Can a listed company avail itself of the IPO transition periods if it is already a reporting company?
A reporting company listing in connection with an IPO of its equity securities may avail itself of the IPO transition periods other than transition periods applicable to the requirements of Section 303A.06. This is because the term IPO, or initial public offering, is defined differently by the NYSE and the SEC for purposes of Section 303A. Under Exchange Act Rule 10A-3, incorporated by the NYSE as Section 303A.06, the term IPO applies only to a company that is not previously reporting under the Exchange Act, even when it is listing its equity securities on a U.S. market for the first time. The NYSE, on the other hand, considers the initial listing of a companys equity securities to be the companys initial public offering. As a result, a previously reporting company must be fully compliant with the Section 303A.06 audit committee requirements as of the date of effectiveness of the registration statement that relates to the equity securities that will be listed. Such company, however, wo
