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Libraries:
FAQs - Listings
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Filters:
Board Diversity Disclosure; All
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Identification Number
1772
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Yes. Newly listed companies on Nasdaq, including IPOs, direct listings, or a company listing in connection with a business combination with a SPAC have a phase-in period to satisfy the diversity
objectives.
A newly listing company (except one already subject to a substantially similar exchange requirement) must have, or explain why it does not have, two Diverse directors by the later of two years from the date of listing or the date the company files its proxy
statement or its information statement (or, if the company does not file a proxy, in its Form 10-K or 20-F) for the company’s second annual meeting of shareholders subsequent to the company’s listing, with differing milestones depending on the company’s market
tier.
A company newly listing on the Nasdaq Global or Global Select Market must also have, or explain why it does not have, one Diverse Director by the later of one year from the date of listing or the date the company files its proxy statement or its information
statement (or, if the company does not file a proxy, in its Form 10-K or 20-F) for the company’s first annual meeting of shareholders subsequent to the company’s listing.
Please note that during the transition period for implementing the Diversity rules, a company is not subject to the rule until the effective date contained in Rule 5605(f)(7). Thus, if longer than the above timeframes, a company listing on Nasdaq would not
need to have, or explain why it does not have, one Diverse Director before December 31, 2023. In addition, a company listing on the Nasdaq Global or Global Select Market would not need to have, or explain why it does not have, two Diverse Director before
December 31, 2025; and a company listing on the Nasdaq Capital Market would not need to have, or explain why it does not have, two Diverse Director before December 31, 2026.
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Publication Date*:
1/16/2023
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Identification Number:
1772
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