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NASDAQ
(National Association of Securities Dealers Automated Quotation)
www.nasdaq.com

I
t began trading on February 8, 1971, and it became the largest stock market in the U.S. by volume in 1999. It lists 3,200 companies with a market capitalization of US$ 3,525 billion

FINANCIAL REQUIREMENTS
Companies must meet all of the criteria under at least one of the three financial standards.

Applicants must satisfy one of the following tests:

 

National Market

Capital Market

Financial performance and/or valuation requirements

Criteria

Equity + income test

Equity and operation test

Equity +Valuation Test

Income or equity or valuation test

Latest year or in 2 of the last 3 years

Total revenue

-

-

US$75 m

 

Pre-Tax income

US$ 1 m

-

-

-

Net income

-

-

-

US$ 750,000

Total assets

-

-

US$ 75 m

-

Shareholder’s equity

US$ 15 m

US$ 30 m

-

US$ 5 M

Operations and Management

History of Operations

 

2 years

 

 

Other requirements

Market Capitalization

-

-

US$ 75 m

US$ 5 m

Public float (value)

US$ 8 m

US$ 18 m

US$ 20 m

US$ 5 m

Public float (shares)

1.1 million

1 million

Market Makers

3

3

4

3

Minimum number of investors

400 each holding 100 or more shares

 

Minimum bid price

US$ 5 per share

US$ 4/share

Accounting must be done to US GAAP, of with reconciliation to it.

NASDAQ Global Select Market
On July 1st 2006, NASDAQ introduced the Global Select Market.

INITIAL LISTING
To have their securities list on The NASDAQ Global Select Market, companies must meet specific financial and liquidity requirements.

NASDAQ Global Select Market Financial Requirements1 

Requirements

 

Standard 1

Standard 2

Standard 3

Marketplace Rules

 

Pre-tax earnings (income from continuing operations before income taxes)

Aggregate in prior three fiscal years    > $11 million
and
Each of the two most recent fiscal years > $2.2 million
and
Each of the prior three fiscal years > $0

N/A

N/A

4426 (c)(1)

 

Cash flows

N/A

Aggregate in prior three fiscal years > $27.5 million
and
Each of the prior three fiscal years > $0

N/A

4426 (c)(2)

Market capitalization

N/A

Average > $550 million over prior 12 months

Average > $850 million over prior 12 months

4426 (c)(2)(C)

4426 (c)(3)(A)

Revenue

N/A

Previous fiscal year > $110 million

Previous fiscal year > $90 million

4426 (c)(2)(C)

4426 (c)(3)(B)

Bid price

$5.00

$5.00

$5.00

4426 (d)

Market maker

3

3

4

4310 (c)(1)

Corporate governance 

Yes

Yes

Yes

4350, 4351 & 4460

 LIQUIDITY REQUIREMENTS

Companies must meet each of the three liquidity requirements, or the applicable alternatives, in their specific category for initial inclusion on The NASDAQ Global Select Market. The charts below are presented in two separate groups: (i) new company listings; (ii) seasoned companies 

NASDAQ Global Select Market Liquidity Requirements
New Company Listings Only

Requirements

Initial Public Offerings and Spin Off Companies

Affiliated Companies

Companies Emerging from Bankruptcy

Marketplace Rules

Beneficial Shareholders

2,200

450

450

4426 (b)(1)

Publicly held shares

1,250,000

4426 (b)(2)

Market value of publicly held shares
or
Market value of publicly held shares
and
Shareholders Equity

$70 million

$70 million

$110 million
or
$100 million
and
$110 million

4426 (b)(3)

 

 

Seasoned Securities Only

Requirements

Companies Currently Trading Common Stock or Equivalents

Affiliated Companies

Marketplace Rules

 

Beneficial shareholders

Or

Beneficial shareholders

And

Average monthly trading volume over past twelve months

2,200

Or

550

And

1.1 Million

450

4426(b)(1)

Publicly held shares

1,250,000

1,250,00

4426(b)(20

Market value of publicly held shares

Or

Market value of publicly held shares

And

Shareholders equity

$110 million

Or

$100 million

And

$110 million

$70 million

4426(b)(3)

CONTINUED LISTING
Companies listed on The NASDAQ Global Select Market must meet all of the requirements under at least one of the standards for continued inclusion.

NASDAQ Global Select Market Financial Requirements

Requirements

Standard 1 Marketplace Rule 4450(a)

Standard 2 Marketplace Rule 4450(b)

Stockholders’ equity

$10 million

N/A

Market value of listed securities
or
Total assets and total revenue

N/A

$ 50 million
Or
$50 million and $50 million

Publicly held shares

750,000

1.1 million

Market value of publicly held shares

$5 million

$ 15 million

Bid price

$1

$1

Shareholders (round lot holders)

400

400

Market makers

2

4

Corporate governance

Yes

Yes

 

 

Download .PDF Listing Requirements in United States

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