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Skyline Builders Group Holding Ltd (NASDAQ:SBGH) announced Monday that it has elected to rely on home country corporate governance practices, as permitted for foreign private issuers under Nasdaq Listing Rule 5615(a)(3). The company, which is incorporated in the Cayman Islands and listed on the Nasdaq Capital Market, disclosed the decision in a press release statement filed with the Securities and Exchange Commission.
Under this exemption, Skyline Builders Group Holding will follow certain Cayman Islands corporate governance practices instead of specific Nasdaq Marketplace Rules. The company stated it will not adhere to the following Nasdaq requirements: shareholder approval prior to issuing securities in connection with acquisitions (Rule 5635(a)), shareholder approval before issuing securities that would result in a change of control (Rule 5635(b)), shareholder approval for equity-based compensation for officers, directors, employees, or consultants (Rule 5635(c)), and shareholder approval for private issuances equal to 20% or more of voting power at prices below the minimum defined (Rule 5635(d)).
Skyline Builders Group Holding noted that, except for these exemptions, its corporate governance practices do not significantly differ from those required of domestic U.S. companies listed on Nasdaq.
The information is based on a press release statement included in the company’s Form 6-K filing with the SEC.
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