NYSE’s New Direct Listing Rule is Stayed

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On August 31, 2020, the Securities and Exchange Commission (the “SEC”) notified the New York Stock Exchange (the “NYSE”) that it received a notice of intention to petition for review of the NYSE’s recently approved rule (see our prior post, related herein) that would allow companies to conduct limited primary sales concurrent with a direct listing.  The notification was submitted by the Council of Institutional Investors. The notification from the Council of Institutional Investors to the SEC can be accessed here.  As a result of the notification, the new rule is now on hold until the SEC orders otherwise.  The SEC did not specify a timetable for completing its review of the petition.  The SEC’s letter to the NYSE can be accessed here.

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