On October 31, 2018, the NYSE filed a proposed amendment to the Listed Company Manual to modify the price requirements for purposes of determining whether shareholder approval is required for certain issuances of securities.  These proposed amendments mirror the recent Nasdaq changes.  The new NYSE rule would replace the “market value” test with a

As we previously blogged, The Nasdaq Stock Market filed with the Securities and Exchange Commission an amendment to its shareholder vote rule, often referred to as the 20% rule.  The amendment was recently approved by the Commission.  The amendments eliminate “book value” in the determination of what constitutes a dilutive transaction.  Shareholder approval is