Administrative

The California Department of Finance has now posted a weblink to the form cities can use to request American Rescue Plan Act funds here. Both City’s designated contact person for State-issued Coronavirus Relief Funds and the City Manager should receive a unique username and password to log into the Department of Finance’s webform application. The application must include the information some basis information about the city, including: City name, Taxpayer ID Number, DUNS Number, and Address; Authorized representative name, title, and email; Contact person name, title, phone and email; Financial institution information. In addition, the City must sign and…
By Louis Lehot, a business lawyer at Foley & Lardner LLP in San Francisco and Silicon Valley Special-purpose acquisition companies (SPACs), organizations that raise funds in the public markets for the purpose of acquiring a private company and taking it public, had their heyday during the COVID-19 pandemic. In 2020, 248 companies went public through mergers with SPACs, exceeding the number of such deals in the past ten years combined, according to SPAC Data. While the craze continued through the first quarter of 2021, issuance ground to a stunning halt in April. SPAC Research reports a nearly 90 percent drop…
After a marathon 10-hour meeting on June 3, the California Division of Occupational Safety and Health (“Cal/OSHA”) Occupational Safety & Health Standards Board has approved revisions to its COVID-19 Emergency Temporary Standards. (8 C.C.R., §§ 3205 et seq.) Most notably, all employees must still wear face coverings when indoors or when outdoors and less than six feet from another person, regardless of vaccination status. There are only limited circumstances when employees are not required to wear face coverings, including new exceptions for vaccinated employees either: (1) when all persons in a room are fully vaccinated and not displaying…
The Legislature continues its efforts to increase the state’s housing supply, regardless of local land use policies and priorities. Senate Bill 9, introduced by Senate President Pro Tem Toni Atkins, will require cities to approve by right through ministerial action up to four units on existing single-family parcels.  Senate Bill 9 has passed the State Senate and is now pending in the Assembly. The bill is opposed by many cities and Cal Cities. Senate Bill 9 would require up to four residential units to be allowed per existing lot in most single-family residential zones statewide, without any discretionary…
Louis Lehot is a partner and business lawyer with, Foley & Lardner LLP, based in the firm’s Silicon Valley, San Francisco, and Los Angeles offices, where he is a member of the Private Equity & Venture Capital, M&A and Transactions Practices, and the Technology, Health Care, and Energy Industry Teams. Louis focuses his practice on advising entrepreneurs and their management teams, investors, and financial advisors at all stages of growth, from garage to global. Louis especially enjoys being able to help his clients achieve hyper-growth, go public, and successfully obtain optimal liquidity events. Prior to joining Foley, Louis was…
By Louis Lehot and Catherine Zhu, business lawyers at Foley & Lardner LLP in Silicon Valley A few years ago, initial coin offerings (ICOs) were all the rage in the cryptocurrency world. They offered many projects the ability to raise funds quickly and easily, but they also drew the scrutiny of regulatory agencies. As I pointed out at the time, the regulatory landscape for ICOs was something of a Wild West, with multiple agencies claiming jurisdiction. While the ICO market eventually cooled, the rise of NFTs demonstrates a similarly complicated relationship with existing regulations. As we sketched out in our…
Photo by Edi Kurniawan on Unsplash By Louis Lehot, Esq., and Catherine Zhu, Esq., Foley & Lardner LLP Louis Lehot and Catherine Zhu of Foley & Lardner LLP discuss the rise of financial technology startups and the legal and regulatory scrutiny they may face. This year has seen a surge in investor interest in fintech startups. CB Insights1 reported that the first quarter of 2021 was the largest funding quarter on record for fintech, surpassing Q2 2018, which included Ant Group’s $14B funding round. Venture capital-backed fintech companies raised $22.8 billion across 614 deals in the first quarter of 2021, representing 15%…
In 2017, the Court decided California Cannabis Coalition v. City of Upland, a dispute over an initiative to allow marijuana dispensaries in that city. It concluded that an initiative is not subject to some of Proposition 218’s limits on taxes proposed by city councils and county boards of supervisors. Its broad language opened the door to the possibility that a special tax proposed by initiative could be immune from the requirement for two-thirds voter approval. Three Court of Appeal decisions have now walked through that door, concluding that initiative special taxes can be approved by simple majorities of votes…
With the significant global economies benefitting from considerable government stimulus, easing monetary policies, and increasing vaccination rates, a return to work is powering growth in gross domestic product across the board. We are seeing large employers offering piles of cash to workers to return to work and pent-up demand unleashed across virtually every sector of the economy. As a result, we expect to see significant growth in M&A transactions in the second half of 2021. We sat down with Louis Lehot of Foley Lardner to discuss the outlook for M&A in the second half of 2021? Q: As we enter the second…