WARSAW - July 31, 2018 - Greenberg Traurig advised Silvair Inc., a Delaware company, on its initial public offering of shares and their admission to trading on the regulated market operated by the Warsaw Stock Exchange.
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 provided legal advisory services to the Company in the area of Polish law and selected aspects of US law to arrange and conduct the IPO. 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 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,” said Partner Rafał Sieński.
“Structuring this transaction involved working closely with the WSE and its counsel to implement systemic changes to facilitate compliance with US securities regulations. 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.” added Partner Federico Salinas.
Silvair is a US company that develops software solutions for the Internet of Things (IoT) and operates on the global market and its strategic goal is to achieve a leading position in the market of suppliers of modern technological solutions in the area of IoT. The Company is currently focusing on the implementation of technology to be used by manufacturers of lighting systems as well as intelligent building management systems. It provides Silvair Lighting Firmware and digital tools which use the Bluetooth Mesh standard and facilitate the creation of the Silvair Platform.
On behalf of the Greenberg Traurig Warsaw office, the transaction was led by Partner Rafał Sieński. Partner Federico Salinas was responsible for US securities law aspects, and the team also included: Senior Associate Mateusz Zaleński and Associate Tomasz Szekalski.
Prior to this, the Greenberg Traurig Warsaw office previously advised Venture Fundusz Inwestycyjny Zamknięty, a closed-end investment fund managed by TFI Trigon S.A., in connection with the acquisition of a stake in Silvair.
Greenberg Traurig LLP
Greenberg Traurig, LLP is an international, multi-practice law firm with approximately 2000 attorneys serving clients from 38 offices in the United States, Latin America, Europe, Asia, and the Middle East.
Greenberg Traurig Grzesiak sp.k. was named the 2018 Most Innovative Law Firm of the Year Award for Poland by International Financial Law Review (IFLR) and the 2017 Law Firm of the Year in Poland by Chambers and Partners. The Warsaw office of Greenberg Traurig, LLP provides legal services to clients in Central Europe and beyond and consists of more than 100 lawyers. Team members are regularly recognized as leaders in numerous practice areas. Chambers Global, Chambers Europe, IFLR1000 and EMEA Legal 500 consistently rank them among the top tiers the areas of Corporate/M&A, Capital Markets, Real Estate, Private Equity, Tax, Banking and Finance, Project Finance, Energy, Dispute Resolution and TMT.
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