NASDAQ-Listed Companies to be Required to Submit Material News to NASDAQ MarketWatch Using Electronic Disclosure Submission System

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On June 26, 2007, NASDAQ released an issuer alert announcing a change in the method by which material

news must be delivered to NASDAQ MarketWatch. NASDAQ-listed companies will be required to submit any material news to NASDAQ MarketWatch using the electronic disclosure submission system, rather than submitting by facsimile or telephone as is currently the practice. In addition to the requirement to make prompt disclosure of material information to the public through any Regulation FD compliant method, NASDAQ rules have historically required NASDAQ-listed companies to provide notice of certain material disclosures to NASDAQ’s MarketWatch Department prior to the disclosure of the news to the public, even if outside normal business hours. The SEC recently approved a proposed NASDAQ rule change requiring NASDAQ-listed

companies to submit material news to NASDAQ MarketWatch using the electronic disclosure submission system.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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