85 FR 48 pg. 14264 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Modify the Delisting Process for Securities With a Bid Price Below $0.10 and for Securities That Have Had One or More Reverse Stock Splits With a Cumulative Ratio of 250 or More to One Over the Prior Two-Year Period
Type: NOTICEVolume: 85Number: 48Page: 14264
Page: 14264Docket number: [Release No. 34-88325; File No. SR-NASDAQ-2020-001]
FR document: [FR Doc. 2020-04903 Filed 3-10-20; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88325; File No. SR-NASDAQ-2020-001]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Modify the Delisting Process for Securities With a Bid Price Below $0.10 and for Securities That Have Had One or More Reverse Stock Splits With a Cumulative Ratio of 250 or More to One Over the Prior Two-Year Period
March 5, 2020.
On January 2, 2020, The Nasdaq Stock Market LLC ("Exchange") 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 the delisting process for securities that are in a bid price compliance period and have a bid price below $0.10 and for securities that have had one or more reverse stock splits with a cumulative ratio of 250 or more to one over the prior two-year period. The proposed rule change was published for comment in the Federal Register on January 22, 2020.3 The Commission has received no comments on the proposal.
Footnotes:
1 ?15 U.S.C. 78s(b)(1).
2 ?17 CFR 240.19b-4.
3 ? See Securities Exchange Act Release No. 87982 (January 15, 2020), 85 FR 3736.
Section 19(b)(2) of the Act?4 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 for this filing is March 7, 2020.
Footnotes:
4 ?15 U.S.C. 78s(b)(2).
The Commission is extending the 45-day time period for Commission action on the proposed rule change. The Commission finds that it is 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.
Accordingly, pursuant to Section 19(b)(2) of the Act,5 the Commission designates April 21, 2020, 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-2020-001).
Footnotes:
5 ?15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6
Footnotes:
6 ?17 CFR 200.30-3(a)(31).
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-04903 Filed 3-10-20; 8:45 am]
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