Nasdaq Proposes Shareholder Approval Rule Modification

Nasdaq Proposes Shareholder Approval Rule Modification


By: Stuart H. Gelfond, Meredith L. Mackey, Joshua Wechsler, Charles Stern

On January 30, 2018, The Nasdaq Stock Market LLC (“Nasdaq”) filed with the U.S. Securities and Exchange Commission (the “SEC”) a proposed amendment to Nasdaq Listing Rule 5635(d) (the “20% Rule”), which requires an issuer to seek shareholder approval for non-public offerings of its securities that equals or exceeds 20% or more of the common stock or voting power outstanding prior to the issuance.

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