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nyse compliance 1 dollar rule

After receiving a deficiency notice, a company has 180 calendar days to return to compliance. Interpretations, info memos, weekly and education bulletins, and rule changes. A NYSE-listed company seeking to avail itself of the temporary exception under the Temporary Rule must demonstrate the following: NYSE will review all transactions for compliance with the requirements of the Temporary Rule and must approve a company’s reliance on the Temporary Rule before the company may enter into a binding agreement governing the transaction or issue any securities in the applicable transaction. Jeffrey MacDonald is an associate and Catherine Clarkin and Sarah Payne are partners at Sullivan & Cromwell LLP. Prior to filing the Temporary Rule, in April 2020 NYSE had already waived certain of the requirements of the 20% Rule through June 30, 2020 in response to the impact of the COVID-19 pandemic. 2 15 U.S.C. x��\Ks�6��J���fRE�H��R�5��I�Y���n��a,K�kmII����E ��c^��i] ���l4�����S���<9|5�>������٤�k����Z5U��]O�����?~��������OH��8���#ꢦ"UGkuh�Z��싺�ś���S����'i?���{;z3�l�|L�h����4���|��1�m5>�t�T��>>��j,s�?�B�&����0����Vg���=Ws������QNj�B�4W����4�WcjS� 5\L�;�&�3F����q[=5��@�E�m/�>��ntz1>P\wrdNg�x�njh�!݌��5�>s�e"��ya�X4)Ш����ۑ���u}�Y�����ޏN@�>�Y�ݔYz8jM=E�+�tNjO���D��54HT;Ywb׬IZw� Rule Filings. • • • Supplementary Material: --------------. (go back), 6Section 312.03(c) of the Manual, available at Compliance with NYSE's Timely Disclosure Policy is separately required. Accessed Sept. 8, 2020.

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Offices—Sole Tenancy, and Hours. rule change is available on the Exchange’s website at, at the principal office of the Exchange, and at the Commission’s Public Reference Room. Any company that relies on the Temporary Rule must also make a public announcement by filing a Form 8-K, if required by SEC rules, or by issuing a press release as promptly as possible, but not later than two business days before the issuance of the securities. File a complaint about fraud or unfair practices. (go back), 3For further information about the Nasdaq Rule, see our Client Memorandum, NASDAQ Provides Temporary COVID-19 Exception From Shareholder Approval Requirements Under 20% Rule, dated May 11, 2020, available at Provides-Temporary-COVID-19-Exception-From-Shareholder-Approval-Requirements-Under-20-percent-Rule.pdf. [3] Like the Nasdaq Rule, any securities issued in reliance on the exception must be issued by the later of June 30, 2020 and 30 calendar days following the date of the binding agreement governing the issuance, in each case, after the company has submitted a certification of its compliance with the requirements of the Temporary Rule and received approval from NYSE. II. Need Help?

For example, on the New York Stock Exchange (NYSE), if a security's price closed below $1.00 for 30 consecutive trading days, that exchange would initiate the delisting process. ZXH$��gW�0E���hh����.

Specifically, NYSE waived (i) the provision in Section 312.03(b) that limits the participation of Related Parties [10] and other purchasers affiliated with a Related Party to no more than 5% of the company’s shares or voting power provided the transaction is at or above the Minimum Price; and (ii) certain of the requirements for meeting the bona fide private financing exception to Section 312.03(c), described above. See Section 312.03 for more details, available at

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