Notice2024-28116
Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to Amend Section 802.01C of the NYSE Listed Company Manual (Price Criteria for Capital or Common Stock) To Restrict the Use of Reverse Stock Splits in Certain Circumstances
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 2, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 231 (Monday, December 2, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 231 (Monday, December 2, 2024)]
[Notices]
[Page 95301]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-28116]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101746; File No. SR-NYSE-2024-48]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Designation of a Longer Period for Commission Action on a
Proposed Rule Change to Amend Section 802.01C of the NYSE Listed
Company Manual (Price Criteria for Capital or Common Stock) To Restrict
the Use of Reverse Stock Splits in Certain Circumstances
November 25, 2024.
On September 30, 2024, New York Stock Exchange LLC (``NYSE'') filed
with the Securities and Exchange Commission (``Commission''), pursuant
to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'')
\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to amend
Section 802.01C (Price Criteria for Capital or Common Stock) of the
NYSE Listed Company Manual to provide that (i) a company that falls
below the price criteria set forth therein and effects a reverse stock
split to regain compliance will not be eligible for a compliance period
in certain circumstances, and (ii) a company may not effectuate a
reverse stock split if it would result in the company falling below
continued listing requirements. The proposed rule change was published
for comment in the Federal Register on October 17, 2024.\3\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 101306 (Oct. 10,
2024), 89 FR 83738. Comments on the proposed rule change are
available at: <a href="https://www.sec.gov/comments/sr-nyse-2024-48/srnyse202448.htm">https://www.sec.gov/comments/sr-nyse-2024-48/srnyse202448.htm</a>.
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \4\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding, or as to which the self-regulatory organization
consents, the Commission will either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day after publication of the notice for this proposed rule change
is December 1, 2024. The Commission is extending this 45-day time
period.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission finds it appropriate to designate a longer period
within which to take action on the proposed rule change, so that it has
sufficient time to consider the proposed rule change and comments
received. Accordingly, the Commission, pursuant to Section 19(b)(2) of
the Act,\5\ designates January 15, 2025, as the date by which the
Commission shall either approve or disapprove, or institute proceedings
to determine whether to disapprove, the proposed rule change (File No.
SR-NYSE-2024-48).
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------
Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-28116 Filed 11-29-24; 8:45 am]
BILLING CODE 8011-01-P
</pre></body>
</html>Indexed from Federal Register on December 2, 2024.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.