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Managing COVID-19: Nasdaq Temporary Shareholder Approval Relief

May 7, 2020, Covington Alert

In response to the ongoing impact of the COVID-19 outbreak, Nasdaq has adopted temporary relief through June 30, 2020 from shareholder approval requirements pertaining to the so-called “20% rule.” The relief is effective immediately and intended to give Nasdaq-listed companies additional flexibility to raise capital through private placements in situations where the need for the transaction is due to circumstances related to COVID-19. This alert discusses this temporary relief.

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