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June 5, 2018.
On September 20, 2017, The NASDAQ Stock Market LLC (“Nasdaq” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 
and Rule 19b-4 thereunder,
a proposed rule change to modify the listing requirements for securities of Special Purpose Acquisition Companies (“SPACs”) listed on the Nasdaq Capital Market by reducing the number of round lot holders required for initial listing from 300 to 150, and eliminating the continued listing requirement for a minimum number of holders, which is also currently 300, that applies until the SPAC completes one or more business combinations.
Nasdaq also proposed to require that a SPAC maintain at least $5 million net tangible assets for initial and continued listing of its securities on the Nasdaq Capital Market. Finally, Nasdaq proposed to allow SPACs listed on any of its three listing tiers (Nasdaq Global Select Market, Nasdaq Global Market, and Nasdaq Capital Market) 30 days to demonstrate compliance with initial listing requirements following each business combination.
The proposed rule change was published for comment in the Federal Register on October 11, 2017.
In response, the Commission received six comments on the proposal.
On November 22, 2017, the Commission extended the time period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to approve or disapprove the proposed rule change, to January 9, 2018.
On January 9, 2018, the Commission issued an order instituting proceedings under Section 19(b)(2)(B) of the Act to determine whether to approve or disapprove the proposed rule change (“OIP”).
The Commission received three additional comments, one of which included a response from Nasdaq.
On April 6, 2018, the Commission designated a longer period for the Commission to issue an order approving or disapproving the proposed rule change.
On June 1, 2018, the Exchange withdrew the proposed rule change (SR-NASDAQ-2017-087).
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
Eduardo A. Aleman,
[FR Doc. 2018-12431 Filed 6-8-18; 8:45 am]
BILLING CODE 8011-01-P