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ARTICLE · 08 FEBRUARY 2018

Nasdaq Proposal To Amend Shareholder Vote Rule

Morrison Foerster
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As we have previously discussed on our blog, the securities exchanges impose shareholder vote requirements in connection with certain financing transactions.

United StatesFinance and Banking
Anna Pinedo
Anna Pinedo
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As we have previously discussed on our blog, the securities exchanges impose shareholder vote requirements in connection with certain financing transactions. These rules are often referred to as the "20% Rule," since, for Nasdaq, for example, a shareholder vote is required to be obtained by a listed company that intends to complete certain private placement transactions that will result in the issuance of 20% or more of the total pre-transaction voting shares outstanding. We discuss these rules in our recently updated FAQs (see: https://goo.gl/aagwaA).

Recently, Nasdaq filed with the SEC an amendment that would update certain of these rules. Nasdaq had solicited comments on these changes (see our prior post from the summer (available here: https://goo.gl/i156t5). The proposal would, among other things:

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