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Portrait of David E. Danovitch
Portrait of David E. Danovitch

Biography

David is the managing partner of Sullivan's New York office, where he is also director of the Corporate Department. He has extensive transaction experience representing issuers, broker-dealers and investment funds in financings, capital markets transactions, and mergers and acquisitions. David's clients span a variety of industries, and his practice includes such matters as general corporate governance, securities regulation, mergers and acquisitions, and financings. He also maintains several securities industry licenses, including the Series 24 (Registered Principal), Series 7 (General Securities), Series 79 (Investment Banking), and Series 99 (Operations), which gives him a unique insight into the challenges facing regulated firms.

David handles both regulatory and transactional work for broker-dealers. His regulatory practice addresses virtually all securities law-related statutory and regulatory requirements applicable to broker-dealers and their affiliates, covering employee issues; sales and trading; development of compliance and supervisory procedures; satisfaction of margin, capital and recordkeeping requirements; the rules of the financial industry self-regulatory organizations; anti-money laundering; and privacy.

Education
  • Boston University School of Law (LL.M.)
  • Suffolk University Law School (J.D.)
  • Kenyon College (A.B.)
Bar & Court Admissions
  • New York
  • District of Columbia
  • Massachusetts
  • England and Wales (Registered foreign lawyer)
Awards & Honors
  • The Legal 500 U.S., 2020
Client Highlights
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Viewpoints
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SEC Stays Approval of Nasdaq’s $5 Million MVLS Continued Listing Requirement Pending Commission Review
On July 29, 2026, the Securities and Exchange Commission (the "SEC") notified Nasdaq that it had received notices of intention to petition for review of the SEC's July 22, 2026 order approving Nasdaq's proposed rule change requiring listed companies to maintain a minimum Market Value of Listed Securities ("MVLS") of $5 million. Pursuant to Rule 431(e) of the SEC's Rules of Practice, the July 22, 2026 approval order has been stayed pending further review. As discussed in our July 23, 2026 client alert, the approved rule established a new continued listing standard applicable to companies listed on the Nasdaq Capital Market, Nasdaq Global Market and Nasdaq Global Select Market. Under the approved rule, issuers that failed to maintain an MVLS of at least $5 million for 30 consecutive business days would become subject to immediate delisting procedures without the benefit of a traditional cure period. The Effect of the Stay The SEC's July 29, 2026 letter does not reverse or vacate the July 22, 2026 approval of the rule. Rather, it temporarily suspends the effectiveness of that order. According to the SEC, the stay will remain in effect "until the Commission orders otherwise." As a result, the implementation of Nasdaq's new $5 million MVLS continued listing requirement is currently on hold. Until the SEC takes further action, market participants should monitor developments regarding the review process and any subsequent order. Practical Considerations for Nasdaq Issuers Despite the stay, Nasdaq-listed companies that may be affected by the proposed MVLS requirement should continue to evaluate their compliance position and consider the potential impact of the rule should it ultimately become effective. In particular, issuers that may be at risk of falling below the proposed $5 million MVLS requirement should closely monitor whether, if the stay is lifted, any period following the July 22, 2026 approval order will count toward the rule's 30 consecutive business day requirement. We will continue to monitor developments and provide updates as additional information becomes available. For More Information If you would like additional information regarding the SEC's stay of Nasdaq's proposed $5 million MVLS continued listing requirement, the ongoing review process, Nasdaq listing standards generally, or the implications of these developments for your company, please contact the Sullivan & Worcester lawyer with whom you regularly work or any of the attorneys listed below. David Danovitch, Partner (New York) | +1 (212) 660-3060 | ddanovitch@sullivanlaw.com Oded Har-Even, Partner (New York and Tel-Aviv) | +1 (212) 660-3063 | ohareven@sullivanlaw.com Howard Berkenblit, Partner (Boston) | +1 (617) 338-2979 | hberkenblit@sullivanlaw.com Angela Gomes, Partner (Boston) | +1 (617) 338-2957 | agomes@sullivanlaw.com Joseph Segilia, Partner (New York) | +1 (212) 660-3027 | jsegilia@sullivanlaw.com Ron Ben-Bassat, Partner (New York) | +1 (212) 660-5003 | rbenbassat@sullivanlaw.com Eric Victorson, Partner (New York) | +1 (212) 660-3092 | evictorson@sullivanlaw.com Brendan O'Brien, Partner (New York) | +1 (212) 660-3013 | bobrien@sullivanlaw.com Phillip Carnevale, Associate (New York) | +1 (212) 660-3002 | pcarnevale@sullivanlaw.com Elizabeth Johnson, Associate (New York) | +1 (212) 660-3006 | ejohnson@sullivanlaw.com This Client Alert is provided for general informational purposes only and does not constitute legal advice.
SEC Approves Nasdaq's New $5 Million Market Capitalization Threshold for Continued Listing
On July 22, 2026, the Securities and Exchange Commission (the “SEC”) approved Nasdaq's amended proposed rule for a new continued listing requirement requiring Nasdaq-listed companies to maintain a minimum Market Value of Listed Securities (“MVLS”) of $5 million. The SEC approved the proposal as modified by Amendment No. 1 following a lengthy process that generated significant comments from market participants, issuers, investors, exchanges, law firms, and industry groups. The new rule will have a particularly pernicious impact on micro-cap, small-cap and development-stage public companies. Companies that fail to maintain an MVLS of at least $5 million for 30 consecutive business days will be subject to immediate suspension and delisting procedures, without the benefit of the traditional cure period available for many other Nasdaq continued listing deficiencies. Overview of the New Requirement Under the approved rule, Nasdaq-listed companies on the Nasdaq Capital Market, Nasdaq Global Market and Nasdaq Global Select Market must maintain an MVLS of at least $5 million. MVLS is generally calculated as the consolidated closing bid price multiplied by the number of listed securities outstanding. If a company's MVLS remains below $5 million for 30 consecutive business days: Nasdaq will issue a Staff Delisting Determination (“Staff Delisting Determination”). The company will not receive a compliance or cure period. Trading in the company's securities will be suspended from Nasdaq. The company will generally trade on the over-the-counter market while pursuing any appeal rights. This represents a significant departure from Nasdaq's traditional approach to continued listing deficiencies, many of which provide issuers with a compliance period to regain compliance while remaining listed. Amendment No. 1: Limited Relief Through Hearings Panel Review In response to comments received during the rulemaking process, Nasdaq amended its proposal to provide a limited avenue for relief. Under new Nasdaq Rule 5815(c)(1)(I), a Nasdaq Hearings Panel may grant an exception of up to 180 days from the Staff Delisting Determination if the company demonstrates that it can satisfy Nasdaq's initial listing standards. The Hearings Panel also retains authority to reverse a delisting determination if Nasdaq staff acted in error. Importantly, however: The exception is discretionary. Suspension from Nasdaq trading is not automatically stayed during the appeal. The issuer generally must demonstrate compliance with Nasdaq's initial listing standards, which are more stringent than Nasdaq's continued listing standards. Accordingly, while Amendment No. 1 provides a modest additional procedural mechanism, companies should not view it as a substitute for proactively addressing potential listing compliance concerns. SEC's Rationale for Approval The SEC concluded that the new rule is consistent with Section 6(b) the Securities Exchange Act of 1934 and agreed with Nasdaq's position that issuers with an MVLS below $5 million may present heightened risks of manipulation and challenges to maintaining fair and orderly markets. In approving the rule, the SEC relied in part on its own historical analysis, which found that many issuers that remained below the $5 million threshold for 30 consecutive business days continued to trade below that level for extended periods and were frequently later delisted for other quantitative listing deficiencies. Although the SEC acknowledged comments noting that some issuers ultimately recover after temporarily falling below the threshold, it determined that the investor protection benefits of the rule, together with the limited relief provided by Amendment No. 1, supported approval. Practical Considerations for Nasdaq Issuers The new rule creates a material compliance risk for many smaller public companies, particularly those operating in capital-intensive industries such as biotechnology, life sciences, technology, energy transition and other emerging growth sectors. Companies should consider implementing enhanced monitoring procedures to track MVLS on an ongoing basis and evaluate potential corrective actions before a deficiency develops. Potential considerations may include: Capital raising transactions. Strategic transactions or business combinations. Balance sheet recapitalizations. Alternative listing or trading strategies. Other corporate actions designed to improve compliance with Nasdaq's quantitative standards. Because the MVLS calculation is based on market capitalization, often coupled with other listing metrics such as bid price, stockholders' equity, market value of publicly held shares and public float requirements, compliance planning should be evaluated holistically and on a company-specific basis. What Public Companies Should Do Now Nasdaq-listed companies, particularly those with market capitalizations approaching the $5 million threshold, should evaluate the potential impact of the new rule immediately. Companies should consider: Reviewing their current and projected MVLS levels. Assessing compliance with all Nasdaq continued listing standards. Evaluating available capital markets and corporate finance alternatives. Developing contingency plans for potential listing deficiencies. Understanding the implications of a suspension and OTC market transition. Evaluating whether actions can be taken now to strengthen listing compliance and capital market flexibility. The final rule did not set an effectiveness date nor advise issuers whether there would be a phase-in period for complying with the rule, the assumption being that it is effective immediately. For More Information Sullivan & Worcester LLP has been actively involved in advising issuers regarding Nasdaq listing standards, continued listing compliance, capital raising transactions, recapitalizations, exchange matters and SEC regulatory developments. Questions regarding the new MVLS requirement, its potential impact on an issuer's continued Nasdaq listing, the impact on a portfolio company, or available alternatives to address potential compliance concerns, may be directed to your regular Sullivan & Worcester attorney or any member of our Corporate and Securities Practice Group. This Client Alert has been prepared by David Danovitch, a Partner, Angela Gomes, a Partner, Brendan O'Brien, a Partner, and Phillip Carnevale, an Associate, in the Corporate and Securities practice group of the international law firm of Sullivan & Worcester LLP. For more information, Mr. Danovitch may be reached in our New York office by calling +1 (212) 660-3060 or by email at ddanovitch@sullivanlaw.com; Ms. Gomes may be reached in our Boston office by calling +1 (617) 338-2957 or by email at agomes@sullivanlaw.com; Mr. O'Brien may be reached in our New York office by calling +1 (212) 660-3013 or by email at bobrien@sullivanlaw.com; and Mr. Carnevale may be reached in our New York office by calling +1 (212) 660-3002 or by email at pcarnevale@sullivanlaw.com. This Client Alert is provided for general informational purposes only and does not constitute legal advice.
News
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Sullivan & Worcester Advances Japan-Focused Capital Markets Initiative, Building on Track Record Connecting International Companies with U.S. Markets
(Originally distributed via Access Newswire on September 3, 2026.) New York, NY – Sullivan & Worcester is expanding its international capital markets platform with a focused initiative to help Japanese companies evaluate and pursue opportunities to access U.S. investors and capital markets. As part of that initiative the firm will serve as a Gold Sponsor of the Japan Go IPO Summit, taking place on September 16, 2026, in Tokyo. Hosted by MarcumAsia and organized by AUM Advisors, the Summit will bring together senior executives and board members of innovative Japanese companies seeking growth capital and opportunities to expand their brands globally. This is the firm’s second year as a sponsor and participant in the Summit. Sullivan’s continued Japan initiative builds on its longstanding experience advising companies from international markets on U.S. capital markets strategies. The firm’s work with Israeli companies provides a particularly strong and successful example of this work. More than two decades ago, Sullivan identified the potential of Israel’s entrepreneurial culture, government support for innovation and strong private-capital ecosystem provided a foundation for companies seeking to grow through the U.S. markets. That strategy has delivered significant results: today, roughly 20 years after beginning that effort, Sullivan represents 22% of Israeli companies traded on Nasdaq. This underscores the firm’s ability to develop deep, long-term relationships with companies in key international markets that are interested in pursuing U.S. capital. Sullivan sees a similarly compelling opportunity in Japan. The country’s technological and manufacturing excellence, public- and private-sector investment across a range of industries, institutional stability and longstanding economic ties with the U.S. create strong conditions for greater cross-border investment and capital-markets activity. “Japan is home to sophisticated companies with strong fundamentals, differentiated technologies and significant global potential,” said David E. Danovitch, Partner at Sullivan and Director of the firm’s Corporate Department. “The U.S. market is increasingly looking for durable, high-quality growth opportunities, and Japan is well positioned to provide them. Our cross-border capital markets experience gives us valuable perspective to help Japanese companies approach the U.S. market with a clear strategy and execute on their long-term objectives.” At the Japan Go IPO Summit, Danovitch will moderate a discussion among leading global investment funds on how they view the investment landscape in Japan, the factors driving investment decisions, and how Japanese companies can position themselves for global growth. The conference will provide Sullivan an opportunity to engage directly with Japanese companies and investors and explore practical considerations surrounding U.S. IPOs, capital raising, public-company readiness and cross-border expansion. The firm’s work in Japan forms part of a broader ASEAN strategy focused on developing long-term relationships with companies and local market participants and connecting them with experienced U.S. legal advisory and financial resources. About Sullivan Sullivan & Worcester (Sullivan) is a premier, AmLaw 200 international law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best-in-class client service.
Sullivan Advises DataVault AI, Inc. on Acquisition of NYIAX, Inc.
Sullivan & Worcester represented Datavault AI Inc. (Nasdaq: DVLT), an Artificial Intelligence Platform company focused on data monetization, tokenization and digital asset technologies, in its acquisition of NYIAX, Inc., a pioneer in blockchain-enabled exchange technology and contract management infrastructure. The acquisition adds NYIAX's institutional-grade exchange technology, blockchain settlement infrastructure and portfolio of intellectual property assets to Datavault AI's platform, strengthening the company's capabilities across the digital asset and real-world asset tokenization lifecycle. The transaction is expected to support Datavault AI's efforts to provide an integrated platform spanning asset origination, valuation, tokenization, commercialization and exchange-based market participation. The Sullivan deal team included Joseph Segilia, David Danovitch, Joonas Aho and Shannon Marini. For more information, please view the full press release here.

David E. Danovitch

David is the managing partner of Sullivan's New York office, where he is also director of the Corporate Department. He has extensive transaction experience representing issuers, broker-dealers and investment funds in financings, capital markets transactions, and mergers and acquisitions. David's clients span a variety of industries, and his practice includes such matters as general corporate governance, securities regulation, mergers and acquisitions, and financings. He also maintains several securities industry licenses, including the Series 24 (Registered Principal), Series 7 (General Securities), Series 79 (Investment Banking), and Series 99 (Operations), which gives him a unique insight into the challenges facing regulated firms.

David handles both regulatory and transactional work for broker-dealers. His regulatory practice addresses virtually all securities law-related statutory and regulatory requirements applicable to broker-dealers and their affiliates, covering employee issues; sales and trading; development of compliance and supervisory procedures; satisfaction of margin, capital and recordkeeping requirements; the rules of the financial industry self-regulatory organizations; anti-money laundering; and privacy.

Client Highlights
All Client Highlights
Viewpoints
All Viewpoints
SEC Stays Approval of Nasdaq’s $5 Million MVLS Continued Listing Requirement Pending Commission Review
On July 29, 2026, the Securities and Exchange Commission (the "SEC") notified Nasdaq that it had received notices of intention to petition for review of the SEC's July 22, 2026 order approving Nasdaq's proposed rule change requiring listed companies to maintain a minimum Market Value of Listed Securities ("MVLS") of $5 million. Pursuant to Rule 431(e) of the SEC's Rules of Practice, the July 22, 2026 approval order has been stayed pending further review. As discussed in our July 23, 2026 client alert, the approved rule established a new continued listing standard applicable to companies listed on the Nasdaq Capital Market, Nasdaq Global Market and Nasdaq Global Select Market. Under the approved rule, issuers that failed to maintain an MVLS of at least $5 million for 30 consecutive business days would become subject to immediate delisting procedures without the benefit of a traditional cure period. The Effect of the Stay The SEC's July 29, 2026 letter does not reverse or vacate the July 22, 2026 approval of the rule. Rather, it temporarily suspends the effectiveness of that order. According to the SEC, the stay will remain in effect "until the Commission orders otherwise." As a result, the implementation of Nasdaq's new $5 million MVLS continued listing requirement is currently on hold. Until the SEC takes further action, market participants should monitor developments regarding the review process and any subsequent order. Practical Considerations for Nasdaq Issuers Despite the stay, Nasdaq-listed companies that may be affected by the proposed MVLS requirement should continue to evaluate their compliance position and consider the potential impact of the rule should it ultimately become effective. In particular, issuers that may be at risk of falling below the proposed $5 million MVLS requirement should closely monitor whether, if the stay is lifted, any period following the July 22, 2026 approval order will count toward the rule's 30 consecutive business day requirement. We will continue to monitor developments and provide updates as additional information becomes available. For More Information If you would like additional information regarding the SEC's stay of Nasdaq's proposed $5 million MVLS continued listing requirement, the ongoing review process, Nasdaq listing standards generally, or the implications of these developments for your company, please contact the Sullivan & Worcester lawyer with whom you regularly work or any of the attorneys listed below. David Danovitch, Partner (New York) | +1 (212) 660-3060 | ddanovitch@sullivanlaw.com Oded Har-Even, Partner (New York and Tel-Aviv) | +1 (212) 660-3063 | ohareven@sullivanlaw.com Howard Berkenblit, Partner (Boston) | +1 (617) 338-2979 | hberkenblit@sullivanlaw.com Angela Gomes, Partner (Boston) | +1 (617) 338-2957 | agomes@sullivanlaw.com Joseph Segilia, Partner (New York) | +1 (212) 660-3027 | jsegilia@sullivanlaw.com Ron Ben-Bassat, Partner (New York) | +1 (212) 660-5003 | rbenbassat@sullivanlaw.com Eric Victorson, Partner (New York) | +1 (212) 660-3092 | evictorson@sullivanlaw.com Brendan O'Brien, Partner (New York) | +1 (212) 660-3013 | bobrien@sullivanlaw.com Phillip Carnevale, Associate (New York) | +1 (212) 660-3002 | pcarnevale@sullivanlaw.com Elizabeth Johnson, Associate (New York) | +1 (212) 660-3006 | ejohnson@sullivanlaw.com This Client Alert is provided for general informational purposes only and does not constitute legal advice.
SEC Approves Nasdaq's New $5 Million Market Capitalization Threshold for Continued Listing
On July 22, 2026, the Securities and Exchange Commission (the “SEC”) approved Nasdaq's amended proposed rule for a new continued listing requirement requiring Nasdaq-listed companies to maintain a minimum Market Value of Listed Securities (“MVLS”) of $5 million. The SEC approved the proposal as modified by Amendment No. 1 following a lengthy process that generated significant comments from market participants, issuers, investors, exchanges, law firms, and industry groups. The new rule will have a particularly pernicious impact on micro-cap, small-cap and development-stage public companies. Companies that fail to maintain an MVLS of at least $5 million for 30 consecutive business days will be subject to immediate suspension and delisting procedures, without the benefit of the traditional cure period available for many other Nasdaq continued listing deficiencies. Overview of the New Requirement Under the approved rule, Nasdaq-listed companies on the Nasdaq Capital Market, Nasdaq Global Market and Nasdaq Global Select Market must maintain an MVLS of at least $5 million. MVLS is generally calculated as the consolidated closing bid price multiplied by the number of listed securities outstanding. If a company's MVLS remains below $5 million for 30 consecutive business days: Nasdaq will issue a Staff Delisting Determination (“Staff Delisting Determination”). The company will not receive a compliance or cure period. Trading in the company's securities will be suspended from Nasdaq. The company will generally trade on the over-the-counter market while pursuing any appeal rights. This represents a significant departure from Nasdaq's traditional approach to continued listing deficiencies, many of which provide issuers with a compliance period to regain compliance while remaining listed. Amendment No. 1: Limited Relief Through Hearings Panel Review In response to comments received during the rulemaking process, Nasdaq amended its proposal to provide a limited avenue for relief. Under new Nasdaq Rule 5815(c)(1)(I), a Nasdaq Hearings Panel may grant an exception of up to 180 days from the Staff Delisting Determination if the company demonstrates that it can satisfy Nasdaq's initial listing standards. The Hearings Panel also retains authority to reverse a delisting determination if Nasdaq staff acted in error. Importantly, however: The exception is discretionary. Suspension from Nasdaq trading is not automatically stayed during the appeal. The issuer generally must demonstrate compliance with Nasdaq's initial listing standards, which are more stringent than Nasdaq's continued listing standards. Accordingly, while Amendment No. 1 provides a modest additional procedural mechanism, companies should not view it as a substitute for proactively addressing potential listing compliance concerns. SEC's Rationale for Approval The SEC concluded that the new rule is consistent with Section 6(b) the Securities Exchange Act of 1934 and agreed with Nasdaq's position that issuers with an MVLS below $5 million may present heightened risks of manipulation and challenges to maintaining fair and orderly markets. In approving the rule, the SEC relied in part on its own historical analysis, which found that many issuers that remained below the $5 million threshold for 30 consecutive business days continued to trade below that level for extended periods and were frequently later delisted for other quantitative listing deficiencies. Although the SEC acknowledged comments noting that some issuers ultimately recover after temporarily falling below the threshold, it determined that the investor protection benefits of the rule, together with the limited relief provided by Amendment No. 1, supported approval. Practical Considerations for Nasdaq Issuers The new rule creates a material compliance risk for many smaller public companies, particularly those operating in capital-intensive industries such as biotechnology, life sciences, technology, energy transition and other emerging growth sectors. Companies should consider implementing enhanced monitoring procedures to track MVLS on an ongoing basis and evaluate potential corrective actions before a deficiency develops. Potential considerations may include: Capital raising transactions. Strategic transactions or business combinations. Balance sheet recapitalizations. Alternative listing or trading strategies. Other corporate actions designed to improve compliance with Nasdaq's quantitative standards. Because the MVLS calculation is based on market capitalization, often coupled with other listing metrics such as bid price, stockholders' equity, market value of publicly held shares and public float requirements, compliance planning should be evaluated holistically and on a company-specific basis. What Public Companies Should Do Now Nasdaq-listed companies, particularly those with market capitalizations approaching the $5 million threshold, should evaluate the potential impact of the new rule immediately. Companies should consider: Reviewing their current and projected MVLS levels. Assessing compliance with all Nasdaq continued listing standards. Evaluating available capital markets and corporate finance alternatives. Developing contingency plans for potential listing deficiencies. Understanding the implications of a suspension and OTC market transition. Evaluating whether actions can be taken now to strengthen listing compliance and capital market flexibility. The final rule did not set an effectiveness date nor advise issuers whether there would be a phase-in period for complying with the rule, the assumption being that it is effective immediately. For More Information Sullivan & Worcester LLP has been actively involved in advising issuers regarding Nasdaq listing standards, continued listing compliance, capital raising transactions, recapitalizations, exchange matters and SEC regulatory developments. Questions regarding the new MVLS requirement, its potential impact on an issuer's continued Nasdaq listing, the impact on a portfolio company, or available alternatives to address potential compliance concerns, may be directed to your regular Sullivan & Worcester attorney or any member of our Corporate and Securities Practice Group. This Client Alert has been prepared by David Danovitch, a Partner, Angela Gomes, a Partner, Brendan O'Brien, a Partner, and Phillip Carnevale, an Associate, in the Corporate and Securities practice group of the international law firm of Sullivan & Worcester LLP. For more information, Mr. Danovitch may be reached in our New York office by calling +1 (212) 660-3060 or by email at ddanovitch@sullivanlaw.com; Ms. Gomes may be reached in our Boston office by calling +1 (617) 338-2957 or by email at agomes@sullivanlaw.com; Mr. O'Brien may be reached in our New York office by calling +1 (212) 660-3013 or by email at bobrien@sullivanlaw.com; and Mr. Carnevale may be reached in our New York office by calling +1 (212) 660-3002 or by email at pcarnevale@sullivanlaw.com. This Client Alert is provided for general informational purposes only and does not constitute legal advice.
News
All News
Sullivan & Worcester Advances Japan-Focused Capital Markets Initiative, Building on Track Record Connecting International Companies with U.S. Markets
(Originally distributed via Access Newswire on September 3, 2026.) New York, NY – Sullivan & Worcester is expanding its international capital markets platform with a focused initiative to help Japanese companies evaluate and pursue opportunities to access U.S. investors and capital markets. As part of that initiative the firm will serve as a Gold Sponsor of the Japan Go IPO Summit, taking place on September 16, 2026, in Tokyo. Hosted by MarcumAsia and organized by AUM Advisors, the Summit will bring together senior executives and board members of innovative Japanese companies seeking growth capital and opportunities to expand their brands globally. This is the firm’s second year as a sponsor and participant in the Summit. Sullivan’s continued Japan initiative builds on its longstanding experience advising companies from international markets on U.S. capital markets strategies. The firm’s work with Israeli companies provides a particularly strong and successful example of this work. More than two decades ago, Sullivan identified the potential of Israel’s entrepreneurial culture, government support for innovation and strong private-capital ecosystem provided a foundation for companies seeking to grow through the U.S. markets. That strategy has delivered significant results: today, roughly 20 years after beginning that effort, Sullivan represents 22% of Israeli companies traded on Nasdaq. This underscores the firm’s ability to develop deep, long-term relationships with companies in key international markets that are interested in pursuing U.S. capital. Sullivan sees a similarly compelling opportunity in Japan. The country’s technological and manufacturing excellence, public- and private-sector investment across a range of industries, institutional stability and longstanding economic ties with the U.S. create strong conditions for greater cross-border investment and capital-markets activity. “Japan is home to sophisticated companies with strong fundamentals, differentiated technologies and significant global potential,” said David E. Danovitch, Partner at Sullivan and Director of the firm’s Corporate Department. “The U.S. market is increasingly looking for durable, high-quality growth opportunities, and Japan is well positioned to provide them. Our cross-border capital markets experience gives us valuable perspective to help Japanese companies approach the U.S. market with a clear strategy and execute on their long-term objectives.” At the Japan Go IPO Summit, Danovitch will moderate a discussion among leading global investment funds on how they view the investment landscape in Japan, the factors driving investment decisions, and how Japanese companies can position themselves for global growth. The conference will provide Sullivan an opportunity to engage directly with Japanese companies and investors and explore practical considerations surrounding U.S. IPOs, capital raising, public-company readiness and cross-border expansion. The firm’s work in Japan forms part of a broader ASEAN strategy focused on developing long-term relationships with companies and local market participants and connecting them with experienced U.S. legal advisory and financial resources. About Sullivan Sullivan & Worcester (Sullivan) is a premier, AmLaw 200 international law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best-in-class client service.
Sullivan Advises DataVault AI, Inc. on Acquisition of NYIAX, Inc.
Sullivan & Worcester represented Datavault AI Inc. (Nasdaq: DVLT), an Artificial Intelligence Platform company focused on data monetization, tokenization and digital asset technologies, in its acquisition of NYIAX, Inc., a pioneer in blockchain-enabled exchange technology and contract management infrastructure. The acquisition adds NYIAX's institutional-grade exchange technology, blockchain settlement infrastructure and portfolio of intellectual property assets to Datavault AI's platform, strengthening the company's capabilities across the digital asset and real-world asset tokenization lifecycle. The transaction is expected to support Datavault AI's efforts to provide an integrated platform spanning asset origination, valuation, tokenization, commercialization and exchange-based market participation. The Sullivan deal team included Joseph Segilia, David Danovitch, Joonas Aho and Shannon Marini. For more information, please view the full press release here.

David E. Danovitch

Biotech Focused On Developing Non-Opioid Therapeutics to Alleviate Pain Announced IPO

Sullivan was issuer's counsel for Chromocell Therapeutics Corporation, a clinical-stage biotech company focused on developing and commercializing new, non-opioid therapeutics to alleviate pain, in their $6.6 million initial public offering of common stock.

The Sullivan team was led by David Danovitch, director of the firm’s Corporate Department, with partners Charles E. Chambers Jr., Aaron Schleicher and associate Brian Hurley. Sullivan has developed a strength in working with entrepreneurial biotech and tech companies in the U.S. and in Israel.

David E. Danovitch, Charles E. Chambers Jr. and Brian P. Hurley

David E. Danovitch

August 3, 2026

–Client Alert

SEC Stays Approval of Nasdaq’s $5 Million MVLS Continued Listing Requirement Pending Commission Review

July 23, 2026

–Client Alert

SEC Approves Nasdaq's New $5 Million Market Capitalization Threshold for Continued Listing

July 10, 2026

–Publication

Sullivan & Worcester Submits Supplemental Comment Letter to SEC on Nasdaq’s Proposed Market Value Listing Requirement

July 9, 2026

–Client Alert

SEC Establishes Retail Fraud Working Group to Combat Fraud Targeting Everyday Investors

June 5, 2026

–Publication

Sullivan & Worcester Submits Rebuttal Comment Letter to SEC on Nasdaq’s Proposed Market Value Listing Requirement

May 28, 2026

–Publication

Sullivan & Worcester Submits Supplemental Comment Letter to SEC on Nasdaq’s Proposed Market Value Listing Requirement

February 19, 2026

–Client Alert

Nasdaq Considers a New $5 Million Market Value Threshold for Continued Listing: What Issuers Need to Know

February 17, 2026

–Publication

Sullivan & Worcester Submits Comment Letter to SEC on Nasdaq’s Proposed Market Value Listing Requirement

December 15, 2025

–Client Alert

SGX-Nasdaq Dual Listing Framework - Opening New Doors for East Asian Companies

December 2, 2025

–Client Alert

FINRA’s Small-Cap Sweep: Strategic Steps for Broker-Dealers

October 24, 2025

–Client Alert

FINRA Launches Targeted Review of Small-Cap Foreign Offerings

August 27, 2024

–Client Alert

SEC and CFTC Continue Their Lucrative Pursuits of Penalizing Unapproved Communication Methods

Sullivan Client Alert

March 20, 2023

–Client Alert

SEC’s Proposed Changes to Regulation S-P Would Overhaul Records and Information Requirements of Covered Institutions

Sullivan Client Alert

David E. Danovitch

September 3, 2026

–Press Release

Sullivan & Worcester Advances Japan-Focused Capital Markets Initiative, Building on Track Record Connecting International Companies with U.S. Markets

Access Newswire

August 20, 2026

–Deal News

Sullivan Advises DataVault AI, Inc. on Acquisition of NYIAX, Inc.

June 2, 2026

–Deal News

Sullivan Advises Lake Street Capital Markets as Underwriter on $25 Million NeoVolta Public Offering

May 1, 2026

–Quoted

SEC Turns the Spotlight On Nasdaq Delisting Standards

Law360

November 4, 2025

–Quoted

SEC, FINRA Cross-Border Crackdown Typifies Trump 2.0 Priorities

Bloomberg Law

October 24, 2025

–Press Release

Sullivan & Worcester Announces Creation of Small-Firm Task Force to Address Latest FINRA Small-Cap IPO Sweep

February 14, 2025

–Quoted

Irish Firms 'Very Attractive to Investors' – Leading Law Firm Highlights Benefits of US Capital Markets

Business Post

August 7, 2024

–Firm Announcement

Sullivan Ranks High in PlacementTracker's Q2 2024 PIPE and Private Placement Markets League Tables

May 2, 2024

–Press Release

Sullivan & Worcester's Growing NYC Office

Moves to 1251 Avenue of the Americas

April 2, 2024

–News

Sullivan, One of the Top 200 Law Firms in the US, Wants to Help Irish Companies Raise Capital in America

The Currency

October 7, 2023

–Firm Announcement

Firm Statement on Developing News in Israel

July 19, 2023

–Press Release

Sullivan & Worcester Names Corporate Partner David Danovitch New Office Managing Partner for New York City

March 23, 2022

–Press Release

Sullivan Advises Mount Rainier Acquisition Corp. in HUB Cyber Security Merger

September 4, 2019

–News

Media Coverage - MAM Software Acquisition

Law360, Mergers & Acquisitions, The Philadelphia Inquirer, Yahoo Finance, Insider Media

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Events
FACC-NY Strategic Forum 2026

Sullivan will serve as one of the sponsors of the FACC-NY Strategic Forum 2026, taking place on September 10th at Scandinavia House in New York. The forum brings together leaders from business, technology, public policy and innovation to explore how Finnish companies are building competitive advantage and succeeding in the U.S. market. Michael Student, Mike Palmisciano and Joonas Aho will attend the event, which will feature discussions on leadership, innovation, public-private

News
Sullivan & Worcester Shortlisted for International Tax Review Awards

Boston, MA – Sullivan & Worcester has been shortlisted for the International Tax Review (ITR) Americas Tax Awards 2026 for Massachusetts Tax Firm of the Year. Nominees will be recognized and winners will be announced at the ITR Americas Tax Awards gala on October 29, 2026, in New York. The annual ITR Americas Tax Awards celebrate the most accomplished and distinguished tax and transfer pricing teams across 35 jurisdictions worldwide. In

News
Sullivan Advises BridgeAthletic on Acquistion by VALD

Sullivan represented BridgeAthletic, a leading strength and conditioning software platform, in its acquisition by VALD, a global provider of human performance technology. The acquisition brings together BridgeAthletic's program design and athlete management platform with VALD's objective measurement technology and performance data capabilities, creating a more comprehensive and connected platform for coaches and performance professionals. The transaction follows VALD's recent acquisition of GymAware and expands its capabilities across the full performance lifecycle,

Viewpoints
SEC Approves NYSE and NYSE American $0.25 Minimum Trading Price as Continued Listing Requirement

On August 14, 2026, the Securities and Exchange Commission (SEC) approved proposed rule changes by the New York Stock Exchange LLC (NYSE) and NYSE American LLC (NYSE American) to adopt a new continued listing requirement imposing a minimum trading price of $0.25 per share. This approval follows the SEC’s recent approval of Nasdaq’s new $5 million Market Value of Listed Securities continued listing requirement and reflects a broader trend by the

Viewpoints
Untaxed at Marriage, Taxed at Divorce: Who Pays When a Cross-Border Joint Venture Ends

Douglas S. Stransky, partner and leader of the Tax Practice Group, has published the second post in his series for the LexisNexis blog, examining the U.S. tax consequences that surface when a cross-border joint venture ends. Using a hypothetical 50/50 venture between a U.S. manufacturer and a German strategic investing through a U.S. corporate blocker, the post explains how the Section 704(c) method choice buried in boilerplate moves real money between

Viewpoints
The Business Case for Litigation Avoidance

When people hear “litigation,” they usually think about trials, dramatic cross-examinations and disputes beyond repair. They do not typically think about prevention. Yet one of the most valuable things a litigator can do is help avoid litigation altogether. At first glance, the concept may seem counterintuitive. Why would litigators want to reduce litigation? The answer is straightforward: it’s often in the best interest of their clients. While litigation is sometimes necessary, it

News
Sullivan & Worcester Advances Japan-Focused Capital Markets Initiative, Building on Track Record Connecting International Companies with U.S. Markets

(Originally distributed via Access Newswire on September 3, 2026.) New York, NY – Sullivan & Worcester is expanding its international capital markets platform with a focused initiative to help Japanese companies evaluate and pursue opportunities to access U.S. investors and capital markets. As part of that initiative the firm will serve as a Gold Sponsor of the Japan Go IPO Summit, taking place on September 16, 2026, in Tokyo. Hosted by

Events
Structuring Commodity Trade Finance Deals in 2026 and Beyond

Geoffrey Wynne will moderate a panel discussion "Structuring commodity trade finance deals in 2026 and beyond" at the second 2026 Sullivan and Trade Treasury Payments’ (TTP) co-hosted Trade and Commodity Finance Breakfast Club, to be held on Tuesday, September 15, 2026 from 08.30 – 10.00 am at The Lansdowne Club in London. For the first time, the average commodity finance deal has crossed the $1 billion mark. Despite turbulence in the supply

Events
Registered Land Topics

Alexandra Wannop will moderate a virtual panel discussion hosted by the Real Estate Bar Association for Massachusetts (REBA) Title Insurance & National Affairs Section on September 15, 2026. The webinar will address key differences in clearing title to registered land compared with recorded land, including practical considerations for identifying and resolving title issues early in a transaction. The panel will also discuss common scenarios requiring Land Court approval and provide practical

Viewpoints
How Bonuses and Commissions Go Wrong

Any contractual commitment involves risk, but for bonuses and commission plans, wage and tax laws multiply that risk through statutory penalties and, in some cases, automatic multiple damages. A carefully designed compensation plan encourages strong performance while protecting against an expensive surprise. Automatic Penalties for Wage Violations If the description of an incentive compensation plan arrangement does not match what the business intended, or it was drafted casually or was not reviewed

Events
FACC-NY Strategic Forum 2026

Sullivan will serve as one of the sponsors of the FACC-NY Strategic Forum 2026, taking place on September 10th at Scandinavia House in New York. The forum brings together leaders from business, technology, public policy and innovation to explore how Finnish companies are building competitive advantage and succeeding in the U.S. market. Michael Student, Mike Palmisciano and Joonas Aho will attend the event, which will feature discussions on leadership, innovation, public-private

News
Sullivan & Worcester Shortlisted for International Tax Review Awards

Boston, MA – Sullivan & Worcester has been shortlisted for the International Tax Review (ITR) Americas Tax Awards 2026 for Massachusetts Tax Firm of the Year. Nominees will be recognized and winners will be announced at the ITR Americas Tax Awards gala on October 29, 2026, in New York. The annual ITR Americas Tax Awards celebrate the most accomplished and distinguished tax and transfer pricing teams across 35 jurisdictions worldwide. In

News
Sullivan Advises BridgeAthletic on Acquistion by VALD

Sullivan represented BridgeAthletic, a leading strength and conditioning software platform, in its acquisition by VALD, a global provider of human performance technology. The acquisition brings together BridgeAthletic's program design and athlete management platform with VALD's objective measurement technology and performance data capabilities, creating a more comprehensive and connected platform for coaches and performance professionals. The transaction follows VALD's recent acquisition of GymAware and expands its capabilities across the full performance lifecycle,

Viewpoints
SEC Approves NYSE and NYSE American $0.25 Minimum Trading Price as Continued Listing Requirement

On August 14, 2026, the Securities and Exchange Commission (SEC) approved proposed rule changes by the New York Stock Exchange LLC (NYSE) and NYSE American LLC (NYSE American) to adopt a new continued listing requirement imposing a minimum trading price of $0.25 per share. This approval follows the SEC’s recent approval of Nasdaq’s new $5 million Market Value of Listed Securities continued listing requirement and reflects a broader trend by the

Viewpoints
Untaxed at Marriage, Taxed at Divorce: Who Pays When a Cross-Border Joint Venture Ends

Douglas S. Stransky, partner and leader of the Tax Practice Group, has published the second post in his series for the LexisNexis blog, examining the U.S. tax consequences that surface when a cross-border joint venture ends. Using a hypothetical 50/50 venture between a U.S. manufacturer and a German strategic investing through a U.S. corporate blocker, the post explains how the Section 704(c) method choice buried in boilerplate moves real money between

Viewpoints
The Business Case for Litigation Avoidance

When people hear “litigation,” they usually think about trials, dramatic cross-examinations and disputes beyond repair. They do not typically think about prevention. Yet one of the most valuable things a litigator can do is help avoid litigation altogether. At first glance, the concept may seem counterintuitive. Why would litigators want to reduce litigation? The answer is straightforward: it’s often in the best interest of their clients. While litigation is sometimes necessary, it

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