Lucosky Brookman’s Joseph Lucosky Engages with Lawmakers on Capitol Hill as Debate Intensifies Over Nasdaq’s Proposed $5 Million Market Cap Delisting Rule

Lucosky Brookman LLP, a national law firm with leading capital markets, corporate finance, and commercial litigation practices, today announced that Managing Partner Joseph Lucosky traveled to Washington, D.C. with members of the Small Public Company Coalition to meet with key congressional offices and Senate Banking Committee staff regarding Nasdaq’s proposed $5 million stockholders’ equity requirement.

The rule, which has drawn significant attention across the capital markets community, prompted the U.S. Securities and Exchange Commission to reopen the public comment period following widespread industry response.

Lucosky was specifically invited by a leading advocacy and lobbying group as one of the only legal practitioners representing the emerging growth company ecosystem in these discussions, joining a delegation of public company CEOs, investors, and market participants, reflecting his role as a legal and strategic “quarterback” in the microcap and emerging growth markets.

Throughout the day, Lucosky met with senior policy advisors and legislative staff from multiple offices, including:

• Staff for Senator Mike Rounds (R-SD), a member of the Banking Committee
• Staff for Senator Angela Alsobrooks (D-MD), a member of the Securities Subcommittee
• Staff for Senator Jim Banks (R-IN), a member of the Securities Subcommittee
• Staff for Senator Bernie Moreno (R-OH), also serving on the Securities Subcommittee
• Majority staff of the Senate Banking Committee, including senior counsel and capital markets leadership

“What we’re seeing right now is a growing disconnect across the ecosystem,” said Lucosky. “In Washington, there’s a clear push to make it easier for companies to go public; reducing friction, simplifying disclosure, and encouraging access to the markets. But at the exchange level, particularly with Nasdaq’s discretionary approach under Rule 5101-3 and its proposed stockholders’ equity requirement, we’re seeing a more subjective and less predictable listing process. The result is that getting through the SEC process and actually getting listed are becoming two very different things, which creates real uncertainty for emerging growth companies trying to access capital.”

Lucosky’s participation reflects the firm’s position at the center of the microcap and emerging growth markets, where regulatory changes directly shape the ability of companies to access capital and scale.

Unlike traditional policy advocates, Lucosky brings a practitioner’s perspective grounded in real-time deal execution, advising companies, investment banks, and market participants across IPOs, uplistings, and capital formation strategies.

“That’s exactly why these conversations matter,” Lucosky added. “We’re not looking at this from a theoretical standpoint; we’re in the market every day, structuring deals and working through listing decisions in real time. Bringing that perspective into the policy discussion is critical to getting it right.”

The firm has been actively engaged in industry discussions surrounding Nasdaq’s proposed rule and continues to provide input grounded in real-time market experience. With consistent deal flow across the microcap and emerging growth markets, Lucosky Brookman regularly advises companies on navigating one of the most critical and complex stages of their lifecycle, achieving and maintaining an exchange listing. The firm’s execution-driven approach, which integrates legal strategy with active engagement throughout the exchange review process, has become increasingly critical as Nasdaq applies greater scrutiny and discretion in listing decisions.