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Law360 (May 26, 2021, 5:24 PM EDT) — Nasdaq has asked the U.S. Securities and Exchange Commission to scrap price ceilings on direct listings that raise capital, suggesting in a regulatory filing that the move would put the fundraising vehicles on level ground with the traditional IPO. 

Under current rules approved just last week, trading would be halted if a direct listing’s opening price falls outside the ranges established in registration statements, which could introduce undue delays and “market risk” at launch, Nasdaq said in Tuesday’s filing. 

“At a minimum, such a delay exposes the company to market risk of changing investor sentiment in the event of an adverse market event,” Nasdaq said….