January 25, 2019

Shutdown: Nasdaq’s Five New FAQs

Speculation’s been mounting about whether Nasdaq will approve listing applications from companies that want to raise capital during the shutdown – I blogged yesterday that they might be warming up to IPOs under limited circumstances. In response, the exchange has now issued five FAQs to explain how they’ll handle new listings – as well as the shutdown’s impact on currently-listed companies.

For IPOs and OTC-traded ’33 Act registrations, Nasdaq is more open to listing companies that substantially completed the comment process before the shutdown began – and suggests that companies in that position call the Listing Qualifications Staff to discuss the situation. At this time, Nasdaq remains reluctant to list companies that are just starting the IPO process…but they don’t entirely close the door on that possibility.

Here’s a video from Dave & Marty about the shutdown…

Delaware’s Sustainability Certification: First Filer

Last summer, John blogged about Delaware’s new “Transparency and Sustainability Standards Act” – a voluntary certification program (or as John calls it, “the corporate equivalent of buying a Subaru”). Now, the first company is trying it out – a Euronext-traded company called “DSM” (also known as “Royal DSM”). Here’s the integrated annual report that’s posted to the state’s certification page.

The NYSE’s Annual Compliance Letter

The NYSE has sent its “annual compliance letter” to remind listed companies of their obligations. There aren’t any new rules this year – but the letter highlights that the NYSE’s “Timely Alert/Material News Policy” now requires companies to provide notice to the Exchange at least 10 minutes before making any public announcement about a dividend or stock distribution, even outside of trading hours.

Transcript: “How Boards Should Handle Politics as a Governance Risk”

We have posted the transcript for our recent webcast: “How Boards Should Handle Politics as a Governance Risk.”

Liz Dunshee