---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-319238"
form_type: "8-K"
ticker: "NDAQ"
cik: "0001120193"
company_name: "NASDAQ, INC."
filed_at: "2025-12-15T23:59:59+00:00"
generated_at: "2026-05-16T13:09:43.559484+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Nasdaq increases 2028 and 2052 note tender caps to $100M total; early settlement Dec 17

## Summary
- Increased 2028 notes cap to $83,011,000 and 2052 notes cap to $16,989,000; removed $95M maximum tender payment.
- Total consideration set at $1,033.67 per $1,000 principal for 2028 notes and $777.38 for 2052 notes, including $30 early tender premium.
- Acceptance prorated: 29% for 2028 notes ($287.7M tendered vs $83.0M cap), 19% for 2052 notes ($88.9M tendered vs $17.0M cap).
- Early settlement date Dec 17; remaining tender offers expire Dec 30, but no further acceptances as caps exceeded.
- Funding from available cash and other liquidity sources.

## SEC filing metadata
- accession: 0001193125-25-319238
- form_type: 8-K
- ticker: NDAQ
- cik: 0001120193
- company_name: NASDAQ, INC.
- filed_at: 2025-12-15T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1120193/000119312525319238/0001193125-25-319238-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1120193/000119312525319238/d29365d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-319238
- JSON: https://secwatch.observer/filing/0001193125-25-319238.json
- Plain text: https://secwatch.observer/filing/0001193125-25-319238.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.