|
|
Summary of the Listing Requirements of the NYSE, AMEX, TSX,
Nasdaq, TSX Venture Exchange, CNSX and US OTCBB
* last updated August 26, 2010 |
|
As a company you have
several decisions to make when selecting a secondary trading system for
your publicly held securities. First, do you go with a formal exchange or
do you chose a quotation system. NYSE, NYSE-Amex, NASDAQGM, NASDAQCM, TSX, TSX Venture and the CNSX are all formal exchanges. OTCBB
and the Pink Sheets are both quote systems.
Another decision is where to list. Some choices will be
eliminated on the basis that your company doesn't meet the listing
requirements of all secondary trading systems. Out of the choices which
remain you will need to decide which market will serve you and your
stockholders best. You also always have the option of moving to a
different trading system as your economic and stockholder needs change.
|
A master chart summarizing the main North American markets you may chose
to list your company's securities follows. This chart provides a general
overview of the minimum tier requirements for technology and industrial
companies. It is important to understand that several of these
trading systems have more than one tier or standard with different
requirements for each. The TSX Venture Exchange, for instance,
has three tiers and different requirements for mining, oil and gas,
technology, industrial, and real estate companies and a separate category
for their version of blank check companies.
You can access more information about a specific exchange or quotation
system by following the page link to our summary of the listing
requirements of that exchange or quotation system.
Note: The NYSE requirements in this chart are
incomplete as they do not include the financial criteria tests required to
be met prior to listing. The standard for listing on the NYSE is
much higher than may be presumed by this chart.
Skip to Listing Requirement Summary of:
NYSE,
NYSE-Amex ,
TSX,
NASDAQGM,
NASDAQCM,
TSX Venture,
CNSX,
OTCBB,
US Pink Sheets |
|
Summary of Listing
Requirements: Master Chart |
|
Requirements |
NYSE1 |
NYSE-Amex2 |
TSX3 |
NASDAQGM4 |
NASDAQCM5 |
TSX Venture6 |
CNSX7 |
OTCBB8 |
|
Pre-Tax Income Last Year |
$2,000,000
(minimum multi-tiered formula) |
a. $750,000
b. N/A c. N/A
d. N/A |
a. C$300,000
b. C$200,000
c. C$200,000 |
a. $1,00,000
b. N/A c. N/A
d. N/A |
a. N/A
b. N/A c. $ 750,000 |
Tier 1: $5,000,000 in NTA; or $5,000,000 in
revenue |
N/A |
N/A |
|
Two Year Avg Pre-Tax Income |
$2,000,000
(minimum multi-tiered formula) |
a. $750,000 (2 out of 3 years)
b. N/A c. N/A
d. N/A |
a. C$500,000 |
a. $1,000,000(2 out of 3 years)
b. N/A
c. N/A
d. $75,000,000 (2 out of 3 years) |
a. N/A
b. N/A c. $ 750,000 (2 out of 3 years) |
Tier 2: $750,000 in NTA; or $500,000 in
revenue or $2,000,000 in arms-length financing |
N/A |
N/A |
|
Net Tangible Assets |
N/A |
a. N/A
b. N/A c. N/A
d. $75,000,000 (or equiv market cap) |
a. C$7,500,000
b. C$2,000,000
c. C$7,500,000
d. N/A
e. N/A |
a. N/A
b. N/A
c. N/A
d. $75,000,000 and $75,000,000 Total
Revenue |
N/A |
see above |
N/A |
N/A |
|
Mrkt Value Publicly Held Stock |
$100,000,000
OR $40,000,000 (if
IPO) |
a. $3,000,000
b. $15,000,000 c.
$15,000,000 d. $20,000,000 |
C$4 mil. (Ind)
C$10 mil. (tech) |
a. $8,000,000
b. $18,000,000
c. $20,000,000
d. $20,000,000 |
a. $15,000,000
b. $15,000,000 c.
$5,000,000 |
Tier 1: $150,000
Tier 2: $75,000 |
$50,000 |
N/A |
|
# of Shares Publicly Held |
1,100,000 |
500,000 (if 800 public shrldrs)
1,000,000 (if 400 public shrhldrs)
500,000 (if 400,000 public shrdlrs and daily trading vol.
of 2,000 shares recent six months)
|
1,000,000 |
1,100,000 |
1,000,000 |
Tier 1: 1,000,000 or 20% of Float
Tier 2: 500,000 or 20% of Float
|
500,000
10% of Float |
25,000 |
|
# Public Board Lot Holders |
a. 400 (US)
b. 2,200 (if monthly trading vol. of 100,000 shares recent 6 months)
c. 500 (if monthly trading vol. 1,000,000 shares recent 12 months)
|
see above |
300 |
400 |
300 |
Tier 1: 200
Tier 2: 250 |
150 |
40 |
|
Trading Price of Listed Securities |
$4.00 |
a. $3.00
b. $3.00 c. $2.00
d. $3.00 |
No Minimum |
$4.00 |
$4.00 |
No Minimum
(IPO minimum of $0.15 per share) |
No Minimum |
No Minimum |
|
Shareholders Equity |
No Minimum |
a. $4,000,000
b. $4,000,000 c. $4,000,000
d. N/A |
No Minimum |
a. $15,000,000
b.$30,000,000
c. N/A
d. N/A |
a. $5,000,000
b. $4,000,000 c.
$4,000,000 |
No Minimum |
No Minimum |
No Minimum
|
|
Alixe
B. Cormick