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Frequently Asked Questions
  Is the issuance of a second class of lower voting stock a violation of Nasdaq's Voting Rights Rule?
Identification Number 303
Generally, the issuance of a second class of lower voting stock is permitted under Nasdaq's Voting Rights Rule. However, the higher voting class of security generally must not be eligible to convert into the lower-voting class, and the creation of the lower voting class cannot be accompanied by an exchange offer. This is because the public shareholders could potentially be disenfranchised if they convert to the lower voting class while the insiders retain the greater voting security.
 
Publication Date*: 7/31/2012 Mailto Link Identification Number: 303
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