The New York Stock Exchange’s plan to let companies raise capital through direct listings is on pause after an influential group of institutional investors took an unusual regulatory step in a last-ditch effort to block it. The Council of Institutional Investors, which was behind the maneuver, raised concern that the NYSE’s plan would let companies circumvent protections built into the initial public offering process, ultimately harming investors.

Source: Wall Street Journal September 01, 2020 22:42 UTC