20% Rule Comparison Chart (NYSE, Nasdaq)

Summary

This checklist provides a quick reference to compare the requirements of the 20% Rule as implemented in the New York Stock Exchange (NYSE) Rule 312.03 and the Nasdaq Stock Market (Nasdaq) Rule 5635. Companies listed on these and other exchanges must obtain prior shareholder approval of certain proposed transactions that result in the issuance of shares equal to or exceeding 20% (of the number or the voting power) of the issued and outstanding shares of the company.