Listing Process
To list its securities on The NASDAQ Stock Market, a company is required to meet certain initial quantitative and qualitative requirements and to submit an application. Once the application is received, it will undergo review by NASDAQ's Listing Qualifications. The following includes some frequently asked questions regarding the application and the review process to initially list securities on The NASDAQ Global Select Market, The NASDAQ Global Market, or The NASDAQ Capital Market.
What are the initial listing standards?
The initial listing requirements are designed to facilitate capital formation for companies worldwide and, at the same time, to protect investors and prospective investors in those companies.
NASDAQ's quantitative listing requirements generally call for companies to meet higher thresholds for initial listing than continued listing, thus helping to ensure that companies have reached a sufficient level of maturity prior to listing. NASDAQ also requires listed companies to meet stringent corporate governance standards, standards to which NASDAQ itself adheres. NASDAQ listing standards are transparent to companies and investors alike, and are rigorously enforced.
For detailed information on NASDAQ listing standards, download NASDAQ Listing Standards and Fees
Is Registration under the Securities Exchange Act of 1934 required before a security can be admitted to trading on The NASDAQ Stock Market?
Yes. A security approved for listing by NASDAQ must be registered under Section 12(b) of the Securities Exchange Act of 1934 before it can be listed on The NASDAQ Stock Market. Exchange Act registration is required even though the applicant may have previously registered all or part of the securities under the Securities Act of 1933. A security which has already been registered under Section 12(g) of the Exchange Act, or has recently been the subject of a public offering registered under the Securities Act, can usually be registered under Section 12(b) by using SEC Form 8-A. If an applicant does not have a class of securities registered under the Exchange Act Section 12(g), SEC Form 10 may be required.
Does NASDAQ offer a preliminary listing eligibility review for prospective applicants?
Yes. A company can seek a preliminary listing eligibility review by NASDAQ Listing Qualifications prior to applying. Pursuant to this review, the Listing Qualifications staff will review the company's public filings to determine if it meets the numerical listing requirements. In addition, to the extent questions are raised by the company, the Listing Qualifications staff will consider compliance with the corporate governance requirements of Rule 4350, such as board and board committee structure, and regulatory concerns, such as may be raised under IM-4300. In considering whether any such questions exist, the company may find it helpful to review the information necessary to be submitted with Part IV of the Listing Application (PDF).
The Listing Qualifications staff will, if necessary, meet with a prospective applicant to discuss any preliminary conclusions reached during this review. Once completed, staff will determine whether it appears that the company satisfies NASDAQ's numerical initial inclusion criteria and whether any corporate governance or regulatory issues raised by the company would serve to prohibit NASDAQ from listing the company, and staff will issue a letter to that effect. Any final approval, however, will require the company to submit a formal listing application, and is conditioned upon final review of that application and the company's continued compliance with all NASDAQ criteria for initial listing at the time of listing. In addition, any final approval will require a satisfactory conclusion of certain additional qualitative reviews that NASDAQ will perform, including a review of the regulatory history of the company's officers, directors, and significant shareholders.
Where can I find the necessary listing forms and instructions to list on NASDAQ?
The listing applications and the related forms are available on the NASDAQ.com website. Please see Listing Applications & Forms. Detailed step-by-step instructions for the listing process can be found in the Guide for Initial Public Offerings and the Guide for Publicly Traded Securities. Questions regarding the listing process should be directed to Listing Qualfications at +1 301 978 8008.