The American Stock Exchange has established certain quantitative and qualitative standards for initial listing. For details, click on Amex Company Guide or on the topics below.
amex.com
To view listing standards for U.S. companies click here.
To view listing standards for foreign companies click here.
To view corporate governance standards click here.
Listing Standards for U.S. Companies
The American Stock Exchange has established certain quantitative and qualitative standards for the initial listing of U.S. companies.
Quantitative Standards
Standard 1
Shareholders' equity $4 million
Pre-tax income $750,000 in last fiscal year or in two of the last three fiscal years
Distribution1 800 public shareholders and 500,000 shares publicly held
OR
400 public shareholders and 1 million shares publicly held
OR
400 public shareholders, 500,000 shares publicly held, and average daily trading volume of 2,000 shares for previous 6 months
Price $3
Market value public float $3 million
Standard 2
Shareholders' equity $4 million
History of operations 2 years
Distribution1 800 public shareholders and 500,000 shares publicly held
OR
400 public shareholders and 1 million shares publicly held
OR
400 public shareholders, 500,000 shares publicly held, and average daily trading volume of 2,000 shares for previous 6 months
Price $3
Market value public float $15 million
Standard 3
Shareholders' equity $4 million
Total market capitalization $50 million
Distribution1 800 public shareholders and 500,000 shares publicly held
OR
400 public shareholders and 1 million shares publicly held
OR
400 public shareholders, 500,000 shares publicly held, and average daily trading volume of 2,000 shares for previous 6 months
Market value public float $15 million
Standard 4
Total market capitalization $75 million
OR
total assets and revenue of $75 million each (in most recent fiscal year or 2 of last 3 fiscal years)
Distribution1 800 public shareholders and 500,000 shares publicly held
OR
400 public shareholders and 1 million shares publicly held
OR
400 public shareholders, 500,000 shares publicly held, and average daily trading volume of 2,000 shares for previous 6 months
Price $3
Market value public float $20 million
1 Public shareholders and public float do not include shareholders or shares held directly or indirectly by any officer, director, controlling shareholder, or other concentrated (10 percent or greater) affiliated or family holdings.
Qualitative Standards
In evaluating listing eligibility, the Exchange also considers qualitative factors such as the nature of a company's business, market for its products, reputation of its management, historical record and pattern of growth, financial integrity, demonstrated earnings power, and future outlook.
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Listing Standards for Foreign Companies
The American Stock Exchange has established certain quantitative and qualitative standards for the initial listing of foreign companies.
Quantitative Standards
Standard 1
Shareholders' equity $4 million
Pre-tax income $750,000 in last fiscal year or in two of the last three fiscal years
Distribution1 800 public shareholders and 500,000 shares publicly held
OR
400 public shareholders and 1 million shares publicly held
OR
400 public shareholders, 500,000 shares publicly held, and average daily trading volume of 2,000 shares for previous 6 months
Price $3
Market value public float $3 million
Standard 2
Shareholders' equity $4 million
History of operations 2 years
Distribution1 800 public shareholders and 500,000 shares publicly held
OR
400 public shareholders and 1 million shares publicly held
OR
400 public shareholders, 500,000 shares publicly held, and average daily trading volume of 2,000 shares for previous 6 months
Price $3
Market value public float $15 million
Standard 3
Shareholders' equity $4 million
Total market capitalization $50 million
Distribution1 800 public shareholders and 500,000 shares publicly held
OR
400 public shareholders and 1 million shares publicly held
OR
400 public shareholders, 500,000 shares publicly held, and average daily trading volume of 2,000 shares for previous 6 months
Market value public float $15 million
Standard 4
Total market capitalization $75 million
OR
total assets and revenue of $75 million each (in most recent fiscal year or 2 of last 3 fiscal years)
Distribution1 800 public shareholders and 500,000 shares publicly held
OR
400 public shareholders and 1 million shares publicly held
OR
400 public shareholders, 500,000 shares publicly held, and average daily trading volume of 2,000 shares for previous 6 months
Price $3
Market value public float $20 million
1 Public shareholders and public float do not include shareholders or shares held directly or indirectly by any officer, director, controlling shareholder or other concentrated (10 percent or greater) affiliated or family holdings.
Qualitative Standards
In evaluating listing eligibility, the Exchange also considers qualitative factors such as the nature of a company's business, market for its products, reputation of its management, historical record and pattern of growth, financial integrity, demonstrated earnings power, and future outlook.
The Exchange also considers the laws, customs and practices of the applicant's country of domicile regarding matters such as the election and composition of the board of directors, issuance of quarterly earning statements, shareholder approval requirements, and quorum requirements.
Corporate Governance Standards
The American Stock Exchange requires listed companies to adhere to its corporate governance standards. Questions should be directed to the Listing Qualifications department at 212-306-1331. For newly enhanced rules click on Enhanced Corporate Governance.
Conflicts of Interest
The Exchange requires a listed company to utilize its audit committee to conduct an appropriate review of all related party transactions on an ongoing basis.
Independent Directors and Audit Committee The Exchange has various requirements regarding a company's independent directors and audit committee. Any domestic issuer applying for listing on the Amex must be prepared to demonstrate compliance with these requirements and ongoing compliance is also required for listed companies.
For the Audit Committee Certification Form and Rule click here.
Quorum
The American Stock Exchange expects that an appropriate quorum of the shares issued and outstanding and entitled to vote will be provided for by the bylaws of companies applying for the original listing of voting securities. A quorum of at least 33-1/3 percent is recommended.
Shareholder Approval
The American Stock Exchange requires listed companies to obtain shareholder approval for certain corporate actions that would result in discounted stock and/or option issuances as well as other potentially dilutive transactions.
Voting Rights
Common Stock—See Section 122 of the American Stock Exchange Company Guide.
Preferred Stock—See Section 124 of the American Stock Exchange Company Guide. |
