Tag: NASDAQ

Nasdaq proposes to modify the requirement for shareholder approval of issuances involving 20% or more of the shares or voting power outstanding

Nasdaq is proposing to modify the listing requirements in Rule 5635(d) to (i) change the definition of market value for purposes of the shareholder approval rule and (ii) eliminate the requirement for shareholder approval of issuances at a price less than book value but greater than market value. 

NASDAQ—oops, I mean Nasdaq—acknowledges reality

Last week, Nasdaq filed with the SEC a proposed rule change that finally recognized the reality that compliance with the “all-caps” presentation of “NASDAQ,” as in “The NASDAQ Stock Market LLC,” has been inconsistent at best and negligible at worst.

SEC approves Nasdaq proposal for golden leash disclosure

by Cydney Posner As discussed in this PubCo post and this PubCo post, in March, Nasdaq resubmitted to the SEC a proposal requiring listed companies to disclose third-party compensation of directors in connection with their candidacy for or service on company boards.  These “golden leash” arrangements are most common in connection […]

Nasdaq resubmits proposal for disclosure of “golden leash” arrangements

by Cydney Posner On March 15, Nasdaq resubmitted its “golden leash” disclosure proposal to the SEC. As discussed in this Pubco post, the proposal, which originally was rejected on technical grounds, relates to third-party compensation of directors in connection with their candidacy for or service on company boards.  These “golden leash” […]

Nasdaq proposes “golden leash” disclosure, but will it prohibit the practice?

by Cydney Posner At the end of January, Nasdaq filed with the SEC a rule proposal related to third-party compensation of directors in connection with their candidacy for and/or service on company boards, often referred to as “golden leash” arrangements.  Golden leash arrangements are most common in connection with board nominations […]

SEC’s investor advocate echoes concerns of SEC’s Investor Advisory Committee on Nasdaq Solicitation of Comments

by Cydney Posner The SEC’s Investor Advocate has issued a letter to Nasdaq concerning Nasdaq’s Solicitation of Comments regarding certain Nasdaq shareholder approval rules.  The comments largely echo the comments of the SEC’s Investor Advisory Committee, which were fundamentally skeptical of  the Solicitation. (See this PubCo post.)

SEC’s Investor Advisory Committee takes on Nasdaq

by Cydney Posner 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 independent advisory committee, regarding some of the Nasdaq shareholder approval rules.  The reaction of the […]