When a company is listed on a U.S. stock exchange, including NYSE, NYSE MKT, NYSE Arca, the NASDAQ Stock Market and the BATS Exchange, it agrees to notify the listing exchange about any corporate developments that could affect trading activity in its stock—before announcing them to the public. These developments can include:
changes related to the financial health of the company; major corporate transactions like restructurings or mergers; significant positive or negative information about its products; changes in key management individuals; and legal or regulatory developments that affect the company’s ability to conduct business.