For others, a late-stage private placement may be a stepping stone on the road to an eventual IPO or an M&A exit. We counsel our issuer and financial intermediary clients in these transactions, which often require addressing the rights of various series of existing stockholders. We also assist companies undertaking private tender offers to provide liquidity opportunities for early investors and employees, or to facilitate liquidity opportunities for these holders by bringing in new institutional and cross-over fund investors. Given the depth of our experience with private placements and IPOs, we are able to work effectively with our clients on these transactions while remaining focused on their strategic objectives and longer-term financing plans.