Topic: NASDAQ

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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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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NASDAQ’s New 20% Rule for Private Offerings

On September 26, 2018, the Securities and Exchange Commission approved amendments (the “Amendments”) to NASDAQ Rule 5635(d) (commonly referred to as the “20% Rule”).  The purpose of the 20% Rule is to protect an issuer’s existing public shareholders against a significantly dilutive private offering by giving the shareholders an opportunity to vote on the offering and/or sell their stock prior to its consummation.

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