NYSE Gets OK To Lower Public Float Bar To $40M

Law360, New York (August 21, 2009, 6:00 PM EDT) -- The U.S. Securities and Exchange Commission has approved a New York Stock Exchange proposal to lower the public float required for companies entering into an initial public offering.

The rule, approved by the SEC on Aug. 17, lowers the aggregate market value of publicly held shares, or public float, that companies must demonstrate to $40 million. The previous public float requirement is $60 million.

The SEC approved the rule change without public comment because it did not affect investor protection, but reserved the right to reverse...
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