Those requirements are for the Nasdaq Global SELECT Market (Large Cap), see the following for the Nasdaq Capital Market (Small Cap).
Under the new NasdaqCM requirements, a stock can qualify for listing if it closes at $3 or above for at least five consecutive business days prior to approval. The five-day requirement is in place to reduce the risk of price manipulation aimed at allowing a security to qualify for listing. In addition to the $3 share price requirement, the company must meet the following requirements:
-Stockholders’ equity of at least $5 million -Market value of publicly held shares of at least $15 million -Two years of operating history
Or:
-Net income from continuing operations of $750,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years -Stockholders’ equity of at least $4 million -Market value of publicly held shares of at least $5 million.
Market tiers NASDAQ Capital Market – Small Cap NASDAQ Global Market – Mid Cap NASDAQ Global Select Market – Large Cap