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FAQs - Listings
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Additional Reference Materials,Annual Shareholder Meeting/Proxy Solicitation,Board Composition/Committee Assignments,Continued Listing,Distribution of Annual & Interim Reports,Exchange Traded Products,Fees,Hearings and Appeals,Initial Listing,Listing Center,Listing Information,Non-U.S. Companies,Notifications and Forms,Regulatory Authority,Related Party Transactions,Shareholder Approval,Voting Rights; All
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Identification Number
317
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On November 1, 2023, the SEC approved new Nasdaq
rules on notification and disclosure of reverse stock splits. Under the new rules, a listed company conducting a reverse stock split must:
- Log into the Listing Center and complete the Company Event Notification including all supporting documentation by 12:00 P.M. ET five business days prior to the anticipated market effective date.
- Publicly disclose the reverse stock split by 12:00 P.M. ET as least
two business days prior to the anticipated market effective date.
Nasdaq will not process and effect a reverse stock split unless the above requirements have been satisfied and will halt trading in the security of any issuer that effects a reverse stock split without meeting these requirements.
To notify market participants, Nasdaq will publish announcements of reverse stock splits on the Daily List and in an Equity Corporate Action Alert for the two business days prior to the market effective date. These are both available on the
Nasdaq Trader website.
On November 8, 2023, the SEC also approved new Nasdaq
rules related to regulatory halts for reverse stock splits. Under the new rules, Nasdaq will halt a Nasdaq-listed security starting around 7:50 p.m. ET on the day immediately before the market effective date of a reverse stock split, and re-open the security
for trading at around 9:00 a.m. ET on the effective day of a reverse stock split.
Publication Date*:
12/23/2022
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Identification Number:
317
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