Securities Law, NYSE, NASDAQ & OTC Markets Listings & Compliance

NASDAQ’s 20% Rule – Consideration When Going Public

When a company goes public on the Nasdaq Stock Market, it must comply with various requirements, including obtaining stockholder approval for certain transactions involving 20% or more of the company’s stock or voting power. This is particularly important for companies planning their initial public offering (IPO).

This IPO Preparation Guide covers:

• Reviews key scenarios requiring stockholder approval during and after the IPO process for Nasdaq-listing compliance.
• Provides pre-IPO companies with practical guidance on calculating ownership thresholds and voting power requirements.
• Describes exceptions to the rule.
• Explores strategic approaches to structuring pre-IPO and post-listing transactions to optimize timing and stockholder approval requirements.

For companies preparing to go public, understanding Nasdaq’s stockholder approval requirements is crucial during the pre-IPO planning phase. Early consultation with securities counsel can help identify potential compliance issues before they become roadblocks to listing. The IPO process itself is complex and expensive, often taking 6-12 months, and adding stockholder approval requirements can further complicate the timeline. Strategic transaction structuring during the pre-IPO phase can help companies optimize their capital raising while ensuring Nasdaq compliance.

Companies pursuing an IPO must carefully consider how various pre-IPO financing rounds and post-IPO transactions will be impacted by Nasdaq’s 20% rule. This includes late-stage private placements, bridge financings, PIPE transactions, and strategic investments that often occur around the IPO process. Understanding these requirements helps companies structure their pre-IPO capitalization and plan future fundraising activities.

When preparing for an IPO, companies must understand Nasdaq’s stockholder approval rules for securities transactions, particularly Rule 5635(b), (d), (e) and (f) regarding stock issuances and voting power changes. While Nasdaq has additional stockholder approval requirements for M&A transactions and equity compensation plans, this guide focuses specifically on the securities issuance requirements that impact pre-IPO and newly public companies.

The Nasdaq 20% Rule

For companies planning to go public on Nasdaq, it’s crucial to understand that Rule 5635(d) mandates obtaining stockholder approval before executing any “20% Issuance” below the established “Minimum Price” threshold.

For pre-IPO companies and newly public entities, a “20% Issuance” refers to any non-public offering transaction where the company sells or issues (or potentially issues) common stock or convertible securities that, when combined with any sales by company insiders, would represent 20% or more of either the total outstanding shares or voting power before the transaction. This threshold is particularly important for companies to monitor during the IPO preparation phase and the immediate post-IPO period.

Minimum Price is defined as the lower of:

• The Nasdaq Official Closing Price as reflected on Nasdaq.com immediately preceding the signing of the binding agreement.
• The average Nasdaq Official Closing Price of the common stock as reflected on Nasdaq.com for the five trading days immediately preceding the signing of the binding agreement.

For companies approaching their IPO, it’s important to note that Rule 5635(b) requires advance stockholder approval for any transaction that could result in a change of control. Nasdaq generally considers a change of control to occur when any investor acquires 20% or more ownership post-transaction. This requirement helps protect the interests of public shareholders during the critical early trading period.

For companies transitioning to public ownership, Nasdaq’s 20% rule serves as a critical shareholder protection mechanism. This rule safeguards public investors from significant dilution through discounted stock offerings and prevents the concentration of voting power without shareholder input. While IPO-stage companies typically focus on the common stock issuance threshold, the voting power provisions are equally important as they prevent circumvention through creative security structures that could grant outsized voting rights while staying under the 20% ownership threshold.

During the IPO preparation phase and early public trading, companies should be particularly mindful of any securities offerings priced below the Minimum Price threshold, as these “discounted issuances” trigger additional regulatory scrutiny and shareholder approval requirements.

What Constitutes a “Public Offering?”

For companies pursuing an IPO, it’s important to understand that Rule 5635’s stockholder approval requirements contain a key exemption for “public offerings.” While Nasdaq hasn’t provided a strict definition of public offerings under Rule 5635, companies can reference guidance from Interpretive Material IM-5635-3 and Nasdaq Staff Interpretive Letter 2009-13 when planning their offering structure.

When evaluating whether an IPO or subsequent offering qualifies as a “public offering” under Rule 5635, Nasdaq primarily examines the marketing approach and distribution strategy. Key factors determining public offering status include:

• How widely marketed the offering is to the public.
• The number of investors the securities are distributed to.

Generally, a firm commitment underwritten offering registered with the SEC is considered a public offering. Offerings publicly disclosed, marketed and distributed in a similar manner to a firm commitment underwritten offering are also typically considered public offerings. However, a best efforts underwriting is less likely to be viewed as a public offering.

SEC registration alone does not qualify an offering as a public offering. For example, if a firm commitment underwritten registered offering is marketed and sold to a small number of institutional investors, it may not be considered a public offering by Nasdaq.

Although Nasdaq does not offer specific thresholds or safe harbors, it has found that a firm commitment underwritten offering that is widely marketed and distributed is a public offering. For example, a transaction with preliminary prospectuses sent to more than 100 institutional investors and more than 1,500 retail investors and expected to be sold to more than 15 to 30 institutional investors and 300 to 500 retail investors, was found to be a public offering.

Nasdaq considers these other factors to suggest the existence of a public offering:

• Wide participation by investors without prior relationships with the company who are not company insiders.
• A discount to market price consistent with offerings by comparable companies in the industry.
• An underwriting discount comparable to similar offerings by comparable companies.
• Underwriter control over marketing and allocation/distribution (as opposed to company control).

Essential Calculations for Pre-IPO and Newly Listed Companies

When preparing for an IPO and planning future securities issuances, companies should carefully consider these key calculation factors:

• The number of shares outstanding. Only issued and outstanding shares should be considered. Treasury shares, shares held by subsidiaries and shares reserved for issuance are not counted.
• The number of shares issuable in a transaction. All shares that could ever possibly be issued as part of the transaction are included (see Convertible Securities and Warrants).
• Voting power outstanding. Calculate the aggregate number of votes which may be cast by common stockholders that entitle those holders to vote generally on all matters submitted to the company stockholders for a vote.
• Ownership or voting percentages. Calculate on a pre-transaction basis, without taking into account the number of shares issuable or voting power gained as part of the transaction.
• A substantial stockholder under Rule 5635. Only stockholders holding 5% or more of the company’s outstanding common stock and 5% or more of the company’s outstanding voting power are counted.
• Multiple Classes of Common Stock. If a company has more than one class of common stock, a potential issuance is calculated as a percentage of the aggregate outstanding shares of all classes of common stock.

Pre-IPO Convertible Securities and Warrant Considerations

When preparing for an IPO, companies must account for all outstanding convertible securities and warrants on a fully converted and exercised basis. This comprehensive calculation approach is crucial for accurate compliance assessment and transaction planning.

Rule 5635 requires counting all shares that could ever possibly be issued as part of the transaction. This includes all common and other voting shares issuable as part of any price protection or other anti-dilution features of any convertible securities or warrants.

For example, a Nasdaq company with its only equity consisting of 1,000,000 common shares outstanding can only sell or issue in a discounted non-public transaction (for Rule 5635 purposes) up to 199,999 shares (19.9%) without obtaining stockholder approval. If convertible securities or warrants are issued and the conversion price or exercise price and their anti-dilution adjustments (when fully converted, exercised and adjusted, respectively) may possibly lead to surpassing the 199,999 number when combined with the common or voting shares sold or issued, stockholder approval is then required.

When transactions include the issuance of warrants, Nasdaq attributes to each warrant a value of $0.125 plus any amount that the warrant is in the money (the amount the exercise price is below the closing bid price at the time of the transaction) to each share issuable under the warrants.

To illustrate how these rules affect companies preparing for IPO, consider this scenario: A company planning to list on Nasdaq structures a pre-IPO private placement involving both common stock and warrants. The total potential shares, including warrant exercises, would constitute over 20% of outstanding common stock. Each unit comprises one common share plus a warrant exercisable at $10. To avoid classifications at a discounted issuance requiring shareholder approval, the unit price must meet or exceed $10.125. For warrants with different share ratios, this threshold adjusts proportionally – halved for half-share warrants or quintupled for five-share warrants.

Anti-dilution Adjustments

When structuring pre-IPO securities, companies frequently incorporate protective provisions into their convertible instruments and warrants, including mechanisms to adjust conversion and exercise prices. For Nasdaq listing purposes, any such adjustments that could potentially reduce these prices below the established Minimum Price threshold at the time of agreement execution will trigger classification as a discounted issuance.

When evaluating IPO-stage securities, companies must consider both the maximum potential share issuance and any price adjustment mechanisms. Any provisions that could result in securities being issued below the Minimum Price threshold will classify the transaction as a discounted issuance, necessitating shareholder approval before the public listing.

For companies preparing to go public, Nasdaq’s listing rules differentiate between two distinct categories of anti-dilution provisions:

• Those that are economic or price-based.
• Those that relate to stock splits, stock combinations and similar changes to the company’s capitalization.

For IPO candidates, Nasdaq’s evaluation of discounted issuances generally excludes standard capitalization adjustments like stock splits or combinations, focusing instead on economic and price-based modification mechanisms.

To address the effect anti-dilution adjustments can have on a transaction being deemed a discounted issuance, companies can put a floor on the adjustment to the conversion or exercise price (see Conversion or Exercise Price Floors).

2018 Amendments

On September 26, 2018, the SEC approved a Nasdaq proposal to amend the 20% Rule.

Prior 20% Rule

Prior to the 2018 amendments, the 20% Rule included important metrics of book value and market value. The amendments sought to modify and modernize the book value and market value concepts, replacing them with the Minimum Price calculation based on the actual market price.

Prior to the amendments, Nasdaq Rule 5635 generally required prior stockholder approval for any:

• Transactions (other than “public offerings”) involving the sale or issuance (or potential issuance) by the company of its common stock (or securities convertible into or exercisable for its common stock):
  • at a price below the greater of book or market value; and
  • which together with sales by officers, directors or substantial stockholders, is equal to 20% or more of the company’s outstanding shares of common stock or 20% or more of the voting power prior to the issuance.
• Transactions (other than “public offerings”) involving the sale or issuance (or potential issuance) by the company of its common stock (or securities convertible into or exercisable for its common stock):
  • equal to 20% or more of the company’s outstanding shares of common stock or 20% or more of the voting power before the issuance; and
  • at a price below the greater of book or market value.

Book value per share was calculated by taking the common stockholders’ equity amount reported in the listed company’s most recent public filing made with the SEC and dividing it by the number of its outstanding shares reported in that filing. The numbers were typically derived from Forms 10-K and 10-Q, but Forms 8-K or other SEC filings that include both numbers could be used as well.

Market value was the consolidated closing bid price immediately before entering into a binding agreement for the securities. This could differ from the official Nasdaq closing price.

If the agreement for the securities was entered into during Nasdaq trading hours, the consolidated closing bid price from the previous trading day would be used. If the transaction was entered into after the close of a regular trading day, that day’s consolidated closing bid price would be used.

As amended, Rule 5635(d) no longer includes the previous concepts of book value and market value, instead relying on the Minimum Price metric.

Listing of Additional Shares Notification

For companies planning their IPO, Nasdaq Rule 5250(e)(2)(D) establishes critical share issuance thresholds. When contemplating transactions that could result in issuing common stock exceeding 10% of either total outstanding shares or voting power, companies must file a Listing of Additional Shares Notification with comprehensive supporting documentation.

Companies pursuing an IPO must submit this notification package through Nasdaq’s electronic Listing Center no later than 15 days before the planned securities issuance. This advance notice enables Nasdaq’s review team to evaluate the proposed transaction and address potential concerns with the company’s leadership and legal advisors.

Financial Viability Exception

For companies facing urgent capital needs during their IPO preparation, Rule 5635(f) offers a financial viability exception from standard shareholder approval requirements. To utilize this exception, IPO candidates must meet specific criteria:

• Send a written request to Nasdaq’s Listing Qualifications Department.
• Show that the delay in obtaining stockholder approval would seriously jeopardize the financial viability of the company.
• Receive express approval to rely on this exception from its audit committee or a comparable body of its board of directors comprised solely of independent, disinterested directors.

If Nasdaq grants the exception, the company must:

• At least ten days prior to the issuance of the securities, mail to all stockholders a letter informing them that the company is relying on the exception, including:
  • disclosure of the transaction terms, including the total number of shares that may be issued and the consideration received; and
  • disclosure that the audit committee or the comparable body has approved the reliance on the exception.
• As promptly as possible, but at least ten days prior to the issuance of the securities, publicly disclose the same information it provided to stockholders by filing a Form 8-K or issuing a press release.

Obtaining approval from Nasdaq to use the exception is difficult. The written request must show in detail that the delay in obtaining the financing caused by obtaining stockholder approval will create a true risk of bankruptcy or insolvency. This includes:

• The company’s current and projected cash position and how long it can meet its obligations.
• Why other alternatives and earlier transactions were not successfully pursued.
• Why the company cannot structure a transaction that would satisfy the stockholder approval requirements using share caps or other transaction structuring alternatives.

COVID-19 Exceptions

During the initial stages of the COVID-19 pandemic, Nasdaq implemented temporary Rule 5636T on May 1, 2020, to facilitate expedited capital raising for companies preparing to go public. This emergency measure eased various equity issuance restrictions when standard financial viability exceptions proved inadequate amid unprecedented market conditions.

Foreign Private Issuers

Rule 5615(a)(3)(A) permits foreign private issuers to follow their home country practices instead of the stockholder approval requirements under Rule 5635. If doing so, the Company must:

• Promptly notify Nasdaq (Rule 5625).
• Not be restricting or reducing existing stockholder voting rights in a manner that is prohibited by the company’s home country law (Rule 5640).
• Have an audit committee that satisfies Rule 5605(c)(3).
• Ensure that the audit committee’s members meet the independence requirement in Rule 5605(c)(2)(A)(ii).
• Comply with a Direct Registration Program under Rules 5210(c) and 5255 unless prohibited from complying by a law or regulation in its home country.

Nasdaq uses the foreign private issuer definition from Rule 3b-4 under the Exchange Act.

Pre-IPO Legal Compliance Certification

As part of the IPO preparation process, foreign private issuers seeking to list on Nasdaq while utilizing home country practices must obtain and submit a formal certification from their domestic independent legal counsel. This certification must confirm that their governance practices comply with local laws while differing from Nasdaq standards. Companies must secure this documentation before implementing practices that deviate from Rule 5615 requirements.

Disclosure Requirements

When preparing for and maintaining a public listing, foreign private issuers who implement their domestic governance practices in lieu of Nasdaq’s standard requirements must provide comprehensive disclosure in their annual SEC Form 20-F filings. This disclosure should detail each instance where the company follows home country practices and explain how these practices differ from Nasdaq’s standard listing requirements.

Structuring Around Stockholder Approval

There are several ways a company and potential investors can structure transactions to cope with or avoid the downsides of obtaining stockholder approval for an equity investment. The most obvious examples are to ensure the transaction meets Nasdaq’s criteria for a public offering or to ensure the transaction, including any convertible securities and warrants, is not offered at a discount (below the Minimum Price). 

Share Caps

Pre-IPO companies planning their capital structure can implement strategic share caps to manage their equity issuance. These caps, incorporated into key transaction documents including securities purchase agreements and preferred stock certificates, establish strict limitations preventing issuance of 20% or more of common stock or voting power without obtaining shareholder approval. This approach is particularly relevant for companies structuring their pre-IPO financing rounds.

The company can close a transaction for the issuance of up to 19.9% of the common stock or voting power immediately and condition any further issuance on receipt of stockholder approval.

For companies planning an IPO on Nasdaq, share cap provisions are permitted with specific limitations:

• The shares that are issued as part of that first 19.9% cannot be entitled to vote to approve the transaction and further issuance.
• The share cap must apply for as long as the securities are outstanding (as opposed to, for example, as long as the company is Nasdaq-listed) or until stockholder approval is obtained.

Pre-IPO Alternative Outcome Provisions

When preparing for an initial public offering (IPO) on Nasdaq, companies must carefully consider share issuance restrictions. One key requirement is that companies cannot include alternative outcome provisions in their share cap structures. These provisions, which would modify transaction terms based on stockholder approval of significant share issuances (20% or more), are prohibited by Nasdaq regulations. Understanding these restrictions is crucial for companies planning to go public.

Examples of alternative outcomes that Nasdaq would reject include:

• Provisions in an indenture or security providing for an interest rate or dividend rate to increase or decrease based on the stockholder vote outcome.
• Requiring the redemption of securities if the stockholders fail to approve.
• Changes to maturity dates based on the stockholder vote outcome.
• Reducing the conversion rate of a convertible security if the stockholders fail to approve.
• Changes to investment amounts depending on the stockholder vote outcome, regardless of whether it benefits the company.
• Rescission, where the funds are returned to investors if stockholder approval is not obtained.

If a transaction contains a 19.9% or similar share cap and an alternative outcome, Nasdaq treats the transaction as if there is no cap. Therefore, if there is an alternative outcome, no common shares can be issued prior to the shareholder vote, even if there is a 19.9% or similar share cap.

If, during transaction negotiations, the parties and their counsel are considering unique structures to avoid obtaining stockholder approval, Nasdaq should be consulted for guidance as early as practicable to ensure the contemplated structures are not considered as alternative outcomes.

Structuring to Exclude Warrants

A transaction that includes warrants can be structured so that shares that are issuable upon exercise of the warrants are not counted toward the 20% threshold as they would normally be. To achieve this, the company must structure the warrants so that they:

• Cannot be exercised for at least six months following the closing of the transaction.
• Have an exercise price that is equal to or greater than the Minimum Price.

Conversion or Exercise Price Floors

The company can avoid the stockholder approval requirement by putting a floor on the conversion or exercise price. If a transaction is not offered at a discount to the Minimum Price, but anti-dilution or similar adjustments to the conversion or exercise price of convertible securities or warrants issued as part of the transaction may cause the transaction to be deemed a discounted issuance (see Anti-dilution Adjustments), the company can avoid the stockholder approval requirement by putting a floor on the conversion or exercise price.

A floor in this manner would provide that, notwithstanding any anti-dilution or similar adjustment, the conversion or exercise price of the convertible security or warrant cannot, under any circumstances, be reduced below the Minimum Price. This would be reflected in the transaction documents (usually in the securities purchase agreement, preferred stock certificates of designation and in the securities themselves).

Wall-crossed Offerings

Companies preparing for their market debut often utilize pre-IPO marketing strategies to gauge investor interest. One common approach is conducting confidential market testing through “wall-crossed” offerings. This process enables companies to privately assess potential investor interest before making any public announcements about their capital raising intentions. The company and its underwriters can selectively approach qualified institutional investors under confidentiality agreements to evaluate market reception and potential pricing.

This confidential pre-marketing approach helps companies preparing for their public debut to assess market conditions before making any public commitments. It enables them to gauge genuine investor interest and potential pricing levels without risking reputational damage from a withdrawn offering. Once underwriters confirm sufficient interest from targeted institutional investors, companies can proceed with broader marketing efforts and formal public announcements, satisfying Rule 5635’s public offering requirements while maximizing their chances of a successful market debut.

However, if the selected investors are not interested in participating in the offering, the question arises as to whether the fact that the issuer contemplated conducting an offering but then saw that it would be unsuccessful based on its confidential pre-marketing efforts is material and should be publicly disclosed. Market practice varies.

Aggregation

Although it is not referred to in its rules, Nasdaq may aggregate securities issued in multiple transactions. In these situations, Nasdaq combines the securities issued in multiple transactions and treats them as a single issuance for purposes of Rule 5635. This can be an issue in situations where either companies seek financing in several, separate private placements or a securities offering is conducted in connection with, or otherwise in close proximity to, an acquisition.

When transactions are aggregated, the calculation of shares outstanding or voting power is made based on the shares and votes outstanding prior to the closing of the first issuance.

Nasdaq does not commonly aggregate transactions, but the following factors are typically considered and should be helpful in determining whether the possibility of aggregation exists and should be discussed with Nasdaq.

Separate Private Placements

Nasdaq typically considers the following factors when determining whether to aggregate the securities issued in separate securities transactions:

• Timing of the issuances. There is no bright line rule for timing and timing alone is not determinative. Generally, if there are no other linkage factors present, transactions more than six months apart are not aggregated.
• Timeline and Sequence of Pre-IPO Financing: During IPO preparation, regulators evaluate the company’s financing history, particularly examining whether additional funding rounds were anticipated during initial capital raises. The assessment considers unforeseen market conditions and changes in the company’s financial position that may impact the IPO timeline.
• Investor Participation Patterns: In evaluating pre-IPO financing rounds, regulatory bodies pay special attention to recurring investor participation across multiple funding events. When the same investors participate in successive rounds, authorities may extend their review period beyond the standard timeframe used for rounds with distinct investor groups, particularly as this may impact IPO pricing and allocation.
• Existence of any contingencies between the issuances or transactions. Nasdaq looks at whether transactions are contingent on other transactions to determine if they should be aggregated. For example, a company may be required to obtain an equity line of credit before completing a private placement or separate transactions with different investors may be contingent on one another to reach a designated amount of capital raised.
• Commonality in the use of the proceeds/same plan of financing. Separate transactions where the proceeds are used for the same purpose or that are parts of a single plan to obtain financing are more likely to be aggregated.
• Timing of the board of directors’ approval. Transactions that were approved by the board at the same time or in close proximity to one another are more likely to be aggregated.

Pre-IPO Acquisition Financing Considerations

When companies pursuing an IPO conduct private placements in close proximity to acquisitions, regulatory authorities may classify such placements as acquisition financing. This classification becomes particularly significant during IPO preparation, as it could trigger share aggregation requirements and impact the 20% threshold analysis, potentially affecting the IPO timeline and structure.

As part of this analysis, Nasdaq will consider the facts and circumstances of the transactions, including:

• The proximity of the financing to the acquisition.
• The stated use of proceeds of the financing. If the proceeds are to be used for other purposes, that portion of the proceeds will typically be excluded from any resulting aggregation.
• The timing of board authorization for the financing and the acquisition, respectively.
• Any stated contingencies in the financing or acquisition documents that relate the transactions to one another.

Pre-IPO Control Structure Modifications

Companies and practitioners should be aware that Rule 5635 not only requires stockholder approval of certain transactions involving the issuance of 20% or more of a company’s common stock or voting power but also of transactions that may put existing stockholders over either 20% threshold. Specifically, Rule 5635(b) requires stockholder approval of issuances that result in a change of control of the company, according to Nasdaq.

For purposes of this rule, Nasdaq generally finds a change of control where an issuance:

• Causes a stockholder or stockholder group to own or have the right to acquire 20% or more of the outstanding shares of common stock or voting power.
• This ownership or voting power would be the largest ownership position.

The ownership and voting power for change of control transactions should be calculated on a post-transaction basis. For example, if a stockholder currently owns 15% of a company’s outstanding common stock and a proposed private placement results in that stockholder owning 20% of the common stock after the private placement is completed, stockholder approval is required.

Securing Shareholder Authorization for Pre-IPO Actions

If a company is required to obtain stockholder approval, the company will likely be required to hold a special stockholders meeting unless the vote is timed so that it can be added to the annual meeting agenda or if the company’s charter and bylaws and applicable law permit the stockholders to act by written consent on the matter.

In preparation for an IPO, organizing a special shareholders’ meeting requires careful coordination with SEC requirements. The process begins with the company’s legal team drafting and submitting a preliminary proxy statement to the SEC. Following regulatory review and feedback, the company finalizes and files the definitive proxy statement, which must comprehensively detail the proposed pre-IPO transactions. Companies must ensure the timely distribution of these materials to shareholders, adhering to SEC regulations, state laws, and corporate governance documents. This critical pre-IPO step often requires significant resources and strategic planning to execute properly.

For more information on the proxy statement and solicitation process, see  Proxy Statements: Filing Proxy Materials.

In preparation for a public offering, companies seeking shareholder approvals must obtain affirmative votes exceeding 50% of all balloted IPO shareholder authorizations. Companies must secure approval from the relevant authorities for each proposed action. The computation of these voting requirements must strictly conform to the organization’s bylaws, charter provisions, and applicable securities laws, as these pre-IPO governance decisions often shape both the offering’s timeline and overall capital structure. This voting threshold calculation must align with the company’s governing documents and relevant state and federal regulations, particularly as these decisions can significantly impact the IPO structure and timing.

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If you have questions about going public on the NASDAQ or need to hire a securities attorney, Hamilton & Associates Law Group, P.A. is ready to assist you. Our Founder, Brenda Hamilton, is a nationally known and recognized securities attorney with over two decades of experience assisting issuers worldwide with going public on the Nasdaq, NYSE, and OTC Markets. Since 1998, Brenda Hamilton has been a leading voice in corporate and securities law, representing both domestic and international clients across diverse industries and jurisdictions. Whether you are taking your company public, raising capital, navigating regulatory challenges, or entering new markets, Brenda Hamilton and her team deliver the experience, strategic insight, and results-driven representation you need to succeed.

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To speak with a Securities Attorney about Nasdaq Stock Exchange listing, Corporate Governance or Nasdaq Compliance matters, please contact us at (561) 416-8956, or by email at info@securitieslawyer101.com.

Hamilton & Associates | Securities Attorneys
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