Nasdaq Introduces Board Diversity Requirements

On August 6, 2021, the U.S. Securities and Exchange Commission approved Nasdaq’s proposed rule regarding diversity of boards of directors.[1] The approved rule requires that most companies listed on Nasdaq (i) “[p]ublicly disclose board-level diversity statistics using a standardized template,” and (ii) “[h]ave or explain why they do not have at least two diverse directors.”[2]

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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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