Client Alert
SEC Extends NYSE Listing Requirements Relief
July 16, 2009
The SEC recently approved two rule changes proposed by the New York Stock Exchange, LLC ("NYSE") as part of the NYSE's ongoing effort to ease its continued listing requirements during current market conditions. First, the SEC approved the extension through July 31, 2009 of the NYSE's temporary suspension of its stock price standard, which applies to stocks of listed companies whose average closing price falls below $1.00 over a consecutive 30-day trading period. Second, the SEC approved the NYSE’s permanent reduction, from $25 million to $15 million, of the minimum global market capitalization required of listed companies (which temporary reduction was set to expire on June 30, 2009).
Click here to read our client alert regarding the recent NYSE actions.
If you have any questions regarding the recent NYSE actions, please contact either the Womble Carlyle attorney with whom you usually work or one of our Corporate and Securities attorneys.
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