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    AAPL   US0378331005

APPLE INC.

(AAPL)
  Report
Delayed Quote. Delayed Nasdaq - 08/02 04:00:00 pm
145.52 USD   -0.23%
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Exclusive: Nasdaq seeks to remove restriction in direct listing plan

05/26/2021 | 09:02am EDT
FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market site in New York

(Reuters) - Nasdaq Inc asked U.S. regulators on Wednesday to remove a restriction that limits how much money companies can raise through a direct listing on its stock market exchange, according to a regulatory filing reviewed by Reuters.

Direct listings allow companies to list on the stock market without a traditional and more costly initial public offering. No shares have been sold to investors in these flotations thus far, so companies have not raised any money through them.

Nasdaq's move follows the U.S. Securities and Exchange Commission's (SEC) approval last week of a Nasdaq proposal to allow companies to raise capital in a direct listing as long the shares start trading within the indicated price range set. The listing would be pulled if shares were set to trade outside that range.

Nasdaq on Wednesday asked the SEC to remove any ceiling on how the shares trade. A company's stock would not be allowed to open more than 20% below the lowest price in the price range, but there would be no restriction on how high it can trade.

"Based on conversations with companies and their advisors, Nasdaq believes that there may be a reluctance to use the existing direct listing with a capital raise rules because of concerns about the pricing range limitation," Nasdaq said in the filing.

The SEC did not immediately respond to a request for comment.

In making the request to the SEC, Nasdaq is reverting to the plan it submitted to the securities watchdog last August. It amended the plan in February to bring it in line with a similar proposal from rival the New York Stock Exchange (NYSE). The SEC approved the NYSE plan in December.

Companies have been monitoring the regulatory developments but have yet to embark on a direct listing that would raise capital for them, because of the restrictions on how their shares would be allowed trade.

Advocates of the plan say it will allow companies to raise money without paying hefty underwriting fees to Wall Street banks. Some investors in private companies, such as venture capital firms, also fret that banks underprice traditional initial public offerings to create a first-day trading pop.

A growing number of companies have recently gone public through a direct listing, including big names such as analytics company Palantir Technologies, cryptocurrency exchange Coinbase Global and gaming company Roblox Corp. None of these companies raised capital in their direct listings.

(Reporting by Anirban Sen in Bengaluru. Editing by Mark Potter)

By Anirban Sen


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.23% 145.52 Delayed Quote.9.67%
COINBASE GLOBAL, INC. -0.50% 235.4 Delayed Quote.0.00%
MICROSOFT CORPORATION -0.03% 284.82 Delayed Quote.28.06%
NASDAQ COMP. 0.06% 14681.068873 Real-time Quote.13.85%
NASDAQ, INC. 0.91% 188.43 Delayed Quote.41.95%
PALANTIR TECHNOLOGIES INC. 1.80% 22.1 Delayed Quote.-6.16%
ROBLOX CORPORATION 1.73% 78.31 Delayed Quote.0.00%
S&P 500 -0.18% 4387.16 Delayed Quote.17.02%
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Financials (USD)
Sales 2021 365 B - -
Net income 2021 93 501 M - -
Net cash 2021 78 467 M - -
P/E ratio 2021 26,2x
Yield 2021 0,59%
Capitalization 2 405 B 2 405 B -
EV / Sales 2021 6,37x
EV / Sales 2022 6,15x
Nbr of Employees 147 000
Free-Float 99,0%
Chart APPLE INC.
Duration : Period :
Apple Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 46
Last Close Price 145,52 $
Average target price 162,81 $
Spread / Average Target 11,9%
EPS Revisions
Managers and Directors
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
Sector and Competitors
1st jan.Capi. (M$)
APPLE INC.9.67%2 405 470
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WINGTECH TECHNOLOGY CO.,LTD13.23%21 064
SHENZHEN TRANSSION HOLDINGS CO., LTD.7.09%20 168
FIH MOBILE LIMITED11.58%1 092
DORO AB (PUBL)28.48%166