What are the transition requirements for companies that list on the NYSE in conjunction with an initial public offering after January 15, 2004 but before October 31, 2004?
Section 303A provides companies listing in conjunction with an IPO with a transition period to phase-in compliance with the nominating, compensation and audit committee membership requirements, and to achieve majority board independence. Each committee must begin with at least one independent member, be majority independent within 90 days, and be fully independent in one year, at which time the majority of the board must be independent as well. The IPO phase-in periods are generally counted from the date the company lists on the NYSE. However, because the Section 303A.06 audit committee requirements are based on SEC Exchange Act Rule 10A-3, the IPO phase-in period for purposes of Section 303A.06 is counted from the date of effectiveness of the companys registration statement relating to the securities being listed. Example 1 – A companys registration statement is declared effective on January 15, 2004, the company lists on the NYSE on January 16, 2004, and the company does not hold an
Related Questions
- What are the transition requirements for companies that list on the NYSE in conjunction with an initial public offering after January 15, 2004 but before October 31, 2004?
- What are the transition requirements for companies that are listing in conjunction with their initial public offering after October 31, 2004?
- Does the NYSE require companies to continue to provide Written Affirmations in addition to the disclosure requirements of Section 303A?
