News & Analysis as of

Capital Markets Delisting

Morrison & Foerster LLP

Proposed Changes in Penny Stock Delisting Rules: Proactive Steps Needed to Avoid Disruptions

On August 8, 2024, the Nasdaq Stock Market LLC (“Nasdaq”) submitted a proposal to amend its rules regarding penny stocks (i.e., stocks trading below a $1.00 minimum bid price) to make it easier for Nasdaq to delist them....more

Wyrick Robbins Yates & Ponton LLP

Nasdaq Proposes to Accelerate Delisting Process

Nasdaq has proposed amendments to its listing standards that would accelerate the delisting process for certain companies that fail to satisfy its minimum bid price requirement. These proposals are ostensibly in response to...more

Skadden, Arps, Slate, Meagher & Flom LLP

‘Going Dark’: Navigating the Tricky Path to Delisting and Deregistering

During periods of market turmoil and declining stock prices, companies may be tempted or pressured to delist and deregister their shares. This process is often referred to as “going dark.” Given the poor performance of...more

Hogan Lovells

中美审计监管合作相向而行 - 中国企业赴美上市拨云见日

Hogan Lovells on

中美审计监管合作取得积极进展,消除在美国上市的中概股会被退市摘牌的预期,中概股公司赴美上市重启在望。 2022年12月15日,美国公众公司会计监督委员会(PCAOB)确定其能够获得对位于中国大陆和香港的会计师事务所进行全面检查和调查的权限。此举消除了市场上,对于中概股公司有可能将最早于2023年被禁止在美国交易,以及从美国证券交易所退市的预期。这是近年来,关于中美审计监管的最新积极进...more

Orrick, Herrington & Sutcliffe LLP

PCAOB Secures Complete Inspection Access to Audits of Chinese Companies, Removing Delisting Risks

The Public Company Accounting Oversight Board (“PCAOB”) announced on December 15, 2022 that it has secured complete access to inspect and investigate audit firms in mainland China and Hong Kong for the first time in history....more

Morgan Lewis

Update: Russia Adopts Draft Law Allowing DR Conversion Without Reference to Foreign Infrastructure

Morgan Lewis on

The State Duma, Russia’s parliament lower chamber, adopted draft law No. 116264-8 on June 29, 2022, containing rules allowing the conversion of depository receipts into the underlying Russian shares without a need to go...more

Morgan Lewis

Update: Russia Limits Transactions with Shares Received Upon Cancellation of DR Programs

Morgan Lewis on

The delisting of Russian issuers’ depositary receipts could potentially lead to a disproportional increase in sales of underlying shares in the Russian stock market and contribute to its volatility. In response to this...more

Sheppard Mullin Richter & Hampton LLP

Hong Kong Stock Exchange Announced New Listing Regime for SPAC

On December 17, 2021, the Stock Exchange of Hong Kong Limited (the Exchange) announced new listing regime for special purpose acquisition companies (SPAC).  These new rules will take effect on January 1, 2022.  This...more

Orrick, Herrington & Sutcliffe LLP

Accelerated Delisting Process for Nasdaq Issuers with Bid Price Compliance Issues

The SEC has approved a previously proposed Nasdaq rule change to expedite delisting of securities with a closing bid price at or below $0.10 for 10 consecutive trading days during any bid price compliance period and that have...more

Morgan Lewis

Singapore Exchange Offers Greater Protection to Minority Shareholders in Delisting Situations

Morgan Lewis on

The Singapore Exchange on July 11 announced immediately effective changes to the delisting rules for both the Mainboard Rules and the Catalist Rules in an effort to shift the balance in favor of minority shareholders. ...more

Parker Poe Adams & Bernstein LLP

International Reporting Tightens at NYSE as Competition from Europe Heats Up

Two recent events highlight the ever-shifting dynamic between U.S. and international capital markets. The first, a technical NYSE rule affecting the reporting obligations of foreign private issuers, was subtle. The second,...more

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