Master Chart of the Listing Requirements of the NYSE, NYSE-MKT, Nasdaq, TSX, TSX Venture Exchange, Aequitas Neo and CSE

– *updated August 31, 2015 –

listing requirementsAs a company you have several decisions to make when selecting a secondary trading system for your publicly held securities in North America. First, do you go with a formal exchange or do you chose a quotation system? NYSE, NYSE-MKT, NASDAQGM, NASDAQCM, TSX, TSX Venture, Aequitas NEO, and the CSE are all formal exchanges. The OTCQB, OTQX and OTC-Pink Sheets are all quote systems. FINRA closed the OTCBB on November 17, 2014.

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. Do keep in mind when looking at these requirements that you can always move to a different trading system as your economic and stockholder needs change.

A master chart summarizing the main North American markets you may choose 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.

Summary of Listing Requirements: Master Chart

Requirement NYSE NYSE-MKT NASDAQGM NASDAQCM TSX TSX
Venture
Aequitas
NEO
CSE
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. $1,000,000

b. N/A

c. N/A

d. N/A

a. N/A

b. N/A

c. $750,000

a. C$300,000

b. C$200,000

c. C$200,000

d. N/A

Tier 1:
C$5,000,000
in NTA;
or
C$5,000,000
in revenue
Tier 2:
C$750,000
in NTA;
or
C$500,000
in revenue
or
C$2,000,000
in arms-length
financing
a. N/A

b. C$750,000

c. 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/Ac. N/Ad. $75,000,000
(2 out of
3 years)
a. $1,000,000
(2 out of
3 years)b. N/Ac. N/Ad. N/A
a. N/A

b. N/A

c. $750,000
(2 out of
3 years)

a. C$500,000

b. C$500,000

c. C$500,000

d. N/A

Tier 1:
C$5,000,000
in NTA;
or
C$5,000,000
in revenueTier 2:
C$750,000
in NTA;
or
C$500,000
in revenue
or
C$2,000,000
in arms-length
financing
a. N/A

b. N/A

c. N/A

N/A
Net Tangible
Assets
N/A a. N/A

b. N/A

c. $50,000,000

d. $75,000,000
(or equity
market
capitaliz.)

a. N/A

b. N/A

c. N/A

d. $75,000,000
and
$75,000,000
total revenue

N/A a. C$7,500,000

b. C$2,000,000

c. C$75,000,000

d. N/A

see above a. N/A

b. N/A

c. N/A

N/A
Market 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

a. $8,000,000

b. $18,000,000

c. $20,000,000

d. $20,000,000

a. $15,000,000

b. N/A

c. C$15,000,000

d. C$5,000,000

C$4 mil. (Ind)

C$10,000,000 (Tech)

Tier 1: C$100,000

Tier 2: C$50,000

a. N/A

b. N/A

c. C$50,000,000

$250,000
# of Shares
Publicly Held
1,100,000 500,000
(if 800
public shldrs)1,000,000
(if 400 public
shldrs)500,000
(if 400 public
shldrs and
daily trading
vol. of 2,000
shares recent
six months)
1,100,000 1,000,000 1,000,000 Tier 1: 1,000,000
or
20% of floatTier 2: 500,000
or
20% of float
1,000,000 500,000
or
10% of float
# 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 400 300 300 Tier 1: 250

Tier 2: 200

300 150

# of board lot
holders required
increases if
stock previously
issued for
less than
C$0.10 prior
to listing.

Trading Price
of Listed
Securities
$4.00 a. $3.00 a. $4.00 a. $4.00 bid price

or

$3.00 closing price

No minimum IPO minimum
of C$0.10
per share.
a. C$2.00 IPO minimum
of C$0.10
per share.Will not
list issuer
who has issued
shares at $0.005
in the previous
18 month period.
Public
Shareholders
Equity
No
than $60,000,000
a. $4,000,000

b. $4,000,000

c. 4,000,000

d. N/A

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

C$4,000,000 Tier 1: $500,000

Tier 2: $1,000,000

Public shldrs
must hold 20%
of issued
shares at time
of listing,
10% of which
is free trading.

a. N/A

b. N/A

c. C$50,000,000

Public shldrs
must hold
10% or more
of issued
shares at
time of listing.Note: CSE has
discretion to
impose a
$1,000,000 public
shldr equity rqmnt
and that the
public hold
20% or more
of the float
at time of
listing
depending on
circumstances.

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