News & Analysis as of

Capital Raising New York Stock Exchange Initial Public Offering (IPO)

Conyers

Bermuda Public Companies Update, Summer 2025

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This edition of the Bermuda Public Companies Update summarises significant transactions involving Bermuda companies listed on the New York Stock Exchange (NYSE) and Nasdaq in the first half of 2025. The first half of 2025...more

Procopio, Cory, Hargreaves & Savitch LLP

What Legal Trends are Impacting MicroCap Issuers in 2024?

The legal and regulatory landscape for MicroCap investing is ever-evolving, including challenges involving compliance with the rules of the U.S. Securities and Exchange Commission (SEC) and securities exchanges including...more

Conyers

Bermuda Public Companies Update, Winter 2023

Conyers on

Global market update - The second half of 2022 proved to be as challenging as H1 had been for global markets. Worldwide financial uncertainty continued, fed by a number of parallel and often related ongoing crises:...more

Procopio, Cory, Hargreaves & Savitch LLP

Navigating a Tough Market: Insights and Strategies for Emerging Public Companies Raising Capital and Avoiding Delisting

After a market flush with cash and deal flow from 2020 through the first half of 2022, in the last six to twelve months the markets have been particularly tight. Particularly impacted in this turbulent market have been small...more

Mayer Brown Free Writings + Perspectives

NYSE Receives Approval for Rule Change Providing More Flexibility for Direct Listings with Capital Raise

On December 15, 2022, the New York Stock Exchange (“NYSE”) received approval from the Securities and Exchange Commission (“SEC”) to modify certain pricing limitations for companies undertaking a direct listing involving sales...more

Fenwick & West LLP

SEC Approves Nasdaq Rule Change Allowing Direct Listings with a Capital Raise (Update)

Fenwick & West LLP on

[Editor's Note (1/25/22): This article includes an update regarding the amended rule proposal Nasdaq filed with the SEC in January 2022.] [Editor's Note (6/1/21): This article includes an update regarding a proposed rule...more

Morgan Lewis

SEC Approves NYSE Rules Allowing Companies to Raise Money in Registered Direct Offerings

Morgan Lewis on

The US Securities and Exchange Commission has approved New York Stock Exchange rule changes that will grant the exchange discretion to allow companies to raise money by selling common shares in registered direct offerings,...more

Mayer Brown Free Writings + Perspectives

Primary Direct Listings: A Hybrid Approach to a Traditional IPO Alternative

Shortly before the end of his tenure as Chair of the 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...more

BCLP

SEC affirms NYSE rule changes allowing primary capital raises by issuers in direct listings

BCLP on

Yesterday, by another 3-2 vote, the SEC approved changes to NYSE listing rules relating to primary direct listings after conducting a “de novo” review following objections raised by certain investors and commentators. In...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Stays NYSE Rules on Primary Direct Listings

On August 26, 2020, the Securities and Exchange Commission (SEC) approved a proposal from the New York Stock Exchange (NYSE) that would allow companies going public via a direct listing to issue and sell new shares on their...more

Morrison & Foerster LLP

PE & VC Exits: U.S. Direct Listing Rules In Flux

Amid intense focus on investor liquidity (and paths to potential liquidity) in private companies, we provide an update on developments around direct listings as an alternative to traditional IPOs in the United States. On...more

Vinson & Elkins LLP

Newly Approved Direct Listing Capital Raising Alternative On Hold Pending SEC Review

Vinson & Elkins LLP on

For a fleeting moment, companies had the ability to raise capital on the New York Stock Exchange (“NYSE”) in connection with a direct listing (“primary direct listing”). On August 26, 2020, the Securities and Exchange...more

Jones Day

NYSE Reproposes to Permit Capital Raising in Direct Listings - Following two prior proposals during 2019, the New York Stock...

Jones Day on

The current proposal, which was submitted by the NYSE on June 22, 2020, would, like the prior proposal, allow a private company seeking to raise capital through a direct listing to satisfy the NYSE's market value requirement...more

Orrick, Herrington & Sutcliffe LLP

Direct Listings May Pose Challenges for Cash Intensive Life Sciences Companies

Are direct listings a viable potential alternative for all companies seeking to go public?  The answer may likely be no, especially for early stage life sciences companies that are not household names. ...more

Stoel Rives LLP

In Case You Missed It - Interesting Items for Corporate Counsel - December 2019

Stoel Rives LLP on

The NYSE proposed in November changes to its listing standards to allow “primary” share offerings through a direct listing. To date, direct listings have been in the form of stockholder share resales (a “secondary offering”)...more

Jones Day

NYSE Proposes Updated Rule Change to Permit Capital Raising in Direct Listings

Jones Day on

Less than a week after the U.S. Securities and Exchange Commission ("SEC") rejected a proposed rule change to permit primary capital raising in direct listings, the New York Stock Exchange ("NYSE") submitted an updated...more

Jones Day

SEC Rejects Initial NYSE Proposal on Capital Raising in Direct Listings - The rule change would have allowed companies to raise...

Jones Day on

On December 6, 2019, the U.S. Securities and Exchange Commission rejected a proposed New York Stock Exchange ("NYSE") rule change that would allow companies to raise capital in a direct listing...more

Wilson Sonsini Goodrich & Rosati

NYSE Files Revised Proposal to Allow Primary Direct Floor Listings

Yesterday, the New York Stock Exchange (NYSE) filed a revised proposal with the Securities and Exchange Commission (SEC) to allow companies to sell shares on their own behalf in direct listings. Last week, as discussed in our...more

Jones Day

NYSE Proposes a Capital-Raising Option in Direct Listings

Jones Day on

The Situation: Direct listings, through which a company lists its shares on a national stock exchange without conducting a traditional initial public offering ("IPO"), have received significant attention from the media and...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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In order to comply with European antitrust rulings against it earlier this year, Google announced that for the first time it will begin charging telephone handset manufacturers to install Gmail, Google Maps, and other popular...more

White and Williams LLP

Spotify Is Bypassing a Traditional IPO in Favor of Direct Listing. Should Other Companies Follow Its Lead?

First Spotify changed the music industry. Now it might change the way we think about public offerings. On Wednesday, February 28, 2018, Spotify filed its prospectus to go public through a direct listing on the New York...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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SoftBank’s been burning up the deal scene in recent months (Fortress, anyone?), and it keeps right on rolling by helping orchestrate the merger of satellite operator and investee OneWeb with Intelsat in a bid to increase...more

Morrison & Foerster LLP - JOBS Act

NYSE Announces Listing Stats for 2015

Last week, the New York Stock Exchange (NYSE) Group announced that it had raised $136 billion from 397 transactions, including IPOs and follow-on financings, in 2015. 59 of these transactions were IPOs, raising $19.1...more

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