What Does The SEC Approved NASDAQ Diversity Proposal Mean For Boards?
Financing Challenges for Small Cap Companies
Wilson Sonsini annually publishes the Silicon Valley 150 Corporate Governance Report, which analyzes the governance practices and disclosures of the Valley’s largest public companies. The report uses the Lonergan SV150, which...more
On September 17, 2025, the SEC approved rule changes resulting in the creation of generic listing standards applicable to exchange traded products (ETPs) that hold spot commodities, including digital assets, seeking to list...more
For executives and in-house counsel, capital‑markets access can determine whether strategic plans accelerate or stall. Reverse mergers remain a viable path to the public markets, but only for companies that understand how...more
On September 8, 2025, Nasdaq submitted a first-of-its-kind application to the Securities and Exchange Commission (SEC) to amend Nasdaq rules to permit the trading of tokenized securities alongside traditional, non-tokenized...more
For public companies looking to raise capital relatively quickly and at a lower cost, equity lines of credit (ELOCs) and at-the-market equity offerings (ATMs) may be viable options. Both allow companies to control the timing...more
The challenge - A decade ago, Navan set out to revolutionize the travel industry through an all-in-one platform to streamline how business travelers navigate the world – with artificial intelligence at its core....more
Nasdaq has put forward a proposal that would significantly tighten its approach to companies falling out of compliance with listing standards. The proposal is still in the public comment phase with a statutory decision...more
The challenge - MapLight Therapeutics exists to open possibilities, unlocking new treatments for patients long underserved by existing options for central nervous system disorders. But just as the biopharmaceutical company...more
According to NERA, a leading consulting and expert firm, the share of foreign-based companies listed on U.S. stock exchanges has risen steadily in the last decade, from 17.4% in 2016 to 26.9% in 2025. As noted in our...more
Amid the evolving Web3 and crypto ecosystem, a growing number of companies are navigating the path from decentralized startup to operating a digital asset treasury (DAT) model within a publicly traded company....more
The Nasdaq Stock Market LLC (Nasdaq) recently filed new rule proposals (SR-NASDAQ-2025-068 and SR-NASDAQ-2025-069) with the Securities and Exchange Commission (SEC) which, per Nasdaq, provide “enhancements to its initial and...more
As I mentioned in Part 1 of this blog, recent proposals and commentary from Nasdaq show that the exchange is focused on encouraging capital formation. That post addressed Nasdaq’s efforts to modernize market infrastructure...more
A series of recent Nasdaq proposals make it more important than ever for smaller companies to closely monitor compliance. At the same time, they show that Nasdaq wants to send a market signal about the quality of its listed...more
On September 30, 2025, the U.S. Securities and Exchange Commission (SEC) approved the application of the Texas Stock Exchange LLC (TXSE) to become the 29th registered national securities exchange in the United States. This...more
On September 3, 2025, Nasdaq filed two separate rule proposals with the U.S. Securities and Exchange Commission (“SEC”) that, if approved, will materially raise the bar for companies seeking to list, and remain listed, on...more
On September 30, 2025, the new Texas Stock Exchange (TXSE) announced that the SEC approved its Form 1 registration statement, officially approving the exchange. Accordingly, the TXSE is now officially a recognized national...more
The Nasdaq Stock Market LLC (Nasdaq) recently submitted proposed enhancements to its initial and continued listing standards to the US Securities and Exchange Commission (SEC), aiming to strengthen its longstanding commitment...more
As fall approaches, the SEC has kept a brisk pace on both proposed rulemaking and regulatory initiatives in the third quarter. In this Snapshot, we review the SEC’s decision to decrease registration fees for issuers as well...more
When going through an initial public offering (IPO) process, a company must make the important decision of choosing the securities exchange on which to list its shares. For most U.S.-based companies undertaking an IPO, this...more
On September 8, The Nasdaq Stock Market LLC (Nasdaq) filed a Form 19b-4 with the Securities and Exchange Commission (SEC), proposing rule changes that would allow trading of equity securities and exchange-traded products...more
* [co-authors: Dan Carter, and Jason Carter] Companies that “go public” through nontraditional means—i.e., without an initial public offering (IPO) listed on a national securities exchange—face significant challenges to...more
On September 5, 2025, the U.S. Securities and Exchange Commission (SEC) announced the creation of a Cross-Border Task Force designed to enhance the Enforcement Division’s efforts to combat fraud involving foreign companies....more
On 3 September 2025, The Nasdaq Stock Market LLC (Nasdaq) announced a series of proposed amendments to its listing initial and continued standards aimed at strengthening market integrity. These proposals are a response to...more
Nasdaq Private Market’s State of the Private Market: 2025 report shows private company valuations beginning to recover, liquidity programs surging, and private company performance stabilizing relative to public benchmarks...more
On September 8, 2025, the Nasdaq Stock Market submitted a proposed rule change to the Securities and Exchange Commission that, if implemented, would allow for the trading and settlement of tokenized securities. Nasdaq points...more