Notice2024-30353
Self-Regulatory Organizations; NYSE American LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend Section 1003 of the NYSE American LLC Company Guide To Provide for the Suspension and Delisting of Any Company That: (i) Has Effected One or More Reverse Stock Splits Over the Prior Two-Year Period With a Cumulative Ratio of 200 Shares or More to One; or (ii) Has Effectuated a Reverse Stock Split and the Effectuation of Such Reverse Stock Split Results in the Company's Security Falling Below Any of the Continued Listing Requirements of Section 1003
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 20, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 245 (Friday, December 20, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 245 (Friday, December 20, 2024)]
[Notices]
[Page 104253]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-30353]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-101929; File No. SR-NYSEAMER-2024-61]
Self-Regulatory Organizations; NYSE American LLC; Notice of
Designation of a Longer Period for Commission Action on a Proposed Rule
Change To Amend Section 1003 of the NYSE American LLC Company Guide To
Provide for the Suspension and Delisting of Any Company That: (i) Has
Effected One or More Reverse Stock Splits Over the Prior Two-Year
Period With a Cumulative Ratio of 200 Shares or More to One; or (ii)
Has Effectuated a Reverse Stock Split and the Effectuation of Such
Reverse Stock Split Results in the Company's Security Falling Below Any
of the Continued Listing Requirements of Section 1003
December 16, 2024.
On October 16, 2024, NYSE American LLC 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 1003 of the NYSE
American LLC Company Guide to provide for the suspension and delisting
of any company that: (i) has effected one or more reverse stock splits
over the prior two-year period with a cumulative ratio of 200 shares or
more to one; or (ii) has effectuated a reverse stock split and the
effectuation of such reverse stock split results in the company's
security falling below any of the continued listing requirements of
Section 1003. The proposed rule change was published for comment in the
Federal Register on November 4, 2024.\3\ The Commission has received no
comment letters on the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 101457 (October 29,
2024), 89 FR 87661.
---------------------------------------------------------------------------
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 19, 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. Accordingly, the
Commission, pursuant to Section 19(b)(2) of the Act,\5\ designates
February 2, 2024, 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-NYSEAMER-2024-61).
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-30353 Filed 12-19-24; 8:45 am]
BILLING CODE 8011-01-P
</pre></body>
</html>Indexed from Federal Register on December 20, 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.