COVID-19 was first detected in Wuhan, China on December 31,
2019. In a matter of months, COVID-19 spread to several countries,
and the World Health Organization declared COVID-19 a pandemic on
March 11, 2020. COVID-19's impact on Turkey, like elsewhere in
the world, has become the most important issue on the business
community's agenda.
For companies looking to raise capital at this time, COVID-19
demands extra contractual considerations as issuers and
underwriters became increasingly focused on force majeure and
material adverse change provisions. Transactional parties also need
to navigate the disclosure requirements required by law and
regulation and explore alternate means of completing diligence and
book building in light of travel restrictions and medical
recommendations to avoid face-to-face meetings. Companies that are
already listed or have listed securities will have to consider
their continuing disclosure obligations, in particular in relation
to emerging
