[Federal Register Volume 83, Number 130 (Friday, July 6, 2018)]
[Notices]
[Page 31628]
[FR Doc No: 2018-14464]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83570; File No. SR-NYSE-2017-53]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Withdrawal of Proposed Rule Change To Amend the Listed
Company Manual for Special Purpose Acquisition Companies To Lower the
Initial Holders Requirement From 300 to 150 Round Lot Holders and To
Eliminate Completely the Public Stockholders Continued Listing
Requirement, To Require at Least $5 Million in Net Tangible Assets for
Initial and Continued Listing, and To Impose a 30-Day Deadline To
Demonstrate Compliance With Certain Initial Listing Requirements
Following a Business Combination

June 29, 2018.
    On November 16, 2017, New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend the Listed Company Manual (``Manual'')
for Special Purpose Acquisition Companies (``SPACs'') to lower the
initial holders requirement from 300 to 150 round lot holders and to
eliminate the continued listing requirement of 300 public stockholders
completely, to require at least $5 million in net tangible assets for
initial listing and continued listing, and to allow companies 30 days
to demonstrate compliance with the applicable holder requirements of
Section 102.01A in the Manual following a business combination.\3\
Finally, NYSE proposed to eliminate certain alternative initial listing
distribution criteria for securities of SPACs that list in connection
with a transfer or quotation.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ SPAC initial listing requirements are currently set forth in
Section 102.06 of the Manual and SPAC continued listing requirements
are in Section 802.01B of the Manual.
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    The proposed rule change was published for comment in the Federal
Register on December 6, 2017.\4\ The Commission received two comments
on the proposal in response.\5\ On January 18, 2018, the Commission
extended the time period within which to approve the proposed rule
change, disapprove the proposed rule change, or institute proceedings
to determine whether to approve or disapprove the proposed rule change,
to March 6, 2018.\6\ On March 5, 2018, the Commission issued an order
instituting proceedings under Section 19(b)(2)(B) of the Act to
determine whether to approve or disapprove the proposed rule change.\7\
The Commission received one additional comment.\8\ On May 31, 2018, the
Commission designated a longer period for the Commission to issue an
order approving or disapproving the proposed rule change.\9\ On June
21, 2018, the Exchange withdrew the proposed rule change (SR-NYSE-2017-
53).
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    \4\ See Securities Exchange Act Release No. 82180 (November 30,
2017), 82 FR 57632.
    \5\ See Letters to Brent J. Fields, Secretary, Commission, from
Michael Kitlas, dated November 30, 2017 (``Kitlas Letter''); Jeffrey
P. Mahoney, General Counsel, Council of Institutional Investors,
dated December 20, 2017 (``CII Letter'').
    \6\ See Securities Exchange Act Release No. 82531 (January 18,
2018), 83 FR 3371.
    \7\ See Securities Exchange Act Release No. 82804, 83 FR 10530
(March 9, 2018).
    \8\ See Letter to Brent J. Fields, Secretary, Commission, from
Jeffrey P. Mahoney, General Counsel, Council of Institutional
Investors, dated March 26, 2018 (``CII Letter II'').
    \9\ See Securities Exchange Act Release No. 83355, 83 FR 26331
(June 6, 2018).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-14464 Filed 7-5-18; 8:45 am]
 BILLING CODE 8011-01-P