On March 18, 2020, the SEC issued a release announcing a rule change that exempts companies with less than $100 million in annual revenue from the internal control audit performed by an external auditor (SOX 404 audit). The details of the release can be found here. Previously, Emerging Growth Companies (EGCs) were exempt from the …

Fronteo to Discontinue Nasdaq Listing News has emerged that Fronteo, which was listed on Nasdaq, will be delisting. Fronteo listed on Nasdaq in May 2013 and will now be discontinuing its listing after approximately seven years. Following the delistings of Internet Initiative Japan (IIJ) and Pepper Food Service in 2019, Fronteo’s delisting means that for …

What is a Direct Listing? A Direct Listing is a method, like an Initial Public Offering (IPO), for a company to list its shares on a stock exchange. While many companies choose an IPO—which involves issuing new shares to the public to raise capital—some companies opt for a Direct Listing, where only existing, previously issued …

We would like to introduce an article on the latest trends in U.S. securities litigation, written for BUSINESS LAWYERS by our Director, Christopher Studebaker (Attorney at Law). The following is a quote from the article regarding its content. Litigation Risk for American Depositary Receipts (ADRs) American Depositary Receipts (ADRs) are shares of non-U.S. companies (hereinafter, …

On July 4, 2019, Kura Sushi USA, Inc. (“Kura Sushi USA”), the U.S. subsidiary of Kura Sushi, announced that it had filed an application with the U.S. Securities and Exchange Commission (SEC) to list on the Nasdaq market. According to the Nihon Keizai Shimbun (Nikkei) on the same day, Kura Sushi USA was established in …

(Image courtesy of The Nikkei – Nihon Keizai Shimbun.) Ikinari! Steak to Delist from Nasdaq On June 14, 2019, Pepper Food Service Co., Ltd., the operator of the steakhouse chain “Ikinari! Steak,” resolved at its Board of Directors meeting held on the same day to apply for the delisting of its American Depositary Receipts (ADRs) …

(Logo image courtesy of the IIJ website.) IIJ to Delist from Nasdaq On February 7, 2019, Internet Initiative Japan Inc. (IIJ) announced that its Board of Directors had resolved on the same day to apply for the delisting of its American Depositary Receipts (ADRs) from the NASDAQ Stock Market (NASDAQ) and for deregistration from the …

On December 24, 2018, Takeda Pharmaceutical Co., Ltd. was listed on the NYSE. In conjunction with this event, we have updated our “U.S. Securities Market Guide Part 1: NYSE Listing by Japanese Companies.” https://quantum.accountants/ja/usipo_series1/

Please note that the original article is in Japanese. The following is a summary of its content. Nasdaq’s Mission and Strategy in Japan This article summarizes an interview with Mr. Mikio Sugihara, Nasdaq’s Japan Representative, on the exchange’s activities in Japan and the appeal of a Nasdaq listing for Japanese companies. Nasdaq’s Tokyo office, established …

Pepper Food Service, the operator of Ikinari! Steak, which had filed for a Nasdaq listing with the SEC on September 3, 2018, has successfully received approval and was listed on Nasdaq on September 28. This makes it the third currently listed Japanese company on Nasdaq, following IIJ and Fronteo. The most recent Nasdaq listing by …