Michael Urbani discusses ‘At The Market’ equity programs with The Globe and Mail and Canadian Lawyer Magazine

September 30, 2020

Michael Urbani

Michael Urbani, corporate and securities partner in Stikeman Elliott’s Vancouver office, was recently called upon by The Globe and Mail and Canadian Lawyer Magazine to discuss the Canadian Securities Administrators’ (CSA) new rules for at-the-market equity offerings, also known as ATMs.

Michael is part of the legal team representing Ballard Power Systems which established the first cross-border ATM equity program done in Canada under recent amendments to rules governing ATMs. The new securities guidelines make it easier for public companies to issue stock at market prices and raise needed capital. 

“ATMs are an attractive alternative to traditional equity offerings,” says Michael, who also believes that with the liberalization of the ATM regime put in place on August 31, it will be used more often.


Michael further states that with the new amendments, “ATMs are tailor made for the COVID era.” A situation such as the COVID-19 pandemic can create barriers for public companies to raise capital, so many issuers will welcome another source of funding.


The CSA has now more closely aligned the ATM regime with what is currently being utilized in the U.S., making them a more practical option for raising capital, says Michael.


Click here to read the Globe and Mail article.
here to read the Canadian Lawyer Magazine article.

For more information on the “at the market’ equity programs, please read our legal updates on our Knowledge Hub:

“New ATM Rules Come Into Force”

“ATM Update – CSA Clears ATMs for Lift Off”