[Federal Register Volume 82, Number 227 (Tuesday, November 28, 2017)]
[Notices]
[Page 56293]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-25687]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82142; File No. SR-NASDAQ-2017-087]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on a 
Proposed Rule Change To Modify the Listing Requirements Related to 
Special Purpose Acquisition Companies To Reduce Round Lot Holders on 
Nasdaq Capital Market for Initial Listing From 300 to 150 and Eliminate 
Public Holders for Continued Listing From 300 to Zero, Require $5 
Million in Net Tangible Assets for Initial and Continued Listing on 
Nasdaq Capital Market, and Impose a Deadline To Demonstrate Compliance 
With Initial Listing Requirements on All Nasdaq Markets Within 30 Days 
Following Each Business Combination

November 22, 2017.
    On September 20, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to modify the listing requirements related to 
Special Purpose Acquisition Companies (``SPAC'') to reduce round lot 
holders on Nasdaq Capital Market for initial listing from 300 to 150 
and eliminate the public holders required for continued listing from 
300 to zero, require $5 million net tangible assets for initial and 
continued listing on Nasdaq Capital Market, and impose a deadline to 
demonstrate compliance with initial listing requirements on all Nasdaq 
Markets to within 30 days following each business combination. The 
proposed rule change was published for comment in the Federal Register 
on October 11, 2017.\3\ The Commission received six comments on the 
proposal.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 81816 (October 4, 
2017), 82 FR 47269 (October 11, 2017) (``Notice'').
    \4\ See Letters to Brent J. Fields, Secretary, Commission, from 
Jeffrey M. Solomon, Chief Executive Officer, Cowen and Company, LLC, 
dated October 19, 2017; Jeffrey P. Mahoney, General Counsel, Council 
of Institutional Investors, dated October 25, 2017; Sean Davy, 
Managing Director, Capital Markets Division, SIFMA, dated October 
31, 2017; Akin Gump Strauss Hauer & Feld LLP, dated November 1, 
2017; Steven Levine, Chief Executive Officer, EarlyBirdCapital, 
Inc., dated November 3, 2017; and Christian O. Nagler and David A. 
Curtiss, Kirkland & Ellis LLP, dated November 9, 2017.
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    Section 19(b)(2) of the Act \5\ provides that within 45 days of the 
notice publication of the filing of a proposed rule change, or within 
such longer period up to 90 days as the Commission may designate if it 
finds such longer period to be appropriate and publishes its reasons 
for so finding, or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
is November 25, 2017. The Commission is extending this 45-day time 
period. The Commission finds it appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the proposal and the comment 
letters. Accordingly, the Commission, pursuant to Section 19(b)(2) of 
the Act,\6\ designates January 9, 2018, as the date by which the 
Commission shall either approve or disapprove, or institute proceedings 
to determine whether to disapprove, the proposed rule change (File No. 
SR-NASDAQ-2017-087).
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    \5\ 15 U.S.C. 78s(b)(2).
    \6\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-25687 Filed 11-27-17; 8:45 am]
BILLING CODE 8011-01-P


