of $30 million; and (iii) the Third Tranche, up to $3.0 million in principal amount of Notes, which may be issued by mutual consent up to 180 days after the Second Tranche closing. The conversion price of the Notes equals to the lower of (i) a fixed price equal to 120% of the average of the three daily VWAPs of the Shares immediately prior to the applicable closing date, which will be subject to adjustment for dilutive offerings (excluding director and officer compensation) that occur within the next 18 months and (ii) a floating price based on 93% of the lowest daily VWAP in the 10 trading days immediately preceding the conversion if there is no event of default. The transaction is subject to customary closing conditions for each tranche, and each closing is expected to take place once those conditions are satisfied or waived in the near future. Concurrently, the Company and the Investor entered into a Registration Rights Agreement, which stipulates that the Company will file a registration statement on Form F-1 with the SEC within 15 days of the initial First Tranche Closing, which will cover the resale of Shares issuable upon conversion of the First Tranche of the Notes and the exercise of the Warrants. The Company also agreed to file a registration statement covering the resale of the Shares issuable upon the conversion of the Second Tranche and Third Tranche of the Notes within 15 days after the closing of each such tranche. In addition, to secure the transactions and as a condition precedent to each tranche closing, the Company, its subsidiaries, and the Investor will enter into a Guarantee Agreement at each closing to guarantee the Company's payment and performance of all obligations under the Purchase Agreement. The Company also issued 1,248,611 Shares ('Pre-Delivery Shares') and pre-funded warrants to purchase an additional 213,389 Pre-Delivery Shares, providing the Investor with a conditional right to use such Pre-Delivery Shares to timely effect conversions under the Notes, and agreed to include such Pre-Delivery Shares in the initial resale registration statement referred to above. The number of Pre-Delivery Shares are subject to adjustment as set forth in the Notes. In addition, the Company granted the Investor the right, beginning on the date on which no Notes are outstanding following the final closing under the Purchase Agreement, and for a period of six months thereafter, to purchase all or any portion or portions of the Pre-Delivery Shares at a price per share equal to 93% of the average of the daily VWAPs for the 10 trading days immediately preceding such purchase. Boustead Securities, LLC served as exclusive placement agent to the Company. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. About 3 E Network Technology Group Limited 3 E Network Technology Group Limited is a business-to-business ('B2B') information technology ('IT') business solutions provider. Through its two subsidiaries, Guangzhou Sanyi Network and Guangzhou 3E Network, the Company began by offering integrated software and hardware solutions for the property management and exhibition services spaces. Over time, 3 E Network expanded its software solutions offerings to serve a variety of sectors, including food establishments, real estate, exhibition and conferencing, and clean energy utilities. The Company's business comprises two main portfolios: the software development portfolio and the exhibition and conference portfolio. For more information, please visit the Company's website at Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "approximates," "assesses," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission. For more information, please contact: 3 E Network Technology Group LimitedInvestor Relations DepartmentEmail: ird@ in to access your portfolio

Dune Acquisition Corporation II Announces the Separate Trading of its Class A Ordinary Shares and Warrants, Commencing June 12, 2025
Dune Acquisition Corporation II Announces the Separate Trading of its Class A Ordinary Shares and Warrants, Commencing June 12, 2025

Yahoo

time6 hours ago

  • Yahoo

Dune Acquisition Corporation II Announces the Separate Trading of its Class A Ordinary Shares and Warrants, Commencing June 12, 2025

New York, NY, June 09, 2025 (GLOBE NEWSWIRE) -- Dune Acquisition Corporation II (Nasdaq: IPODU) (the 'Company') today announced that, commencing June 12, 2025, holders of the units sold in the Company's initial public offering may elect to separately trade shares of the Company's Class A ordinary shares and warrants included in the units. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The Class A ordinary shares and warrants that are separated will trade on The Nasdaq Stock Market under the symbols 'IPOD' and 'IPODW,' respectively. Those units not separated will continue to trade on The Nasdaq Stock Market under the symbol 'IPODU.' Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company's transfer agent, in order to separate the units into Class A ordinary shares and warrants. Dune Acquisition Corporation II was founded by its Chief Executive Officer, Carter Glatt. The Company is a blank check company whose business purpose is to effect a merger, amalgamation, share capital exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry or geographic region, the Company intends to focus its search for an initial business combination on companies within the software as a service, artificial intelligence, medtech or asset management and consultancy sectors. Clear Street acted as sole book-runner of the offering. The offering was made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Clear Street, Attn: Syndicate Department, 150 Greenwich Street, 45th Floor, New York, NY 10007, by email at ecm@ or from the SEC website at A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the 'SEC') on May 6, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Cautionary Note Concerning Forward-Looking Statements This press release contains statements that constitute 'forward-looking statements,' including with respect to the search for an initial business combination. No assurance can be given that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the initial public offering filed with the SEC. Copies are available on the SEC's website, The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Contact Carter GlattChief Executive OfficerDune Acquisition Corporation IIir@ 742-1904Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store