Clifford Chance

Coronavirus: Additional Relief from NYSE Shareholder Approval Requirements Facilitates Raising Urgently Needed Capital

May 26, 2020

Companies listed on the New York Stock Exchange seeking to rapidly raise urgently needed capital due to circumstances related to the COVID-19 pandemic may benefit from new temporary conditional relief from the NYSE's shareholder approval requirements. A release issued by the U.S. Securities and Exchange Commission  approving the immediate effectiveness of Section 312.03T of the NYSE's Listed Company Manual is available here. This relief is comparable to a recently approved temporary exception to Nasdaq's shareholder approval requirements. The SEC's release approving Nasdaq's Listing Rule 5636T is available here.

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