SEC grants review petitions, stays Nasdaq listing rule approval
The SEC's order lets SPCC and Cemtrex challenge Nasdaq's new continued-listing rule and opens a filing window for statements through Oct. 6, 2026.
On September 11, 2026 the Securities and Exchange Commission issued an order granting the petitions for review filed by the Small Public Company Coalition (SPCC) and Cemtrex, Inc. The order also keeps the Division's approval of Nasdaq's proposed rule change stayed pending further Commission action.
Nasdaq originally filed the proposed rule change, File No. SR-NASDAQ-2026-004, on January 13, 2026, and the notice was published for comment on January 29, 2026. The Division of Trading and Markets designated a longer review period on March 11, 2026 and instituted proceedings on April 28, 2026. Nasdaq submitted Amendment No. 1 on June 18, 2026, which superseded the original filing and was published on June 25, 2026. After evaluating the record, the Division approved the amendment on July 22, 2026, with the approval order released on July 27, 2026.
SPCC and Cemtrex filed notices of intention to petition on July 29, 2026 and submitted formal petitions on August 5, 2026. Under Rule 431(e) the filing triggered an automatic stay of the Division's action. The Commission's order now confirms that the petitions are granted and the stay remains in effect.
The order further provides that any party or other person may file a written statement in support of or in opposition to the approval order on or before October 6, 2026.
The order is documented as FR Doc 2026-18878, Release No. 34-106338, and the approval order shall remain stayed pending further Commission order.
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