During the annual Practising Law Institute’s SEC Speaks, Commissioner Lee discussed the state of public markets and public offerings.  The Commissioner addressed the shift toward continued reliance on the private markets rather than the public markets for capital raising, as well as the decline in the number of IPOs.  While the Commissioner noted that many

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) that would allow companies to conduct limited primary sales concurrent with a direct listing.  

On August 26, 2020, the Securities and Exchange Commission (the “SEC”) approved the proposal submitted by the New York Stock Exchange (“NYSE”) that allows companies to conduct concurrent primary offerings as part of a direct listing on that exchange.  A company may issue new shares and sell them to the public on its first trading

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Direct listings are an alternative to the traditional IPO process that has generated much attention lately.  A U.S. or foreign-domiciled company may choose to register a class of its securities under the Securities Exchange Act of 1934 and list its stock on

On June 22, 2020, the New York Stock Exchange (“NYSE”) submitted an amended proposal to the Securities and Exchange Commission (“SEC”) that would modify existing NYSE rules relating to direct listings in order to permit companies to conduct concurrent primary offerings.  As we previously blogged, on December 6, 2019, the SEC rejected a broader NYSE

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Thursday, March 12, 2020
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Due to market structure and regulatory changes, the traditional capital-raising path for entrepreneurial companies has evolved. For companies in certain sectors, the firm

On December 6, 2019, the Securities and Exchange Commission (“SEC”) rejected the proposal submitted by the New York Stock Exchange (“NYSE”) to allow companies to simultaneously go public through a direct listing and raise cash from public market investors.  As we previously blogged, the NYSE’s proposed rule would have incorporated an option to raise

On November 26, 2019, the New York Stock Exchange (“NYSE”) filed with the Securities and Exchange Commission (“SEC”) a proposed rule change that would allow companies to simultaneously go public through a direct listing and raise cash from public market investors as an alternative to a traditional initial public offering. The proposed change would allow

Consistent with the rule adopted by the New York Stock Exchange in 2018 in order to facilitate direct listings, the Securities and Exchange Commission recently approved a similar Nasdaq rule for the Nasdaq Global Select Market, Rule IM-5315-1.  Although prior to the effectiveness of the rule, the Nasdaq had permitted companies to undertake direct listings,