Nasdaq Solicits Comments on Shareholder Approval Rules: Nasdaq Notes That, as a Result of Other Investor Protection Mechanisms Over the Past 25 Years, Some Rules May No Longer Make Sense or Serve Original Purpose

Sullivan & Cromwell LLP - November 24, 2015
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Last Wednesday, The Nasdaq Stock Market requested public comments on whether and how to improve its rules requiring shareholder approval before a Nasdaq-listed company issues securities in connection with certain acquisitions, changes of control, and certain private placements.  The request for comments is being made in light of changes that have occurred in the capital markets, securities laws, and the nature and type of share issuances since the rules were adopted 25 years ago.
 
The comment period will run until February 15, 2016.  The request for comment is available here:  https://listingcenter.nasdaq.com/assets/Shareholder%20Approval%20Comment%20Solicitation.pdf.