On June 19, 2017, the NYSE withdrew its proposed rule, originally issued on March 13, 2017, to modify the provisions regarding the qualification of companies listing on the NYSE to allow for a listing without an IPO. Section 102.01B of the NYSE Listed Company Manual currently recognizes that some companies that have not previously registered their common equity securities under the Exchange Act, but which have sold common equity securities in a private placement, may wish to list those common equity securities on the NYSE at the time of effectiveness of a resale registration statement filed solely for the resale of the securities held by selling stockholders. The proposed rule change was published for comment in the Federal Register on March 31, 2017, and the SEC received no comments on the proposed rule.
For more information regarding the proposed rule, see our prior blog post available at: http://www.mofojumpstarter.com/2017/04/25/nyse-issues-proposed-rule-allowing-listing-without-an-ipo/.
The notice of withdrawal for the proposed rule is available at: https://www.sec.gov/rules/sro/nyse/2017/34-81000.pdf.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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