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NYSE gets approval for cheaper IPO alternative for companies amid SPAC boom

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The New York Stock Exchange has won the approval from regulators to allow companies to issue new shares through direct listings, creating a cheaper alternative to the traditional initial public offering.

The Securities and Exchange Commission said in an order Wednesday evening that it approved a new type of direct listing where companies can simultaneously go public and raise cash from public market investors. Previously, companies doing direct listings only allowed existing private shareholders to sell stock to public investors.

The NYSE’s move came as a record number of companies have turned to SPACs, or special purpose acquisition companies, as a backdoor way to be listed on exchanges…



Source cnbc.com

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