Nasdaq Says Pay All Fees First or No Delisting Appeals Allowed
Published Date: 2/28/2025
Notice
Summary
Nasdaq is changing its rules so companies wanting to appeal a delisting decision must first pay all their past fees before paying the appeal fee. Plus, appeal fees won’t be refunded anymore. This change kicks in right away and affects any company dealing with Nasdaq delisting appeals.
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Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Must Pay Past Nasdaq Fees
Effective February 14, 2025, if your company wants to appeal a Nasdaq delisting decision, Nasdaq will not accept the appeal fee until you have paid all prior fees owed to the Exchange. This applies to any issuer seeking review of a Delisting Determination under Nasdaq rules.
Appeal Fees Are Non‑Refundable
Nasdaq clarified that appeal fees for delisting reviews are non-refundable as of February 14, 2025. If your company pays an appeal fee to challenge a delisting, that fee will not be returned.
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