Posted by Ade Heyliger and Andrew Holt, Weil, Gotshal & Manges LLP, on Monday, October 29, 2018
Editor's Note:
Nasdaq recently amended the price tests under Nasdaq Rule 5635(d)—the shareholder approval rule often applied in PIPE (private investments in public equity) transactions and certain other private offerings (including private offerings of securities convertible into or exercisable for common stock). The amended Rule, according to Nasdaq, will provide greater flexibility and certainty for Nasdaq-listed companies entering into such transactions without the need to obtain shareholder approval.