What if a company that is relying on an exemption or is utilizing the non-conforming practices provision of Listing Rule 5615(a)(3) does not provide the required disclosure?
A company that fails to comply with the disclosure requirement would not be in compliance with NASDAQ’s listing requirements and would be subject to delisting unless the failure is promptly cured. Generally, this deficiency could be cured by making the required disclosure in an amended Form 20-F or Form 40-F. Disclosure by means of a press release or Form 6-K does not satisfy this requirement.
Related Questions
- Can a company rely on the "exceptional and limited circumstances" provision as set forth in Listing Rule 5605(c)(2)(B) if it has three or more independent directors on its audit committee?
- What if a company that is relying on an exemption or is utilizing the non-conforming practices provision of Listing Rule 5615(a)(3) does not provide the required disclosure?
- Must a company obtain approval from NASDAQ in order to utilize the "exceptional and limited circumstances" according to Listing Rule 5605(e)(3)?
