NASDAQ Proposes Rule Change to Tighten Listing Standards for Special Purpose Acquisition Companies

Summary

NASDAQ is proposing a rule change to reduce the number of round lot holders required for initial listings on the Nasdaq Capital Market from 300 to 150, eliminate public holders for continued listings from 300 to zero, and impose stricter financial requirements, including a $5 million net tangible assets requirement, with a 30-day deadline to demonstrate compliance with initial listing requirements.