Saturday, March 24, 2018 5:51:56 PM
In order for a security to be listed on the NASDAQ, a company must submit an application and meet the following initial requirements:
Must have a minimum of 1,250,000 publically traded shares, with a regular bid price of at least $4.
Must have at least three market makers for its stock.
Must meet stringent government standards.
Must either have aggregate pre-tax earnings in the past three years of at least $11 million, in two years at least $2.2 million, and no one year with a net loss, or a minimum aggregate cash flow of at least $27.5 million for the past three years, with market capitalization over the last 12 months of at least $550 million, with revenues at least $110 million. If a company has an average market capitalization over the last 12 months of at least $850 million and revenues over the last year of at least $90 million, it can also be listed.
To be listed on the NYSE, a company must submit a request along with the following: a list of corporate bylaws, five years of annual shareholder reports, copies of the company’s stock or bond certificates, the current year’s Form 10-K, a proposed schedule of expected stock distribution, and a proxy statement from the current year’s annual shareholder meeting.Moreover, the company is required to meet the following guidelines:
Must issue at least 1.1 million shares to at least 400 shareholders.
Market value of public shares must be at least $40 million, with a minimum share price of $4.
Must have $10 million in aggregate pre-tax earnings for the last three fiscal years, including $2 million in most recent year. If this requirement cannot be met, the companycan also apply based on a global market capitalization of at least $500 million, with revenues of at least $100 million in the last year, and no negative cash flow in the three most recent years. The company can also be listed based on revenues of at least $75 million in the last fiscal year.
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