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[Federal Register Volume 89, Number 231 (Monday, December 2, 2024)]
[Notices]
[Page 95301]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-28116]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101746; File No. SR-NYSE-2024-48]

Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Designation of a Longer Period for Commission Action on a 
Proposed Rule Change to Amend Section 802.01C of the NYSE Listed 
Company Manual (Price Criteria for Capital or Common Stock) To Restrict 
the Use of Reverse Stock Splits in Certain Circumstances

November 25, 2024.
    On September 30, 2024, New York Stock Exchange LLC (``NYSE'') 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 
Section 802.01C (Price Criteria for Capital or Common Stock) of the 
NYSE Listed Company Manual to provide that (i) a company that falls 
below the price criteria set forth therein and effects a reverse stock 
split to regain compliance will not be eligible for a compliance period 
in certain circumstances, and (ii) a company may not effectuate a 
reverse stock split if it would result in the company falling below 
continued listing requirements. The proposed rule change was published 
for comment in the Federal Register on October 17, 2024.\3\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 101306 (Oct. 10, 
2024), 89 FR 83738. Comments on the proposed rule change are 
available at: https://www.sec.gov/comments/sr-nyse-2024-48/srnyse202448.htm.
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding, or as to which the self-regulatory organization 
consents, the Commission will either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
is December 1, 2024. The Commission is extending this 45-day time 
period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule change, so that it has 
sufficient time to consider the proposed rule change and comments 
received. Accordingly, the Commission, pursuant to Section 19(b)(2) of 
the Act,\5\ designates January 15, 2025, as the date by which the 
Commission shall either approve or disapprove, or institute proceedings 
to determine whether to disapprove, the proposed rule change (File No. 
SR-NYSE-2024-48).
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    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2024-28116 Filed 11-29-24; 8:45 am]
BILLING CODE 8011-01-P
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