Requirements                  Initial Listing      Continue Listing
--------------------------------------------------------------------
Net Tangible Assets           $4 million           $2 million
                                   or                   or
Market Capitalization         $50 million          $35 million
                                   or                   or
Net Income (in the latest      $750,000             $500,000
 fiscal year or 2 of last
 3 fiscal years) $4 million

 
Public Float (shares)           1 million            500,000
  
Market Val of Public Float     $5 million           $1 million
  
Minimum Bid Price              $4 share             $1 share

Market Makers                   3                    2

Shareholders (round lot         300                  300
 holders)

Operating History               1 year               N/A
                                   or
Market Capitalization         $50 million  
  
Corporate Governance            Yes                  Yes

-For initial or continued listing, a company must satisfy one of the following to be in compliance: the net tangible assets requirement (net tangible assets means total assets, excluding goodwill, minus total liabilities), the market capitalization requirement, or the net income requirement. 
-Public float is defined as shares that are not held directly or indirectly by any officer or director of the issuer or by any other person who is the beneficial owner of more than 10 percent of the total shares outstanding. 
-Round lot holders are considered holders of 100 shares or more. 
-If operating history is less than one year, initial listing requires market capitalization of at least $50 million.