Andrew D. Ledbetter

Partner

About

Areas of FocusCorporate Emerging Growth and Venture Capital Equity Capital Markets Public Company and Corporate Governance

Bar admissionsWashington

Selected Capital Markets Transactions

ON24 (NYSE: ONTF) in its US$492 million initial public offering
Adaptive Biotechnologies (Nasdaq: ADPT) in its US$345 million initial public offering, US$244 million secondary offering, and US$368 million follow-on offering (including $80 million secondary)
Trupanion (Nasdaq: TRUP) in its US$200 million strategic financing and US$69 million automatic shelf registration and takedown offering
Bsquare (Nasdaq: BSQR) in its $25 million at-the-market offering
HEXO (NYSE-A: HEXO) in its NYSE-A listing and US$44 million shelf takedown
The underwriters in US$20 million, US$16 million and US$8 million follow-on offerings of Helius Medical (NASDAQ: HSDT)
OncoCyte (NYSE-A: OCX) in its US$40 million shelf takedown, US$4 million registered direct offering, US$6 million special warrant offering, and its US$11 million PIPE transaction
OCZ Technology (Nasdaq: OCZ) in a US$23 million PIPE, US$15 million PIPE, and US$17 million block resale transaction
Nexvet Biopharma (Nasdaq: NVET) in its US$40 million initial public offering
Mesa Airlines (Nasdaq: MESA) in its US$116 million initial public offering
lululemon athletica (Nasdaq: LULU) in its automatic shelf registration statement including US$1.3 billion in shares offered by selling shareholders
DragonWave (Nasdaq: DRWI; TSX: DWI) in its US$25 million shelf takedown offering and US$6 million public offering
Cytori Therapeutics (Nasdaq: CYTX) in its US$17 million rights offering
Zillow (Nasdaq: Z) selling shareholders in a US$207 million secondary offering alongside a US$205 million shelf takedown offering by Zillow
The underwriters in a US$69 million shelf takedown offering for Fidelity Southern (Nasdaq: LION)
Feihe International (NYSE: ADY) in a US$60 million private placement to Sequoia Capital, selling shareholder registration statements and structured share repurchase
Globant (NYSE: GLOB) in its US$40 million initial public offering
GLG Life Tech (Nasdaq: GLGL, TSX: GLG) in its US$32 million US initial public offering
The underwriters in the US$82 million initial public offering for Trupanion (NYSE: TRUP)
The underwriters in a US$75 million initial public offering of TriState Capital (Nasdaq: TSC)
The underwriters in a US$38 million initial public offering of Erickson (Nasdaq: EAC)
Net 1 UEPS (Nasdaq: UEPS) in its US$108 million investment from International Finance Corporation
PaxVax stockholders in the US$105 million investment from Cerberus and related restrictions
JDS Uniphase (Nasdaq: JDSU) in its registered rescission offering

Selected Merger and Acquisition Transactions

Lightyear, a tech company focused on the Stellar blockchain, in its acquisition of Chain, a fintech company building cryptographic ledgers that underpin financial products and services
Feihe International in its purchase of the assets of Vitamin World out of bankruptcy
Nexvet Biopharma (Nasdaq: NVET) in its US$85 million sale to Zoetis (NYSE: ZTS)
AsiaInfo-Linkage (Nasdaq: ASIA) in a US$733 million merger with Linkage Technologies
China Dredging Group in its US$783 million merger with Pingtan Marine (Nasdaq: PME), and its initial public offering and selling shareholder registration statement
Etubics in its merger transaction valued at US$80 million with NantCell and US$17 million private offering
AsiaInfo-Linkage (Nasdaq:ASIA) in its "going private" merger transaction with an affiliate of CITIC Capital and certain insiders
Feihe International (NYSE: ADY) in its "going private" merger transaction with an affiliate of Morgan Stanley and certain insiders
Erickson (Nasdaq: EAC) in its US$250 million acquisition of Evergreen Helicopters, US$400 million Rule 144A note offering, and US$125 million credit facility
OCZ Technology (Nasdaq: OCZ) in its US$35 million acquisition of Indilinx
Coupons.com in an acquisition of worldwide licensing rights and restructuring
Northstar Neuroscience (Nasdaq: NSTR) in a public company liquidation

Selected Public Reporting '34 Act Clients

Adaptive Biotechnologies
ON24
Trupanion
lululemon athletica
Bsquare
Marchex
OncoCyte
Net 1 UEP
W. P. Carey
STORE
Nexvet Biopharma
Extreme Networks
QUALCOMM
F5 Networks
Velti
WSFS Financial
Erickson
DragonWave
Asialnfo-Linkage
Feihe International
China Dredging
OCZ Technology

Education

J.D., University of Washington School of Law

B.A., English, Washington State University

Awards

The Legal 500 United States

Recommended, Corporate Governance (2024)
Recommended, Capital Markets Equity Offerings – Advice to Managers (2023)

Chambers USA

Band 4, Washington Corporate/M&A (2024)

Additional Awards

Named as a "Rising Star" by Washington Law & Politics (2009-2010, 2012, 2014-2016)

Insight Overview

Andrew is a regular contributor to The Venture Alley, a blog about business and legal issues important to entrepreneurs, startups, venture capitalists and angel investors. He has also authored over 20 DLA Piper client alerts regarding corporate governance, emerging growth and venture capital and capital markets matters.

Clerk Experience

Andrew clerked for the Washington State Court of Appeals and interned with the NASD (now FINRA).

Prior Experience

Before joining DLA Piper, Andrew was Associate General Counsel for the Securities Division of the Washington State Department of Financial Institutions. His responsibilities included reviewing registered offerings and private placements by emerging businesses, public companies and direct participation programs such as REITs, as well as no-action letters, policy initiatives and internal legal advice on registration and exemption, broker-dealer, investment adviser, franchise and other matters.