Shortly before the end of his tenure as Chair of the US Securities and Exchange Commission (SEC), Chair Jay Clayton presided over the SEC as it considered and approved the New York Stock Exchange’s (NYSE) proposed rule change modifying the NYSE’s rules in order to permit, as described in this Legal Update, primary issuances in
SEC Approves NYSE Plan to Allow Direct Listings with a Concurrent Primary Issuance
On December 22, 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 the exchange. The NYSE’s proposal had been put on hold since August, following the SEC’s receipt of a
SEC Open Meeting Announced
The Securities and Exchange Commission (SEC) will consider the NYSE’s proposed rule change relating to direct listings, which had previously been slated for consideration at the December 16th open meeting, at an open meeting now scheduled on December 21st.
See the meeting notice here.
SEC Open Meeting Next Week
Next week, on December 16, 2020, at 10am ET, at an open meeting, which likely will be the last for Chair Clayton, the Securities and Exchange Commission will consider several interesting matters.
The SEC will consider final rules regarding resource extraction payment disclosures. This is a Dodd-Frank Act requirement pursuant to Section 1504. These rules
A Deep Dive Into Capital Raising Alternatives: IFLR’s New Book and Free Webinars
In the International Financial Law Review’s latest publication, A Deep Dive Into Capital Raising Alternatives, Mayer Brown provides context on the changes in market structure and market dynamics that led to the enactment of the JOBS Act. Specifically, the trend for many private companies to remain private longer, defer or dispense with traditional
SEC Speaks: Promoting Growth in the Public Markets
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
NYSE’s New Direct Listing Rule is Stayed
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.
Issuers Permitted to Raise Capital in Direct Listings
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
Intelligize Webinar: Changes to the Securities Offering Process: Confidential Submissions, Test the Waters and Direct Listings
Intelligize Webinar
August 12, 2020
1 pm – 2 pm EDT
Register here
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
NYSE Amends Proposal to Allow Issuers to Raise Capital in Direct Listings
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