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Articles by Marc E. Rivera
Approved, Then Stayed: Nasdaq’s New $5 Million Market Value Continued Listing Requirement
Share This Page Email On July 22, the US Securities and Exchange Commission (SEC) approved Nasdaq’s proposed rule requiring all Nasdaq-listed companies to maintain a minimum Market Value of Listed Securities (MVLS) of at least $5 million. Companies falling below this threshold for 30 consecutive business days would face immediate suspension and delisting. On However, on July 29, the SEC stayed the approval order pending its review. The rule will not take effect unless and until the stay is lifted.
GENIUS Act Ushers in New Era for US Stablecoin Regulation and Digital Asset Leadership
On July 18, President Trump signed the GENIUS Act into law, marking a significant development in the regulation of digital assets and stablecoins in the United States. On The legislation aims to position the United States as a global leader in digital currencies, enhance consumer protection, reinforce the US dollar’s status as the world’s reserve currency, and strengthen national security measures against illicit activities involving digital assets.
Have You Enrolled in EDGAR Next? Enrollment Deadline Approaching
All filers should enroll in EDGAR Next by September 12. Beginning on September 15, only filers who have successfully enrolled in EDGAR Next will be able to file with the SEC. Between September 15 and December 19, existing filers will not be able to file with the SEC unless and until they have enrolled in EDGAR Next. Any filer that does not enroll by December 19 must submit a new Form ID to regain access to its account.
SEC’s New Concept Release on Foreign Private Issuer Standards
This marks the SEC’s first comprehensive review of the FPI regulatory framework since 2008 and comes in response to shifts in the composition and overseas regulatory oversight of foreign issuers accessing US capital markets. View concept release here. Overview The FPI regime was originally designed to accommodate foreign companies subject to meaningful home country regulation and whose securities were primarily traded in non-US markets.
SEC Commissioner Crenshaw Critiques Stable Coin Analysis: Understates the Risks
The Division’s statement attempted to provide clarity specifically on certain stablecoins, deemed “Covered Stablecoins.” The Division defined Covered Stablecoins as stablecoins designed (1) to maintain a stable value relative to the US Dollar (USD) on a one-for-one basis, (2) to be redeemed for USD on a one-to-one basis, and (3) to be backed by assets held in a reserve that are considered low-risk and readily liquid with a USD-value that meets or exceeds the redemption value of the...
SEC’s Division of Corporation Finance: Stablecoins Are Not Securities
On This statement outlines the characteristics of “Covered Stablecoins” and asserts that their offer and sale do not constitute securities under the Securities Act of 1933 or the Securities Exchange Act of 1934. Stablecoins Overview Stablecoins are a type of crypto asset designed to maintain a stable value relative to a reference asset, such as USD, other fiat currencies, commodities such as gold, or a pool of assets.
Breaking News: SEC Withdraws Its Defense of Climate Disclosure Regulations
On Read the press release here. This news follows significant shifts in the United States’ approach to climate change under the Trump Administration, including the deregulation of the US Environmental Protection Agency as discussed in our prior alert.
Fifth Circuit Vacates SEC’s Approval of Nasdaq’s Diversity Rules
On Fifth Circuit’s Ruling in Alliance for Fair Board Recruitment v. SEC In its majority opinion, the Fifth Circuit held that the Nasdaq diversity rules were unrelated to the purpose of the Securities Exchange Act of 1934 and, as such, the SEC had no authority to approve the diversity rules. The court reasoned that US Congress enacted the Exchange Act specifically to protect investors in securities by establishing a regulatory oversight regime.
Nasdaq Rule Change Lengthens Reverse Stock Split Notice Period
Last November, Nasdaq proposed a rule change that would lengthen the notification period for companies conducting reverse stock splits from five business days to 10 calendar days. The rule change became effective immediately and will become operative on January 30. On In November 2023, the US Securities and Exchange Commission approved new listing requirements for Nasdaq, including Rule 5250(e)(7).
ArentFox Schiff Represents Safe Pro Group Inc. in $5.1 Million IPO
Safe Pro Group Inc., a premier provider of artificial intelligence solutions specializing in drone imagery processing for humanitarian mine-clearing efforts, offered 1,020,000 shares of common stock at a public price of $5.00 per share for total gross proceeds of $5.1 million. Trading began on August 28 under the Nasdaq Capital Market symbol “SPAI.” The AFS team included Jeffrey J. Kennedy, Cavas S. Pavri, and Marc E. Rivera. Smart In Your World Your goals define our mission.
SEC Approves Climate-Related Disclosure Requirements
Off The SEC has published a fact sheet about the rule.
Groundbreaking SEC Decision Approves Spot Bitcoin ETP Trading
Off Background Information As recently as one year ago, the SEC denied approval to list and trade similar ETPs — a decision that was subsequently vacated by the US Court of Appeals for the District of Columbia Circuit in Grayscale Investments, LLC v. SEC.
Open Meeting Report: SEC Approves SPAC Final Rules in 3-2 Vote
Off The initial rule proposals were issued in March 2022, and were followed by a comment period. Chair Gensler and others noted that the public feedback received was considered when revising the initial proposed rules and prompted a number of edits. Chair Gensler, along with Commissioners Crenshaw and Lizárraga, voted in favor of adopting the new rules, while Commissioners Uyeda and Peirce opposed.
SEC’s New Rules for Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure Go into Effect
Off In particular, the new rules require (1) reporting of any material cybersecurity incidents and (2) annual reporting of the company’s process for assessing, identifying, and managing material risks from cybersecurity threats and previous cybersecurity incidents, including the board and management’s role in identifying and managing such material cybersecurity risks.
ArentFox Schiff Advises NextPlat in $6M Private Offering
NextPlat is a global e-commerce provider. This transaction will enhance NextPlat's balance sheet providing additional cash for working capital including supporting the its newly launched E-Commerce Development Program which is designed to assist Florida-based businesses to access international markets in Asia. This transaction closed April 10, 2023. Smart In Your World Your goals define our mission.
ArentFox Schiff Advises on ICZOOM’s $6M IPO
ICZOOM (Nasdaq: IZM) is a B2B e-commerce trading platform primarily engaged in sales of electronic component products in Hong Kong and mainland China. The $6 million IPO closed on March 17, 2022. Smart In Your World Your goals define our mission. Whether an immediate need or a long-term objective, ArentFox Schiff helps you reach your full potential.
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