Board Diversity Rule
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Frequently Asked Questions
  Do newly listed companies have a phase-in period to satisfy the diversity objective set forth in Nasdaq's Board Diversity Rule?
Identification Number 1772

Yes. After the initial four or five year period set forth in Rule 5605(f)(7) expires, newly listed companies on Nasdaq, including IPOs, direct listings, or a company listing in connection with a business combination with a SPAC (a “de-SPAC” transaction), must meet, or explain why they do not meet, the applicable diversity objectives 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.  Companies listing before the expiration of the initial four or five year period set forth in Rule 5605(f)(7) have the remainder of the applicable initial four or five year period or two years from the date of listing, whichever is longer, to satisfy the requirement.  

More information on the application of the Board Diversity Rule to new companies listing on Nasdaq is detailed here.

Publication Date*: 10/1/2021 Mailto Link Identification Number: 1772
material_search_footer*The Publication Date reflects the date of first inclusion in the Reference Library, which was launched on July 31, 2012, or a subsequent update to the material. Material may have been previously available on a different Nasdaq web site.
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