Listing Requirements of the NASDAQ Market Quotation Systems
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Nasdaq is a quotation market system and over the last twenty years has evolved into the preferred trading market for technology and bio-technology companies. Nasdaq is split into two tiers; the National Market and the Small Cap Market. Both tiers are much more volatile than traditional stock exchanges. Despite, or because of, this volatility investors and companies are attracted to this market.
The attached charts provide a summary of the listing requirements of NasdaqNM and NasdaqSM.
Nasdaq National Market - NASDAQNM
Nasdaq National Market Listing Requirements |
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Requirements |
Standard 1 |
Standard 2 |
Standard 3 |
|
Stockholder Equity |
$ 15,000,000 |
$ 30,000,000 |
N/A |
|
Market Capitalization
Total Assets
Total Revenue |
N/A |
N/A |
$ 75,000,000, OR
$75,000,000, OR
$75,000,000 |
|
Net Income from Continuing Operations (in latest fiscal year or 2 of the last three fiscal years |
$ 1,000,000 |
N/A |
N/A |
|
Public Float (Shares) |
1,100,000 |
1,100,000 |
1,100,000 |
|
Operating History |
N/A |
2 years |
N/A |
|
Market Value of Public Float |
$ 8,000,000 |
$ 18,000,000 |
$ 20,000,000 |
|
Minimum Bid Price |
$ 5 |
$ 5 |
$ 5 |
|
Market Makers |
3 |
3 |
3 |
|
Shareholders (round lot holders) |
400 |
400 |
400 |
|
Corporate Governance |
Yes |
Yes |
Yes |
Seasoned issuers must meet the market capitalization requirement and the minimum bid requirement for 90 consecutive trading days prior to applying for listing.
Nasdaq Small Market - NASDAQSM
Nasdaq Small Market Listing Requirements |
|
Requirements |
Initial Listing |
|
Stockholder Equity
Market Capitalization
Net Income from Continuing Operations (in latest fiscal year or 2 of the last three fiscal years |
$ 5,000,000, OR
$ 50,000,000, OR
$750,000 |
|
Public Float (Shares) |
1,000,000 |
|
Market Value of Public Float |
$ 5,000,000 |
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Minimum Bid Price |
$ 4 |
|
Market Makers |
3 |
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Shareholders (round lot holders) |
300 |
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Operating History
Market Capitalization |
1 Year, OR
$50,000,000 |
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Corporate Governance |
Yes |
Seasoned issuers must meet the market capitalization requirement and the minimum bid requirement for 90 consecutive trading days prior to applying for listing.
Go to the listing requirements of other exchanges:
Master Chart Summary, Amex , TSX, NASDAQNM, NASDAQSM, TSX Venture, CNQ, OTCBB, US Pink Sheets
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 Alixe B. Cormick
Venture Law Corporation
618 - 688 West Hastings Street
Vancouver, B.C, V6B 1P1
Phone: 604-659-9188
Fax: 604-659-9178
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