In a filing with the SEC, Release No. 34-66994, the NYSE
proposes to amend its listing standards to allow the listing of companies on
the basis of two years of reported financial data as permitted under the JOBS
Act, which allows emerging growth companies to include two years of audited
financial data in their registration statement rather than the normally
required three years and does not specifically address exchange listings.
The NYSE proposes to amend the
initial financial listing standards in Sections 102.01C and 103.01B of the
Listed Company Manual to permit an emerging growth company to meet the applicable
standard on the basis of the two years of audited financial data actually
reported, rather than the three years of financial data that would otherwise be
required. The proposed amendment would only be applicable to emerging growth
companies that actually avail themselves of their ability to report only two
years of audited financial information. Under the proposed amendments, emerging
growth companies would still be required to meet the same aggregate financial
requirements, but would be required to do so over a two-year period rather than
a three-year period, if they have availed themselves of the JOBS Act provision
allowing emerging growth companies to file only two years of audited financial
statements.