The New York Stock Exchange (NYSE) is seeking to apply more stringent laws for reverse-merger companies looking to list on its board, The Wall Street Journal reports. The proposed rules will compel companies to trade for at least a year in the U.S.
Companies which seek to be listed will have to maintain a minimum share price of $4 for an extended period and file audited financial statements and an annual report with the Securities and Exchange Commission. The move comes after many Chinese companies went public in the U.S. through reverse mergers.
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