Hurdles Ahead For Stock Exchange Direct Listings

Law360 (September 17, 2020, 3:34 PM EDT) -- In 2018, Spotify Technology SA's direct listing of its shares for trading on the New York Stock Exchange without a traditional initial public offering turned decades-old market practice on its head.

To take full advantage of this development, financial advisers and interested companies immediately began looking for further enhancements and flexibility.

Efforts focused particularly on creating a process that would allow a so-called primary direct listing, where a company could skip the traditional underwritten IPO and list, not only shares for sale by existing stockholders, as Spotify did, but also, new shares to be issued and sold directly to investors without...

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