Temporary Nasdaq Relief from Shareholder Vote Requirement

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On May 4, 2020, the Securities and Exchangen Commission approved a rule filing from Nasdaq granting temporary relief from the shareholder approval requirements in respect of certain transactions (the “rule filing”). Nasdaq has adopted Listing Rule 5336T, which provides for limited relief from Nasdaq Listing Rule 5635(d) (“transactions other than public offerings”) and under certain limited circumstances a limited attendant exception to Listing Rule 5635(c) (“equity compensation”).

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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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