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SEC Solicits Comment on Nasdaq-Amended Proposal on Direct Listings of Primary Offerings

The SEC requested comment on a Nasdaq Stock Market LLC amended proposed rule to adjust pricing limitations on direct listings of primary offerings.

Nasdaq's proposal would establish new pricing limitations on direct listings of public offerings (see Notice at 86 FR 34815). The execution of direct listings of primary offerings currently require price calculations by Nasdaq to fall between the highest and lowest prices stated on an issuer's effective registration statement. The proposed rule would expand this pricing window for release and execution, expanding both the upper and lower bounds of the range by 20 percent.

Following the SEC's institution of proceedings (see Order here), Nasdaq made numerous amendments to its proposal as to matters that included the setting of the projected pricing range, trading procedures and disclosure requirements.

Comments on the proposed rule change should be submitted to the SEC on or before February 2, 2022.

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NASDAQ Stock Market