Analysis

Nasdaq Aims To Keep Up With NYSE With Direct Listing Rules

Law360 (February 22, 2019, 9:18 PM EST) -- The Nasdaq Stock Market has clarified its rules for allowing direct listings of companies that want to go public apart from a traditional initial public offering, a move experts see as an effort to keep pace with the New York Stock Exchange one year after Spotify's unorthodox listing strategy.

Nasdaq, which already allowed direct listings, submitted a rule change with the U.S. Securities and Exchange Commission on Feb. 14 that immediately took effect. The new rules clarify the conditions under which private companies can list on Nasdaq without raising new capital associated with a traditional IPO, including setting minimum valuation levels...

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