To:ÿ Kline,
Here is my answer to your question about the Nasdaq listing requirements.
In posting this I thought I'd try to be as comprehensive as possible, not
only for your benefit but also for those interested others?
Spread the word about AMHD !!!
smallcapinvestor.com
The following is a summary of the listing requirements for The Nasdaq SmallCap Market(sm) and the Nasdaq National Marketr.
Listing requirements for The Nasdaq SmallCap Market(sm)
Listing requirements for the Nasdaq National Marketr
The Securities and Exchange Commission has approved substantial changes in Nasdaq's listing qualification standards. The new initial listing requirements went into effect in 1997. The continued listing requirements became effective on February 23, 1998. For more information on the new continued listing requirements, click here.
Listing requirements for The Nasdaq SmallCap Market(sm):
Summary of minimum requirements for initial listing, effective March 3, 1997:
Net tangible assets1 of $4 million, or market capitalization of $50 million, or $750,000 in net income for two of the last three years
Public float of one million shares2
$5 million market value for the public float
300 shareholders
$4 minimum bid price
Three market makers
Operating history of one year or a market capitalization of $50 million
Corporate Governance Standards such as: requiring a minimum of two independent directors on its board of directors; establishing and maintaining an audit committee with a majority of independent directors; holding an annual shareholders meeting; soliciting proxies for all meetings of shareholders; distributing annual and interim reports; utilizing the company's audit committee or a comparable body to review potential conflicts of interest; and requiring shareholder approval for certain actions
1 Net tangible assets are total assets less total liabilities and goodwill.
2 The public float consists of shares that are not held directly or indirectly by any officer or director of the issuer and by any other person who is the beneficial owner of more than 10 percent of the total shares outstanding.
Summary of minimum requirements for initial listing, prior to March 3, 1997:
$4 million in total assets
$2 million in total stockholders' equity
Public float of 100,000 shares
$1 million market value for the public float
300 shareholders
$3 minimum bid price
Two market makers
Registration under Section 12(g) of the Securities Exchange Act of 1934 or equivalent (There is a temporary exemption for initial public offerings.)
Boryh, |
