Jacob Tabman

Sep 29, 2024 | mondaq.com | David A. Sakowitz |Ben Smolij |Jacob Tabman |Delilah Todd

On August 26, 2024, the Securities and Exchange Commission (SEC) issued an order approving amendments to Nasdaq rules related to phase-in periods (the Phase-In Amendments) and cure periods (the Cure Period Amendments, and, together with the Phase-In Amendments, the Amendments). The Amendments are consistent with the NYSE's previously approved amendments to its corporate governance requirements and were described as "reasonable" by the SEC.

Aug 29, 2024 | mondaq.com | David A. Sakowitz |Michael Blankenship |Ben Smolij |Jacob Tabman

Effective July 1, 2024, a final rule (the Final Rule) adopted by the U.S. Securities and Exchange Commission (SEC or Commission) on January 24, 2024 (i) imposes new disclosure obligations in transactions involving special purpose acquisition companies (SPACs), including initial public offerings (IPOs) by SPACs and business combination transactions between SPACs and private company targets (de-SPAC transactions), and (ii) requires the tagging of additional items in SPAC IPO prospectuses and...

Aug 27, 2024 | mondaq.com | Jacob Tabman |David A. Sakowitz

On August 20, 2024, the U.S. Securities and Exchange Commission (SEC) announced an increase to the registration fee payable in connection with a public offering of securities. Under Section 6(b) of the Securities Act of 1933, companies must pay a registration fee when they file a registration statement for new securities offerings. On October 1, 2024, the SEC will raise the registration fee from $147.60 per $1 million of the aggregate offering price to $153.10 per $1 million.

Aug 19, 2024 | mondaq.com | David A. Sakowitz |Jacob Tabman

Nasdaq has several rules that address the delisting of companies whose share price falls below $1. Listing Rule 5550(a)(2) – Minimum Bid Price Requirement: This rule mandates that a company's stock must maintain a minimum bid price of $1 per share. If a company's stock falls below this threshold for 30 consecutive trading days, it is subject to potential delisting. Listing Rule 5810(c)(2): This rule provides a grace period for companies that fail to meet Nasdaq's minimum bid price requirement.

Jul 16, 2024 | mondaq.com | David A. Sakowitz |Jacob Tabman

On July 9, 2024, the U.S. Securities and Exchange Commission (SEC) issued an order instituting proceedings to determine whether to approve a rule previously proposed by the New York Stock Exchange (NYSE) concerning the timeframe in which a NYSE-listed special purpose acquisition company (SPAC) must complete a business combination before it must be delisted. You can read our initial coverage of the NYSE's proposed rule here.