News & Analysis as of

Nasdaq Private Placements

Latham & Watkins LLP

The Latham FPI Guide: Accessing the US Capital Markets From Outside the United States - 2021 Edition

Latham & Watkins LLP on

Fabry-Pérot Interferometer, SA is a highly successful non-US company known to the world as FPI. FPI is considering doing a debt or equity offering in the United States. What are the key legal issues it, and its underwriters...more

Mintz

NYSE Extends Waiver of Certain Shareholder Approval Requirements as a Result of Coronavirus (COVID-19)

Mintz on

As discussed in our earlier Viewpoints advisory, the New York Stock Exchange temporarily allowed NYSE-listed companies to complete certain capital raising transactions involving related party issuances or the issuance of 20%...more

Proskauer Rose LLP

Nasdaq Facilitates Quick Capital Raises In Light of Pandemic

Proskauer Rose LLP on

On May 4, 2020, The Nasdaq Stock Market LLC (“Nasdaq”) adopted a temporary rule waiving until June 30, 2020 key shareholder approval requirements for certain private investments in public equity (“PIPE”) and similar...more

White and Williams LLP

Direct Listings: Capital Liquidity, Liability and D&O Insurance Coverage Considerations

White and Williams LLP on

Direct listings have been a hot topic in the news lately, particularly in light of the recent submission of proposals to the U.S. Securities and Exchange Commission (SEC) by the New York Stock Exchange (NYSE) (and indications...more

Wilson Sonsini Goodrich & Rosati

SEC Rejects NYSE Proposal to Allow Primary Direct Floor Listings

Last week, the New York Stock Exchange (NYSE) filed proposed rule changes with the Securities and Exchange Commission (SEC) to allow companies to sell shares on their own behalf in direct listings. Currently, direct listings...more

Wilson Sonsini Goodrich & Rosati

Direct Listings Now Permitted on The Nasdaq Global Market and The Nasdaq Capital Market

On December 3, 2019, the Securities and Exchange Commission (SEC) approved Nasdaq's recently amended proposal to allow direct listings on The Nasdaq Global Market and The Nasdaq Capital Market. Prior to this rule change,...more

Wilson Sonsini Goodrich & Rosati

SEC Extends Review Period for Nasdaq Direct Listing Proposal

On October 17, 2019, the Securities and Exchange Commission (SEC) extended the review period for Nasdaq's proposed rule changes relating to direct listings, designating December 3, 2019 as the date on which the SEC will...more

Eversheds Sutherland (US) LLP

SEC approves amendment to Nasdaq 20% rule to relax the market value test

The US Securities and Exchange Commission (SEC) has approved an amendment to Nasdaq Rule 5635(d), also known as the “20% Rule,” to modify the situations in which a company must obtain shareholder approval before it can issue...more

Goodwin

Nasdaq Amends Stockholder Approval Rule for Private Placements

Goodwin on

The Securities and Exchange Commission has approved the amended Nasdaq proposal to amend Rule 5635(d), which requires Nasdaq-listed companies to obtain shareholder approval before issuing common stock or securities...more

Morrison & Foerster LLP

Nasdaq 20% Rule on Private Issuances Revised to Relax the Market Value Test

Morrison & Foerster LLP on

The SEC has recently approved an amendment to Nasdaq Rule 5635(d), which became effective on September 26, 2018, that modifies the circumstances in which listed companies must receive shareholder approval before they can...more

Stinson - Corporate & Securities Law Blog

SEC Approves Revised Nasdaq Rule for Shareholder Approval of Private Placements

The SEC has approved an amendment to Nasdaq Rule 5635(d) to modify the circumstances in which shareholder approval is required for issuances of securities in private placement transactions....more

Proskauer Rose LLP

Nasdaq Proposes Modifications to 20% Shareholder Approval Rule

Proskauer Rose LLP on

On February 13, 2018, Nasdaq proposed amendments to Listing Rule 5635(d), which currently requires shareholder approval when a company issues common stock (or securities convertible into or exercisable for common stock) for...more

Goodwin

Nasdaq Proposes to Amend Stockholder Approval Rule for Private Placements

Goodwin on

Nasdaq has proposed to amend Rule 5635(d), which generally requires shareholder approval before Nasdaq-listed companies issue common stock equal to 20% or more of outstanding shares or voting power in transactions (other than...more

Pillsbury Winthrop Shaw Pittman LLP

Nasdaq Proposes Changes to Shareholder Approval Rules for Private Placements

A simplified Rule 5635(d) could facilitate capital formation by changing the definition of market value. Nasdaq is proposing to update and simplify Listing Rule 5635(d) by changing the definition of market value and...more

Morrison & Foerster LLP - JOBS Act

Rule 506(c) – Verifying Investor Status

NASDAQ Private Markets and Morrison & Foerster recently described the process for verifying the status of investors when a company chooses to use general solicitation to conduct a Rule 506(c) offering. ...more

Dechert LLP

NASDAQ Proposes Revisions to Shareholder Approval Rules

Dechert LLP on

Nasdaq, Inc. recently requested comments regarding possible updates to its “20% voting rule.” That rule, adopted in 1990, requires Nasdaq listed companies to obtain shareholder approval when issuing 20% or more of its stock...more

Morrison & Foerster LLP - JOBS Act

Nasdaq Report: Reigniting America’s Economic Engine

The Nasdaq recently published a report, titled “The Promise of Market Reform,” which sets out proposed structural changes that are intended to relieve some of the burdens associated with being a public company. The report...more

Akin Gump Strauss Hauer & Feld LLP

Energy SPACs

In the first quarter of 2016, two energy-focused, special-purpose acquisition companies (SPACs) made their Nasdaq market debuts, including 2016’s largest U.S. initial public offering (IPO) to date. On February 29,...more

Cooley LLP

Blog: SEC’s Investor Advisory Committee Takes On Nasdaq

Cooley LLP on

At the January meeting of the SEC’s Investor Advisory Committee, two Nasdaq representatives made a presentation regarding the recent Solicitation of Comments by the Nasdaq Listing and Hearing Review Council, a standing...more

Dechert LLP

Nasdaq Proposed Shareholder Approval Rules Update

Dechert LLP on

Highlights - - Under NASDAQ rules, shareholder approval is required for the issuance of shares in connection with certain transactions. - NASDAQ announced that it is seeking public input on liberalizing the...more

Morrison & Foerster LLP - JOBS Act

The “20% Rule”

Over the years we have written a fair bit about Nasdaq’s (and other securities exchanges’) rules requiring shareholder approval in connection with certain private placements, change of control transactions, and financings in...more

Adler Pollock & Sheehan P.C.

Glossary of Important Securities Regulation Terms and Definitions

This Glossary is designed to provide law students taking Securities Regulation with a tool that will assist them in learning the basic language of securities law and achieve a working knowledge of the fundamental principles...more

22 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide