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Does Rule 12a-5 provide an exemption from registration for “poison pill” rights under stockholder rights plans?

April 26, 2017plans registration Rights rule stockholder

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Does Rule 12a-5 provide an exemption from registration for “poison pill” rights under stockholder rights plans?

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No. “Poison pill” rights issuable under stockholder rights plans are not the type of rights contemplated by Rule 12a-5, which provides a temporary exemption from registration for substituted or additional securities to allow when-issued trading.