Their management team has very little experience about the US capital market, and in fact speaks very little English, yet they have their own version of the American dream. We were called upon to represent them during their IPO process. Our team drafted their prospectus, prepared their Nasdaq application and assisted the company with their response to the comments provided by the regulators. The representation of Lichen China is the epitome of what our firm is about. We are a New York law firm that serves clients with international vision and ambition. How did Ortoli Rosenstadt work with other firms involved in the IPO to ensure a satisfactory outcome? As the issuer’s counsel on an IPO, we would be considered the ‘quarterback’ of the entire listing process. We would need to coordinate and control the documents with all parties, including the company, underwriter and its counsel, auditor and others. We were fortunate that the underwriter, its counsel, and the auditors were all teams that we had previously worked with and therefore the familiarity made the process easier. We were also fortunate to have the trust that the company placed in us in dealing with the professional parties rather than micromanaging everything themselves. Knowing the working style of each professional party in advance was helpful in terms of our preparation throughout the process. Just by knowing the expectation of what the other side wanted, we cut down the communication time needed to achieve the results that we and our client wanted. We would prepare documents knowing the nuances involving the other parties to ensure that the back-andforth on the documents did not become an endless process. In my nine years of law practice, FEATURE OF THE MONTH 17 of cash up for grabs. The market took a 180-degree turn in 2022 and because of that, the regulators also became more cautious about approving companies to list. The combination of market and policy changes were definitely some of the biggest challenges we faced along the way, as it forced us to constantly go back to the drawing board and come up with solutions that would work in that particular moment. Regardless of the changes, the company’s management showed their perseverance by having only the end goal, which is the final listing, in their eyesight. We, as their legal counsel, are very appreciative of their determination because we have seen others bail in similar situations. How did your work with Lichen China Limited fit the profile of your firm? The bread-and-butter product of my practice area is to help Asia-based companies getting listed on a US stock exchange. Lichen China’s main operation is based in Fujian Province, China. landmine. Because we are often dealing with two or more sets of laws at the same time, we have to learn to navigate and find an equilibrium where the client is compliant both in the US and locally. Were any challenges encountered during the course of the IPO? If so, how did your team overcome them? As I always say, nothing is ever easy. Nothing can be taken for granted these days, especially in today’s world, where everything must be accomplished in a collaborative manner. Everyone is a small piece of a bigger puzzle and yet everyone is interconnected. However, things often do not go the way you envision them to when you first start, for whatever reason. In our world, there is no such thing as an ‘easy deal’; every one of them has its own hairs. You just need to find a way to pull it out. When Lichen began its IPO journey in 2021, the market was at its peak with tons The breadand-butter product of my practice area is to help Asia-based companies getting listed on a US stock exchange.
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