Notice2025-02679
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Modify Certain Initial Listing Liquidity Requirements
Primary source
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Published
February 18, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 31 (Tuesday, February 18, 2025)</title>
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[Federal Register Volume 90, Number 31 (Tuesday, February 18, 2025)]
[Notices]
[Page 9771]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-02679]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102389; File No. SR-NASDAQ-2024-084]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Designation of a Longer Period for Commission Action on a
Proposed Rule Change To Modify Certain Initial Listing Liquidity
Requirements
February 11, 2025.
On December 12, 2024, The Nasdaq Stock Market LLC (``Nasdaq'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to
modify Listing Rules 5405 and 5505 to (1) require that a company
listing on the Nasdaq Global Market or Nasdaq Capital Market in
connection with an initial public offering satisfy the applicable
minimum Market Value of Unrestricted Publicly Held Shares requirement
solely from the proceeds of the offering; and (2) make similar changes
affecting companies that uplist to Nasdaq Global Market or Nasdaq
Capital Market from the U.S. over-the-counter market in conjunction
with a public offering. The proposed rule change was published for
comment in the Federal Register on December 30, 2024.\3\ On February 5,
2025, the Exchange filed Amendment No. 1 to the proposed rule change,
which superseded the original proposed rule change in its entirety.\4\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 101978 (December 19,
2024), 89 FR 106717 (December 30, 2024). Comments on the proposed
rule change are available at: <a href="https://www.sec.gov/comments/sr-nasdaq-2024-084/srnasdaq2024084.htm">https://www.sec.gov/comments/sr-nasdaq-2024-084/srnasdaq2024084.htm</a>.
\4\ The full text of Amendment No. 1 is available on the
Commission's website at: <a href="https://www.sec.gov/comments/sr-nasdaq-2024-084/srnasdaq2024084-565255-1620762.pdf">https://www.sec.gov/comments/sr-nasdaq-2024-084/srnasdaq2024084-565255-1620762.pdf</a>.
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Section 19(b)(2) of the Act \5\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day after publication of the notice for this proposed rule change
is February 13, 2025. The Commission is extending this 45-day time
period.
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\5\ 15 U.S.C. 78s(b)(2).
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The Commission finds it appropriate to designate a longer period
within which to take action on the proposed rule change so that it has
sufficient time to consider the proposed rule change and the comments
received. Accordingly, the Commission, pursuant to Section 19(b)(2) of
the Act,\6\ designates March 30, 2025, as the date by which the
Commission shall either approve or disapprove, or institute proceedings
to determine whether to disapprove, the proposed rule change (File No.
SR-NASDAQ-2024-084).
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\6\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(31).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-02679 Filed 2-14-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on February 18, 2025.
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