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ARTICLE · 19 OCTOBER 2017

Nasdaq Proposes Changes To SPAC Listing Rules

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On October 11, 2017, the Securities and Exchange Commission (SEC) published for comment a proposal by NASDAQ Stock Market LLC to modify its initial and continued listing requirements...

United StatesFinance and Banking
Akin Gump Strauss Hauer & Feld LLP
Akin Gump Strauss Hauer & Feld LLP
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Co-authored by Joshua Wright, Law Clerk (not admitted to practice)

On October 11, 2017, the Securities and Exchange Commission (SEC) published for comment a proposal by NASDAQ Stock Market LLC (Nasdaq) to modify its initial and continued listing requirements for special purpose acquisition companies (SPACs).

Initial Listing Requirements in Connection with Initial Public Offering

Round Lot*

Existing: 300 round lot holders
Proposed: 150 round lot holders
* A round lot means 100 shares of a security.

Net Tangible Assets Requirement

Existing: no net tangible assets requirement
Proposed: $5 million in net tangible assets

Proposed Continued Listing Requirements and Post-Business Combination Requirements

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