On December 15, 2022, the New York Stock Exchange (“NYSE”) received approval from the Securities and Exchange Commission (“SEC”) to modify certain pricing limitations for companies undertaking a direct listing involving sales of company shares in the opening auction on the first day of trading on the NYSE. The approval and related conditions are consistent
Nasdaq
Nasdaq Receives Approval for Rule Change Providing More Flexibility for Direct Listings with Capital Raise
On December 2, 2022, Nasdaq received approval from the Securities and Exchange Commission (“SEC”) to modify certain pricing limitations for companies undertaking a direct listing involving sales of the company shares in the opening auction on the first day of trading on Nasdaq.
Prior to the rule change, in order for a company to sell…
Notable Trends in the Private Markets
The private market ecosystem experienced strong growth in 2021. The number of recognized unicorns (defined as private companies having $1B+ valuation) grew from 564 in 2020 to 882 in 2021. Nasdaq Private Markets’ (“NPM”) 2021 Annual Report noted that in addition to elevated deal size for companies, secondaries have evolved as an avenue to provide…
Electric Vehicle Company Settles SEC Case
In another special purpose acquisition company (“SPAC”) related enforcement action, on December 21, 2021, the US Securities and Exchange Commission (“SEC”) issued an order instituting cease-and-desist proceedings (“Order”) against a Nasdaq-listed electric vehicle truck manufacturing company that went public through a combination with a SPAC (“Company”). The Company’s initial business combination was consummated in June…
How to Exit the US Public Markets & Options for US-Listed Chinese Companies
Webinar | Hosted by the Practising Law Institute (PLI)
October 13, 2021, 1:00pm – 2:00pm EDT
Recently proposed legislation in the US along with rising tensions between the US and China present significant challenges for US-listed companies with substantial operations in China.
During this PLI-hosted event, Mayer Brown LLP partners, Jason T. Elder and Christina…
SEC Approves Nasdaq Board Diversity Rule
On August 6, 2021, the US Securities and Exchange Commission approved Nasdaq’s board diversity rule. This Legal Update provides further detail and discusses practical considerations for Nasdaq companies.
SEC Approves Nasdaq Board Diversity Rule Change
The Securities and Exchange Commission approved the proposed rule change by Nasdaq which will require listed companies to disclose information about the diversity of a company’s board of directors. For a limited time, Nasdaq will offer certain listed companies access to a board recruitment service. The rule will require, to the extent permissible under applicable…
SEC Chair Gives Testimony on IPO and SPAC Market
Securities and Exchange Commission Chair Gary Gensler was back on the Hill, this time testifying before the Subcommittee on Financial Services and General Government, US House Appropriations Committee. During his testimony, Chair Gensler commented on five key capital markets trends, which included a discussion on IPO, SPAC and direct listing trends and policy implications.
In…
SEC Approves Nasdaq’s Direct Listing Rule
On May 19, 2021, the Securities and Exchange Commission (“SEC”) approved proposed rule changes submitted by The Nasdaq Stock Market LLC (“Nasdaq”) that allow companies to list in connection with a concurrent primary offering. The approved rule allows a company that has not previously had its equity securities registered under the Securities Exchange Act of…
PLI’s Private Placements and Hybrid Securities Offerings 2021
PLI’s Private Placements and Hybrid Securities Offerings 2021
April 19 – 20, 2021 Webinar
Register here.
Mayer Brown invites you to the Practising Law Institute’s Private Placements and Hybrid Securities Offerings 2021 virtual conference.
Private Placements and Hybrid Securities Offerings 2021 will focus on the changes to the exempt offering rules, including the changes…