NYSE Seeks Rules Change To Make Spotify Direct Sale Possible

To make way for a possible Spotify direct stock listing, the New York Stock Exchange has appealed to the U.S. Securities and Exchange Commission for a rules change.

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If, as has been widely reported, Spotify does opt for a direct stock sale, it will save millions in IPO costs, as well as make it easier for investors – including the major labels – to cash out quicker. But first the New York Stock Exchange needs to make a few rule changes, according to the Wall Street Journal. Hoping to attract high profile Spotify, the NYSE has appealed to U.S. Securities and Exchange Commission for a rules change that would make a direct listing easier and eliminate a “significant competitive disadvantage” for the NYSE. A ruling is expected by June 29th.