Direct Listings by Companies Gain Momentum
The path to direct listings by companies is getting easier. On Wednesday, the SEC approved the NYSE’s rule change that will permit companies to raise capital in a direct listing. Prior to this change, the NYSE only permitted sales by selling shareholders in a direct listing. This week the Nasdaq filed a similar rule change proposal with the SEC that would also allow companies to sell newly issued primary shares in a direct listing on the Nasdaq Global Select Market.
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