Nasdaq proposes to shift operative date of $5 million listing rule

On September 25, 2026, The Nasdaq Stock Market LLC filed with the SEC a proposed rule change, identified as SR-Nasdaq-2026-004, to modify its operative date. The filing, referenced as File No. SR-NASDAQ-2026-081 and released under Release No. 34-106594, became effective immediately pursuant to Section 19(b)(3)(A)(iii) of the Securities Exchange Act of 1934 and Rule 19b-4(f)(6).

The change addresses uncertainty created by the Automatic Stay that began on July 29, 2026 after the Division of Trading and Markets approved a new $5 million Market Value of Listed Securities continued-listing requirement on July 22, 2026. The SEC's September 11, 2026 order granted petitions for review and continued the stay, leaving companies unsure how to calculate the 30-day non-compliance period.

Nasdaq proposes that the rule become operative on the first business day following termination of the Stay. For example, if the Stay were terminated on September 24, 2026, the operative date would be September 25, 2026, and the 30-day count would begin the next business day thereafter. No market-value data from July 22, 2026 through July 29, 2026, nor any period during the Stay, would be considered.

The Exchange states the amendment imposes no additional burden on competition among exchanges or listed companies and notes that no written comments were received. Because the proposal does not significantly affect investor protection, the public interest, or competition, it is effective immediately but may be temporarily suspended by the Commission within 60 days of filing.

Comments on the proposal must reference file number SR-NASDAQ-2026-081 and may be submitted electronically via the SEC's internet comment form or by email, as outlined in the notice.