Worldwide: Listing Rules & Flotation

Robotics companies are exploring alternative paths to public markets through de-SPAC transactions and reverse mergers instead of traditional IPOs. Recent deals involving Agility Robotics and Serve Robotics illustrate the strategic advantages and potential pitfalls of these alternative financing routes. Legal experts analyze what these trends mean for the future of robotics company capital formation.

The Securities and Exchange Commission has temporarily suspended its approval of Nasdaq's new $5 million Market Value of Listed Securities (MVLS) continued listing requirement following notices of intention to petition for review. While the rule is currently not in effect, the SEC could lift the stay at any time, leaving microcap companies in a state of uncertainty about potential immediate delisting actions.

Nasdaq has implemented a new continued listing requirement establishing a $5 million minimum Market Value of Listed Securities threshold, creating immediate delisting risk for companies that fall below this level for 30 consecutive business days. Unlike traditional compliance deficiencies that offer cure periods, this rule triggers automatic suspension without advance warning, fundamentally altering the risk landscape for micro-cap and financially distressed public companies.

Private equity sponsors investing in law firm management services organizations face a critical exit challenge: with valuations reaching into the billions and limited buyers available, how can they efficiently convert illiquid stakes into liquid returns? Winston Taylor explores whether initial public offerings represent a viable exit strategy and examines the structural and regulatory frameworks necessary to bring law firm MSOs to public markets.

The SEC's Office of Mergers and Acquisitions has issued a new exemptive order allowing tender and exchange offers for non-convertible debt securities to remain open for just five business days instead of the standard 20-day period. This order liberalizes the previous framework by permitting partial offers with proration, narrowing consent solicitation prohibitions, and expanding eligible participants. What are the key conditions that must be met for issuers to take advantage of this abbreviated timeline, an

This comprehensive mid-year update examines critical accounting standards, regulatory changes, and emerging trends that finance leaders must navigate in 2026. From new FASB guidance on PIK dividends and environmental credits to SEC proposals reshaping reporting requirements and filer classifications, the landscape is evolving rapidly. The analysis also explores the surge in mega-IPO activity, AI integration in finance functions, and strategic priorities for building resilient accounting operations.

As addressed in our prior client memo, the "Holding Foreign Insiders Accountable Act" (the "HFIAA"), which was enacted on December 18, 2025 as part of the National Defense Authorization Act for Fiscal Year 2026, requires the directors and officers of foreign private issuers ("FPIs") to make filings under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act").

The FCA has published final notices for Carillion and its former CEO for breaches of the Listing Rules and the UK Market Abuse Regulation (MAR). The publication of the notices follows the withdrawal by the CEO...

The Nasdaq Stock Market LLC ("Nasdaq") recently proposed modifications to its initial and continued listing standards ("Proposed Listing Standards").