Helping Clients Access the Capital Markets and Stay Apprised of Regulatory Developments

Locke Lord QuickStudy: Buybacks: How Companies Can Benefit From Undervalued Stock

Corporate stock buybacks have been prevalent in recent years. However, due to COVID-19 and ‎market volatility, many companies, because they are focused on liquidity and balance sheet ‎strength, have suspended or terminated existing stock buyback programs. Despite falling out of ‎favor, analysts estimate that companies will spend hundreds of billions of dollars on buyback ‎programs in 2020.

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Nasdaq Temporarily Permits Certain COVID-Related Private Offerings Without Shareholder Approval

On May 4, 2020, the Nasdaq Stock Exchange adopted a new temporary rule that permits listed companies to issue more than 20% of their presently outstanding common stock at a discount from current market prices without the shareholder approval that such a transaction would normally require.

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SEC Provides Temporary Relief to Permit Expedited Crowdfunding Offerings in a Time of COVID-19

Picking up on suggestions from its Small Business Capital Formation Advisory ‎Committee, the SEC has adopted a temporary rule to permit small businesses eligible to do a ‎Regulation Crowdfunding offering that have been operating for at least six months to have ‎access to capital through August more quickly by streamlining some of the crowdfunding ‎exemption requirements as follows‎

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NYSE Also Extends Relief From Price-Based Listing Requirements

The NYSE extended the cure periods available to listed companies who have fallen out of ‎compliance with ongoing listing requirements based on their share prices. Beginning April 21, ‎‎2020, the extension will give more time to a number of companies whose stock price and market ‎capitalization have suffered since the beginning of the COVID-19 crisis.‎

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Nasdaq Extends Date for Compliance With Price-Related Listing Requirements

In response to the effect of the COVID-19 crisis on the public equity markets, Nasdaq is extending the time it will give a listed company to regain compliance with Nasdaq’s listing standards if its closing bid price falls below $1.00 for 30 consecutive trading days. The rule change allows for extra time from April 16, 2020 through June 30, 2020.

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ISS and Glass Lewis Announce Flexibility In Corporate Governance Policies During COVID-19 Crisis

ISS and Glass Lewis have issued guidance on their corporate governance voting policies that ‎adds flexibility to reflect the realities of the impact of the COVID-19 crisis and the challenges in ‎responding to it. Public companies will want to consider this guidance since many institutional ‎investors are influenced in their voting by the positions taken by these leading proxy advisory ‎firms.‎

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