Corporate & Securities Law

Nasdaq Extends Suspension of the Bid Price and Market Value Requirements

By dave

Nasdaq Extends Suspension of the Bid Price and Market Value Requirements

Nasdaq has filed with the SEC to extend the ongoing suspension of the bid price/market value of publicly held shares requirements until July 19, 2009. In support of the continued suspension, Nasdaq notes that market conditions have not improved since the suspension began last October, and that both the number of securities trading below $1 and the number of securities trading between $1 and $2 on Nasdaq has increased since the initial suspension. This is the second extension of the suspension, which would have otherwise expired on April 19, 2009. The NYSE recently filed with the SEC, on an immediately effective basis, a suspension of its $1 price requirement and an extension of the lowering of the market captialization requirement, lasting until June 30, 2009.

Nasdaq also recently re-filed its new listing rule book, which is now scheduled to become effective on April 13, 2009. In this project, the Nasdaq has sought to make the listed company rules more transparent and clear, without making substantive changes to the requirements.

More Extension News: The FDIC's TLGP Debt Guarantee Program Extended

Just in case you are losing track of the alphabet soup of government programs, TLGP is the FDIC's Temporary Liquidity Guarantee Program. The Debt Guarantee Program component of TLGP was set to expire at the end of June, but last week the FDIC board adopted an interim rule extending the program until October 31, 2009. Further, for any debt issued on or after April 1, the TLGP guarantee will extend until December 31, 2012. The interim rule also adopts new surcharges on guaranteed debt issuances that have a maturity of one year or more and are issued on or after April 1, 2009.

On the Way: Romeo & Dye Section 16 Deskbook

Peter Romeo and Alan Dye just completed the 2009 edition of the Section 16 Deskbook and it's now at the printers. In addition, they are in the process of wrapping up their latest version of the popular "Forms & Filings Handbook," with numerous new – and critical – sample forms included. To receive these critical Section 16 resources, try a '09 no-risk trial to the "Section 16 Annual Service" (or renew).

- Dave Lynn

Full post as published by The Corporate Counsel.net Blog on March 25, 2009 (boomark / email).