Orrick and the Warsaw office of Greenberg Traurig have advised Silvair Inc. on its initial public offering of shares and their admission to trading on the regulated market of the Warsaw Stock Exchange.
The shares placed are 'restricted shares' and can only be traded among non-US investors during the one-year restricted period or pursuant to an available exemption under the US securities laws.
Silvair provides an interoperable wireless lighting control solution based on the Bluetooth mesh networking standard. Component manufacturers can integrate it into a variety of products, choosing specific features in accordance with customer needs. The platform also lays the foundation for many IoT services.
According to Greenberg Traurig, “the Silvair transaction is the first IPO in the history of Poland’s capital markets in which the shares of an issuer from the United States are listed solely on the regulated market of the Warsaw Stock Exchange. Breakthrough solutions developed as part of the Silvair IPO enable US companies that have benefited from early rounds of financing in the Silicon Valley, to base the next stage of their development on financing acquired on the Warsaw Stock Exchange.”
Greenberg Traurig Partner Rafal Sienski said: “Silvair is the first issuer from the United States whose shares are listed solely on the regulated market of the Warsaw Stock Exchange. Therefore, in addition to other tasks usually related to the completion of an IPO in Poland, the debut of Silvair shares on the WSE required amendments to the rules and regulations of the WSE and the development of solutions necessary to register Silvair shares with the Depository Trust Company in the United States for the purpose of their transfer to the Central Securities Depository of Poland.”
“Structuring this transaction involved working closely with the WSE and its counsel to implement systemic changes to facilitate compliance with US securities regulations,” added Greenberg Traurig Partner Federico Salinas. “It is no small achievement that the WSE is now one of a handful of world exchanges that can welcome US companies to list their shares on its platform and GT is ready to assist in that process.”
Orrick's California-based team consisted of Partners Dan Kim and Andy Thorpe, Managing Associate William Blackman, and Paralegal Ewa Myktytn.
Greenberg Traurig’s Warsaw team was led by Partner Rafal Sienski, with Partner Federico Salinas was responsible for US securities law aspects. The team also included Senior Associate Mateusz Zalenski and Associate Tomasz Szekalski.