New York Stock Exchange LLC Filing Proposed Rule Change for Special Purpose Acquisition Companies

Summary

The New York Stock Exchange LLC has filed a proposed rule change to lower the initial holder requirement for special purpose acquisition companies from 300 to 150 round lot holders and eliminate the 300 public stockholders continued listing requirement, while also requiring at least $5 million in net tangible assets for initial and continued listing, and imposing a 30-day deadline to demonstrate compliance with the initial listing requirements following a business combination.