Listing Requirements of NASDAQ Private Market

– * last updated August 30, 2015 –

nasdaq-private-marketNASDAQ Private Market a joint effort between NASDAQ and SharesPost to provide a secondary trading market for high quality private issuers who want to remain private , but yet provide a trading forum for their founders, private investors and employees. It also provides other support services to client companies.

Securities related services are offered through NASDAQ Private Market affiliate, NPM Securities, a FINRA registered broker-dealer, member of SIPC and SEC-registered alternative trading system.

The listing requirements of NASDAQ Private Market are greater than a number of full stock exchanges.

Listing Requirements of NASDAQ Private Market

Members must meet at least one of the following:
Funding received(1) $30,000,000 within last 2 years
Enterprise value(1) $50,000,000
Total assets(2) $50,000,000
Total annual revenue(2) $50,000,000
Annual net income $750,000
Shareholders’ equity $5,000,000 and 2 year operating history
Sponsorship(3) Yes by recognized and experienced financial investor(s) with prior success in venture investments
Continuous Disclosure Requirements
Financial statements Audited annual financial statements and unaudited quarterly financial statements
Annual disclosures Management bios, detailed description of business (any significant developments, operations, competition and risks) and capital structure
Insider trading policy Adopt and enforce an insider trading policy

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    Alixe Cormick is the founder of Venture Law Corporation in Vancouver, British Columbia and a member of Commercialization Advisory Board of the Life Science Institute at the University of British Columbia, the Advisory Board of the National Crowdfunding Association and two private tech companies. She is also a member of the Pacific Northwest Keiretsu Forum, an association of accredited private equity angel investors, venture capitalists and corporate/institutional investors, and Vantech Angel Technology Network, a Vancouver angel group. You can reach Alixe by phone at 604-659-9188, by email at acormick@venturelawcorp.com, on twitter @AlixeCormick or on Google+.