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Article
Publication date: 23 September 2019

Helene R. Banks, Bradley J. Bondi, Charles A. Gilman, Elai Katz, Geoffrey E. Liebmann, Ross Sturman and Nicholas S. Millington

To explain the rule changes in Nasdaq’s new Listing Rule IM-5315-1, approved by the US Securities and Exchange Commission (SEC) on February 15, 2019, that permit direct…

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Abstract

Purpose

To explain the rule changes in Nasdaq’s new Listing Rule IM-5315-1, approved by the US Securities and Exchange Commission (SEC) on February 15, 2019, that permit direct listings on Nasdaq without an initial public offering, similar to the New York Stock Exchange (NYSE) rule changes approved in 2018.

Design/methodology/approach

Explains the legislative and regulatory background, historic limitations on direct Nasdaq listings, and de-tailed provisions of Nasdaq’s new Listing Rule IM-5315-1.

Findings

The direct listing alternative to an IPO may appeal to cash-rich companies that do not need the publicity or new capital associated with a traditional IPO.

Originality/value

Expert analysis from experienced securities litigation and corporate governance lawyers.

Details

Journal of Investment Compliance, vol. 20 no. 3
Type: Research Article
ISSN: 1528-5812

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