On December 11, 2019, in response to the SEC’s rejection of its initial primary direct listing proposal, the NYSE filed a revised rule change proposal that would allow issuers to sell newly issued primary shares in a direct listing. A direct listing refers to the listing of a privately held company’s stock for trading on a national stock exchange without conducting an underwritten offering, spin-off or transfer quotation from another regulated stock exchange. The proposal would delay, until 90 trading days after the direct listing, the requirement that an issuer have 400 round lot holders at the time of listing.
Additionally, issuers may meet the NYSE’s market value requirement for a primary direct listing by selling $100 million of shares.
The proposal submitted to the SEC by the NYSE can be found here.
KMK Legal Alerts and Blog Posts are intended to bring attention to developments in the law and are not intended as legal advice for any particular client or any particular situation. Please consult with counsel of your choice regarding any specific questions you may have.
ADVERTISING MATERIAL.
© 2020 Keating Muething & Klekamp PLL. All Rights Reserved
PartnerJim Kennedy practices in the Business Representation & Transactions Group. The focus of his practice is corporate, securities, and financing law, where he has extensive experience in mergers, acquisitions and ...
PartnerMark Reuter advocates for business clients in transactions, proceedings and conflicts regulated by federal and state securities laws and stock exchange rules. A partner in the firm’s Business Representation & Transaction ...
AssociateAllison Westfall practices in the firm's Business Representation & Transactions Group concentrating in the areas of securities, mergers and acquisitions and business planning. Her practice includes representing ...
AssociateChris Brinkman practices in the firm's Business Representation & Transactions Group with a concentration in venture capital/private equity, start-ups & growth companies, securities, and mergers and acquisitions. Chris ...
AssociateBrett Niehauser represents corporate clients in a variety of business transactions, as well as advising publicly-held clients on matters related to SEC reporting and compliance, the listing standards of the New York Stock ...
Get Updates By Email
RSS Feed
Follow us on Facebook
Follow us on Twitter
Follow us on LinkedInTopics/Tags
Select- Securities Law
- SEC
- Securities Regulation
- Ohio LLC Act
- IRS
- Proxy Access Rules
- Corporate Law
- Securities Litigation
- Tax Planning
- Cryptocurrency
- Intellectual Property
- Technology
- FAST Act
- Dodd-Frank
- Hedging
- JOBS Act
- SEC Enforcement
- Cybersecurity and Privacy Law
- Crowdfunding
- Corporate Tax
- Opportunity Zone
- Real Estate Law
- LIBOR
- Consumer Protection Act
- Emerging Growth Companies
- Investors
- Corporate Governance
- Conflict Minerals
- Pay Ratio Disclosure
- Nasdaq
- Accredited Investors
- Whistleblower
- Sales Tax
- United States Supreme Court
- Online Trading Platforms
- Mergers & Acquisitions
- Litigation
- IPO
- Registration Statement
- Annual Reports
- Ohio Foreclosure Reform
- Family-Controlled Entities
- Gift and Estate Transfers
- Director Compensation
- Executive Compensation
- Health Care Act
- Board of Directors
- Director Independence
- Clawback Rules
- Total Shareholder Return
- Wall Street Reform
- Cyber Insurance
- Data Breach
- Regulation A
- Regulation D
- Lenders
- Receivership Statute
- Business Process Improvement
- Employer Policies
- Employment Litigation
- Labor & Employment Law
- Labor Law
- Sixth Circuit
- Compensation Committee Certification
- Government Shutdown
- CDEs
- CDFI Fund
- Community Development Entities
- Community Development Financial Institutions Fund
- New Markets Tax Credit
- NMTC
- NMTC Financing
- Regulation Fair Disclosure
- Social Media
- Marketing
- Benefits
- Healthcare Reform
- Public Company Transition Rules
- Employment Incentives
- HIRE Act
- Social Security Tax
- Tax Credit
Recent Posts
- Revised Ohio LLC Statute Provides Opportunities for Ohio Business Owners
- Reminders for Annual Reports and Proxy Statements in 2020
- Proposed Amendments to Accredited Investor Definition
- SEC Guidance on Confidential Treatment Applications
- SEC Guidance on Intellectual Property and Technology Risks Associated with International Operations
- NYSE Revised Rule Change Proposal on Direct Listings
- More Developments from the SEC and Proxy Advisory Firms
- Proposed Amendments of Procedural Requirements and Resubmission Thresholds under Exchange Act Rule 14a-8
- Proposed Amendments on “Proxy Advisor” Exemptions
- IRS Issues New Virtual Currency Guidance