NYSE to Companies: Pay Fees or No Compliance Lifeline
Published Date: 9/3/2025
Notice
Summary
If a company listed on NYSE American owes any unpaid fees, the Exchange won’t even look at their plan to fix listing problems. If those fees aren’t paid by the deadline, the company could be suspended or kicked off the Exchange. This new rule kicks in right away and means companies need to pay up on time or face serious consequences.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
Nonpayment by Plan Deadline Triggers Delisting
If a listed company does not pay in full all outstanding listing or annual fees disclosed in the Deficiency Letter by its Plan submission deadline (the company generally has 30 days to submit a Plan), the Exchange will promptly start suspension and delisting procedures under Sections 1010 and 1202. The Exchange will begin those procedures without further Plan review if full payment is not made by that deadline.
Quarterly Fee Reports and 45-Day Deadline
At the start of each calendar-year fiscal quarter during a company’s Plan Period, the Exchange will disclose in writing all unpaid listing and annual fees owed as of the end of the just-completed quarter. If the company does not pay those disclosed fees in full within 45 days of receiving the report, the Exchange will promptly start suspension and delisting procedures under Sections 1010 and 1202.
Must Pay to Be Deemed Back Into Compliance
A company will not be considered back into compliance before the end of its Plan Period (the Plan Period typically aims to return the company to compliance within 18 months) unless it has paid in full all outstanding fees disclosed in the most recent report. If those fees remain unpaid as of the plan end date, the Exchange will promptly initiate suspension and delisting procedures under Sections 1010 and 1202.
Plans Won't Be Reviewed If Fees Are Owed
If a company listed on NYSE American owes any unpaid listing or annual fees as of the date of the Exchange's Deficiency Letter (and the letter discloses those fees), the Exchange will not review the company’s compliance Plan. This rule applies as of the date the Exchange informed the company of its non-compliance.
Exemption for Late Filings and Clawbacks
The Exchange will not apply this fee-payment requirement to compliance periods granted under Section 1007 for delayed SEC periodic reports or to clawback delinquency processes under Section 1003(h). For Section 1007, the Exchange may grant a compliance period of up to 12 months from the extended due date without requiring payment of outstanding fees before granting or extending that period.
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