Apr. 3, 2026
To: Secretary, Securities and Exchange Commission From: Ahmad Date: April 3, 2026 Re: Comments on File No. SR-NASDAQ-2026-009 (Proposed Rule Change to Adopt IM-5101-4) Dear Secretary, I am writing to formally express my strong opposition to the proposed rule change by The Nasdaq Stock Market LLC, specifically SR-NASDAQ-2026-009, which seeks to grant Nasdaq broad discretionary authority to delist securities based on the suspected activities of "third parties." As an investor, I believe this proposal introduces significant risks to market stability and unfairly penalizes shareholders for the following reasons: Lack of Due Process: The proposal allows for delisting based on "suspicion" rather than proven misconduct by the issuing company. This creates an environment of regulatory uncertainty that harms investor confidence. Harm to Innocent Shareholders: By delisting a company due to third-party manipulation—where the company itself may be a victim—Nasdaq is effectively punishing the very shareholders the SEC is mandated to protect. This action leads to an immediate and catastrophic loss of liquidity and market value. Absence of a Cure Period: The proposal fails to provide an adequate "Cure Period" for companies to address the underlying issues or for investors to exit their positions in an orderly manner before a delisting or suspension occurs. Discretionary Overreach: Granting a self-regulatory organization (SRO) such vast subjective power without clear, objective benchmarks for "suspicion" invites inconsistent enforcement and potential abuse of power. I urge the Commission to disapprove this proposal or, at the very least, require Nasdaq to include mandatory "Safe Harbor" provisions and a guaranteed "Cure Period" to protect public investors from the fallout of sudden delisting actions. Thank you for considering my comments on this critical matter. Sincerely, Ahmad [REDACTED].