On Friday, December 6, 2019, the SEC rejected the NYSE's proposal to allow companies to raise capital through a direct listing. This proposed rule change was discussed in the December 4, 2019 edition of Momentum Minutes. As of this update, the SEC has not provided an explanation for its rejection, however, this process typically requires multiple rounds of SEC review. An NYSE statement suggests the SEC's action is not the end of the line for the rule. A spokesperson stated in news reports that "[w]e remain committed to evolving the direct listing product. This sort of action is not unusual in the filing process and we will continue to work with the SEC on this initiative."

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