NYSE gets approval for cheaper IPO alternative for companies amid SPAC boom

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The SEC approved a new type of direct listing where companies can simultaneously go public and raise cash from public market investors.

The SEC said it approved a new type of direct listing where companies can simultaneously go public and raise cash from public market investors.

The move came as a record number of companies have turned to SPACs, or special purpose acquisition companies, as a backdoor way to be listed on exchanges this year.The New York Stock Exchange has won the approval from regulators to allow companies to issue new shares through direct listings, creating a cheaper alternative to the traditional initial public offering.

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