Product Change-Priority Mail Negotiated Service Agreement, 20643 [2017-08884]
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Federal Register / Vol. 82, No. 84 / Wednesday, May 3, 2017 / Notices
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
are available at www.prc.gov, Docket
Nos. MC2017–125, CP2017–177.
Ruth B. Stevenson,
Attorney, Federal Compliance.
[FR Doc. 2017–08883 Filed 5–2–17; 8:45 am]
BILLING CODE 7710–12–P
POSTAL SERVICE
Product Change—Priority Mail
Negotiated Service Agreement
Postal ServiceTM.
ACTION: Notice.
AGENCY:
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Effective date: May 3, 2017.
FOR FURTHER INFORMATION CONTACT:
Elizabeth A. Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on April 27, 2017,
it filed with the Postal Regulatory
Commission a Request of the United
States Postal Service to Add Priority
Mail Contract 314 to Competitive
Product List. Documents are available at
www.prc.gov, Docket Nos. MC2017–124,
CP2017–176.
SUMMARY:
Ruth B. Stevenson,
Attorney, Federal Compliance.
[FR Doc. 2017–08884 Filed 5–2–17; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–80542; File No. SR–NYSE–
2017–18]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Adopt an
Annual Fee Cap for Acquisition
Companies
nlaroche on DSK30NT082PROD with NOTICES
April 27, 2017.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on April 14,
2017, New York Stock Exchange LLC
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
1 15
U.S.C.78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
VerDate Sep<11>2014
14:29 May 02, 2017
Jkt 241001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to adopt an
annual fee cap for Acquisition
Companies. The proposed rule change is
available on the Exchange’s Web site at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to adopt an
annual fee cap for Acquisition
Companies.
Acquisition Companies (commonly
referred to in the marketplace as
‘‘special purpose acquisition
companies’’ or ‘‘SPACs’’) are listed
pursuant to Section 102.06 of the NYSE
Listed Company Manual (the
‘‘Manual’’). Acquisition Companies
typically sell units in their initial public
offering, consisting of a common equity
security and a whole or fractional
warrant to purchase common stock.4
Holders of Acquisition Company units
typically have the right to separate the
units shortly after the IPO and the
4 The number of warrants included in the units
sold in an Acquisition Company IPO varies.
Sometimes there is a warrant to purchase one
common share included as part of each unit.
Recently the units sold in some Acquisition
Company IPOs have included a fractional warrant
to purchase a share. In order to exercise these
fractional warrants or trade them separate from the
units, an investor would need to acquire sufficient
warrants to be able to exercise them for whole
numbers of shares.
PO 00000
Frm 00085
Fmt 4703
Sfmt 4703
20643
Exchange lists the common equity
securities and the warrants (in addition
to the units) upon separation.
Currently, Section 902.11 of the
Manual specifies that the common
shares listed as part of an Acquisition
Company unit offering are subject to the
annual fee schedule for common stock
set forth in Section 902.03 of the
Manual and the warrants are subject to
the annual fee schedule set forth in
Section 902.06 for short-term warrants
to purchase equity securities.5 The
Exchange proposes to retain this annual
fee structure, but proposes to establish
a limit of $85,000 on the aggregate of all
annual fees payable by an Acquisition
Company with respect to its listed
common shares and warrants in any
calendar year.
An Acquisition Company’s listing
often lasts for a brief period of time.
Under the Acquisition Company
structure, the company’s charter
provides that it must either enter into a
business combination within a specified
limited period of time (typically two
years or less, but no longer than three
years is permitted under Section 102.06)
or return the funds held in trust to the
company’s shareholders and dissolve
the company. Acquisition Company
business combinations do not always
result in a continued listing of the postbusiness combination entity, as the
resultant entity may be a private
company or list on another exchange or
the Acquisition Company may be
acquired by another company that is
already listed. In contrast to an
Acquisition Company, an operating
company that lists on the Exchange will
typically remain listed for many years.
Acquisition Companies do not have
the same right to receive services from
the Exchange under Section 907.00 as
operating companies do. An Acquisition
Company is not deemed eligible for the
services provided to an Eligible New
Listing at the time of its initial listing,
but becomes eligible for those services
at such time as it has completed one or
more business combinations having an
aggregate fair market value of at least
80% of the value of the trust account as
specified in Section 102.06 if it remains
listed after meeting that requirement. As
discussed above, many Acquisition
Companies either liquidate or do not
remain listed after their business
combination is consummated.
5 Section 902.03 requires listed companies to pay
annual fees of $0.00105 per share for common
stock, subject to a minimum of $59,500. Section
902.06 requires a fee of $0.00105 per warrant,
subject to a $5,000 annual cap. All of the fees
payable on both a company’s common stock and
warrants are subject to the overall annual cap on
listing fees of $500,000 set forth in Section 902.02.
E:\FR\FM\03MYN1.SGM
03MYN1
Agencies
[Federal Register Volume 82, Number 84 (Wednesday, May 3, 2017)]
[Notices]
[Page 20643]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-08884]
-----------------------------------------------------------------------
POSTAL SERVICE
Product Change--Priority Mail Negotiated Service Agreement
AGENCY: Postal ServiceTM.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Postal Service gives notice of filing a request with the
Postal Regulatory Commission to add a domestic shipping services
contract to the list of Negotiated Service Agreements in the Mail
Classification Schedule's Competitive Products List.
DATES: Effective date: May 3, 2017.
FOR FURTHER INFORMATION CONTACT: Elizabeth A. Reed, 202-268-3179.
SUPPLEMENTARY INFORMATION: The United States Postal Service[supreg]
hereby gives notice that, pursuant to 39 U.S.C. 3642 and 3632(b)(3), on
April 27, 2017, it filed with the Postal Regulatory Commission a
Request of the United States Postal Service to Add Priority Mail
Contract 314 to Competitive Product List. Documents are available at
www.prc.gov, Docket Nos. MC2017-124, CP2017-176.
Ruth B. Stevenson,
Attorney, Federal Compliance.
[FR Doc. 2017-08884 Filed 5-2-17; 8:45 am]
BILLING CODE 7710-12-P