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Photo: ANGELA WEISS/AFP via Getty Images

The U.S. Securities and Exchange Commission on Wednesday approved the New York Stock Exchange's rule change that will allow companies to raise new capital as part of a direct listing.

Why it matters: Though there's been growing interest in direct listings, especially from Silicon Valley tech companies, it has not been an appropriate path to going public for many companies that need to raise capital as part of the process.

  • This is the exchange's second attempt after the SEC rejected its first proposal for a rule change late last year.
  • In the latest proposal, a company has to sell at least $100 million worth of shares, or the combined value of outstanding shares must be at least $250 million.
  • Earlier this week, NYSE rival Nasdaq, filed with the SEC for approval of its own rule-change proposal to allow companies to do the same.

The big picture: Since music streaming giant Spotify paved the way in 2018, only Slack has taken the direct listing plunge, with now Asana and Palantir set to do the same.

Go deeper

Felix Salmon, author of Capital
Dec 3, 2020 - Economy & Business

Zoom's success makes Slack's stagnation even more puzzling

Illustration: Sarah Grillo/Axios

Zoom and Slack are very similar companies. One of them is riding high, however, while the other, beset by losses and a sluggish share price, has ended up selling itself to a strategic acquirer.

Details: Zoom and Slack are both high-profile and highly successful examples of the new breed of enterprise software. The sales technique is to create a super-popular free version that gets adopted by so many people in a company that eventually the CTO agrees to make it official and buy it.

Dan Primack, author of Pro Rata
Dec 4, 2020 - Economy & Business

Cheesecake Factory settles with SEC over misleading COVID impact claims

Illustration: Sarah Grillo/Axios

The Cheesecake Factory this morning became the first public company charged by the SEC with misleading investors about the pandemic's financial impact on its business.

Driving the news: The SEC claims that the sugar slinger reported "materially false" information in its March 23 and April 3 filings by saying that it was "operating sustainably" by shifting to pickup and delivery.

Republicans threaten to shut down government over vaccine mandates

Sen. Mike Lee (R-Utah) in the Capitol in November 2020. Photo: Joshua Roberts/Getty Images

Conservative Republicans in the House and Senate are planning to force a government shutdown Friday to deny funding needed to enforce the Biden administration's vaccine mandates on the private sector, according to Politico.

Why it matters: Congress has until the end of the week to pass a stopgap measure to extend funding into 2022, though objection from a small group of Republicans could shut down the government.