After the United States District Court for the Southern District of Florida granted partial summary judgment in his client’s favor, Jason Goldman, Co-Managing Partner of Davis Goldman, successfully negotiated a settlement for his client who previously served as the Chief Financial Officer of NextPlat Corp (Nasdaq: NXPL), requiring NextPlat to pay $750,000, inclusive of the former CFO’s attorney’s fees. NextPlat filed a lawsuit for damages against its former CFO for allegedly bypassing the company’s wire transfer procedures. Jason brought a counterclaim against NextPlat on behalf of the former CFO. As part of the settlement, the parties agreed to dismiss their competing claims with prejudice. In late October 2024, NextPlat publicly disclosed the settlement amount in its filings with the Securities and Exchange Commission. #FloridaLawFirm #LegalNews #FloridaLawyers #Settlement
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Under the new SPAC rules, the target company would become subject to the Exchange Act reporting requirements upon effectiveness of a registration statement pending consummation of the de-SPAC transaction. However, the rule release points out that in the event the de-SPAC transaction does not close, the target company could seek to terminate its reporting obligations under Exchange Act Rule 12h-3 and Staff Legal Bulletin 18 in the same manner in which it would in an abandoned IPO.. #SecuritiesLawBlog #SEC #SPAC #ALCLAW
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Under the new SPAC rules, the target company would become subject to the Exchange Act reporting requirements upon effectiveness of a registration statement pending consummation of the de-SPAC transaction. However, the rule release points out that in the event the de-SPAC transaction does not close, the target company could seek to terminate its reporting obligations under Exchange Act Rule 12h-3 and Staff Legal Bulletin 18 in the same manner in which it would in an abandoned IPO. #SecuritiesLawBlog #SEC #SPAC #ALCLAW
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Under the new SPAC rules, the target company would become subject to the Exchange Act reporting requirements upon effectiveness of a registration statement pending consummation of the de-SPAC transaction. However, the rule release points out that in the event the de-SPAC transaction does not close, the target company could seek to terminate its reporting obligations under Exchange Act Rule 12h-3 and Staff Legal Bulletin 18 in the same manner in which it would in an abandoned IPO. #SecuritiesLawBlog #SEC #SPAC #ALCLAW
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Are you ready to finally turn off-channel ON? There's no way to ignore this $2.8 billion dollar problem, and we have the solution: https://ow.ly/Gwlo50SpHHp #Smarsh #RegTech #OffChannelCommunications #RegTechSolutions #ComplianceSolutions #RegulatoryCompliance
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#CDHAlert | In today's alert, David Pinnock and Sasha Schermers (nee Lordan) discuss locked-in shareholders: What happens when the honeymoon is over? Technology Corporate Management (Pty) Ltd and Others v De Sousa and Another (Case No 613/2017) [2024] ZASCA 29 (26 March 2024) dealt with, among other things, the question: when a once happy relationship between shareholders goes awry, how can the unhappy union be ended? A shareholders’ agreement and memorandum of incorporation of a company might provide for various options to facilitate or force an exit, but it is difficult to legislate for an unknown and unknowable future upfront, and even more difficult to compel a commercial solution years in advance. There are good arguments that the best way to manage these scenarios is perhaps not to provide for them at all. The natural (rather than forced) stand-off that results might well compel everyone to eventually behave like adults and find a commercial solution. Click here to read more - https://bit.ly/4eBW82b #CorporateAndCommercial #ShareholdersAgreement #Memorandum #LockedIn #Alert
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When an FPIs worldwide assets and worldwide/U.S. shareholder base reaches a certain level ($10 million in assets and total shareholders of 2,000 or greater, or 500 unaccredited with U.S. shareholders being 300 or more), it is required to register with the SEC under Section 12(g) of the Exchange Act unless it is already registered under Section 12(b). #SecuritiesLawBlog #FPIs #SEC #ALCLAW
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When an FPIs worldwide assets and worldwide/U.S. shareholder base reaches a certain level ($10 million in assets and total shareholders of 2,000 or greater, or 500 unaccredited with U.S. shareholders being 300 or more), it is required to register with the SEC under Section 12(g) of the Exchange Act unless it is already registered under Section 12(b). #SecuritiesLawBlog #FPIs #SEC #ALCLAW
