As previously discussed in our LEGALcurrents, on July 22, 2026, the Securities and Exchange Commission (the “SEC”) approved The Nasdaq Stock Market LLC (“Nasdaq”) rule that would require companies listed on the Nasdaq Global Select, Global, or Capital Market to maintain a minimum market value of listed securities of at least $5 million (the “MVLS Requirement”). On July 29, 2026, the SEC issued a letter to The Nasdaq Stock Market LLC (“Nasdaq”) notifying Nasdaq that it had received notices of intention to petition for review of delegated action in accordance with its Rules of Practice and the implementation of the MVLS Requirement was stayed until the SEC orders otherwise.
Petitions for review were subsequently filed in accordance with the SEC’s Rules of Practice, and on September 11, 2026, the SEC issued an order granting the petitions seeking review of the action made pursuant to delegated authority. As a result, the SEC will now review the Division of Trading and Markets’ approval of the MVLS Requirement. The SEC is accepting statements in support of or in opposition to the Division of Trading and Markets’ approval of the MVLS Requirement until October 6, 2026, and the implementation of the MVLS Requirement will remain stayed until the SEC orders otherwise.
If you have any questions about the MVLS Requirement or would like assistance in submitting a statement to the MVLS Requirement, please contact a member of Harter Secrest & Emery LLP’s Securities and Capital Markets group.