On June 19, the New York Stock Exchange (NYSE) filed a notice withdrawing its proposed rule that would have allowed companies to list on the NYSE without an initial public offering. The proposed rule was previously discussed in the May 5, 2017 edition of the Corporate & Financial Weekly Digest. The proposed rule would have amended Footnote (E) of Section 102.01B of the NYSE Listed Company Manual, specifically the provisions related to the qualification of companies listing without a prior registration under the Securities Exchange Act of 1934.
Neither the NYSE nor the Securities Exchange Commission provided an explanation for the withdrawal of the rule proposal, and the SEC did not receive any comments on the proposed rule during the comment period.
The SEC’s notice of withdrawal of the proposed rule is available here.