SEC Stays Implementation of New NYSE Direct Listing Rules -
As discussed in the August 31, 2020 edition of the Corporate & Financial Weekly Digest, on August 26, the Securities and Exchange Commission (SEC) approved rules proposed by the New York Stock Exchange (NYSE) to allow companies engaging in a direct listing to raise capital directly through the sale of primary shares upon the direct listing, in addition to, or instead of, facilitating sales of shares solely by existing shareholders.
In a letter to the NYSE, dated as of August 31, the SEC notified the NYSE that it has received a notice of intention to petition the rules. Accordingly, the SEC has stayed implementation of the new NYSE direct listing rules until such time as the SEC orders otherwise.
Please see full Newsletter below for more information.