NYSE American LLC proposed a rule change to amend Section 713 of its Company Guide, which impacts shareholder approval for cash sales of securities. The proposed change eliminates book value from the pricing test and introduces a "Minimum Price" definition to clarify that only cash sales can be exempt from shareholder approval. The Securities and Exchange Commission is seeking public comments on the proposal. Comments can be submitted electronically or via mail, and all feedback will be posted on the SEC's website.
Simple Explanation
NYSE American wants to change its rules so that companies can sell stocks for cash without checking with all the shareholders, as long as they sell at a certain price or higher. The people in charge want to know what everyone thinks about this idea.