NYSE Seeks Rules Change To Make Spotify Direct Sale Possible
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.