Tag: NYSE continued listing criteria
SEC approves NYSE rule regarding change of primary business
In April, the NYSE filed a proposed rule change with the SEC that would allow the NYSE to commence immediate suspension and delisting procedures for a listed company if that company has “changed its primary business focus to a new area of business that is substantially different from the business it was engaged in at the time of its original listing or which was immaterial to its operations at the time of its original listing.” In July, the NYSE amended the proposal to make several changes, including a new requirement to provide prompt written notice to the NYSE if a listed company undertakes a change in its primary business focus. The SEC has now issued an Order granting accelerated approval of the amended proposal.
Change primary business focus? NYSE proposes to allow immediate delisting
The NYSE has filed a proposed rule change with the SEC that would allow the NYSE to commence immediate suspension and delisting procedures for a listed company if that company has “changed its primary business focus to a new area of business that is substantially different from the business it was engaged in at the time of its original listing or which was immaterial to its operations at the time of its original listing.” Comments on the proposal are due 21 days after publication in the Federal Register.
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