Insights

Chicago – November 13, 2025: Crowell & Moring represented EMX Royalty Corporation in its public company merger with Elemental Altus Royalties Corp., creating a combined company with an implied market capitalization approaching $1 billion.

Chicago – October 23, 2025: Crowell & Moring represented publicly traded NGEx Minerals Ltd. in a complex cross-border precious metals spin-out transaction.

Chicago – October 20, 2025: Crowell & Moring represented Vancouver-based Sandstorm Gold Ltd. as lead U.S. deal counsel in the closing of its public company acquisition by Denver-based Royal Gold, Inc. (NASDAQ: RGLD) in an all-stock transaction valued at over $3.5 billion. This cross-border transaction is believed to be one of the largest precious metals royalty and streaming M&A deals in history. Crowell also represented Sandstorm in the related public company sale of its investment in Horizon Copper Corp. to Royal Gold for approximately C$196 million.

In continuing with its efforts to promote greater liquidity and certainty in the U.S. secondary loan trading market, on July 21, 2023, The Loan Syndications and Trading Association, Inc. (the "LSTA") officially released a revised suite of secondary market loan trading forms, which revised forms are effective for LSTA trades entered into on or after such date. 

In its long-awaited decision in Slack Technologies, LLC v. Pirani, 598 U.S. ___, No. 20-200 (June 1, 2023), the Supreme Court ruled that the tracing requirement of Section 11 of the Securities Act of 1933 applies to suits brought by investors in direct listings. Although the ruling definitively resolves an ambiguity in the statutory text, it leaves the door open to adverse consequences for both companies and investors in direct listings.

The Securities and Exchange Commission announced on May 16, 2023 that ten microcap companies violated Regulation A+ and have been ordered to pay civil penalties ranging from $5,000 to $90,000. In a press release, Daniel R. Gregus, Director of the SEC’s Chicago Regional Office, stated, “Companies that choose to benefit from Regulation A as a cost-effective way to raise capital must meet its requirements. These actions stand as a reminder that companies which choose to circumvent Regulation A’s requirements by engaging in prohibited conduct or making fundamental changes to their offerings without qualification will face action by the SEC.”

The Daily Journal highlights Crowell & Moring in the paper's "Dealmaker" column for the firm’s representation of Signature Group Holdings Inc. (SGH), a Sherman-Oaks-based holding company, as it offered 3.7 million shares of common stock in an underwritten public offering. The firm provided additional representation when SGH offered over four million shares of common stock for $6.50 per share. San Francisco-based senior counsel, Murray A. Indick, served as counsel for SGH for both of these deals.

Economic forecasts envision moderate global growth in 2017, with U.S. GDP growth likely to remain subdued. While inflation will likely edge higher, it is likely to remain at historically low levels. Persistent global disinflation is likely to continue to anchor monetary policy at accommodative levels. Cautious Fed hikes amid macro uncertainty, Euro‐area growth acceleration and policy easing, and managed growth deceleration in China will also affect the U.S. economy. The macro environment remains equity friendly, but risk‐reward in stocks will deteriorate, especially in the United States. Senior‐level economists and market strategists will address these and other issues.  Speakers include: Ron Insana, Senior Analyst & Commentator, CNBC; Shachar Kariv, Benjamin N. Ward Professor of Economics and Chair, Department of Economics, University of California, Berkeley; Liz Ann Sonders, Senior Vice President and Chief Investment Strategist, Charles Schwab & Co., Inc.; and Jim O'Sullivan, Chief U.S. Economist, High Frequency Economics.

This is Responsible Investor's fifth annual RI Americas conference where institutional investors from the US, Canada and Latin America gather to discuss and debate the trends in long-term, sustainable, fiduciary investment.

Asset-based financing is a key source of credit for small and medium-size companies and for some larger, publicly traded companies as well. In contrast to equity financing where ownership in the company is diluted, asset-based financing allows companies to use their own assets to generate cash flow.

This CLE webinar will discuss the mechanisms of asset-based financing transactions, including issues associated with the borrowing base, obtaining and perfecting a security interest in the assets as collateral under the UCC, and key terms in asset-based lending (ABL) loan documentation.

Every business is potentially vulnerable to a cyber attack or data breach.What do you do when you are attacked by an insider or hacked from outside? As the world becomes more “connected,” how do you protect yourself from attempts to access the personal information that you hold or disrupt your services or even attempts to take virtual control of connected devices? As businesses compete in an electronic world where marketing has moved from flyers and pamphlets to “robo calls” and direct text messages, how is it possible for a legitimate business to be liable for tens of thousands of illegal telemarketing calls to consumers?