Page 100 - Initial Public Offering - An Introduction to IPO on Wall Street

Companies seeking to list their stocks on the NASDAQ must satisfy specific criteria,
including both qualitative and quantitative criteria, with other conditions that must be
fulfilled over the length of the listing of the security. Organizations must also conform to
principles of corporate governance.

An organization has the opportunity to conduct a provisional listing eligibility examination
before it files a full application. By checking public submissions, the Listing Qualifications
staff will try to assess if an organization has fulfilled the numerical listing standards and
whether the organization has any cause for regulatory concerns. A provisional eligibility
analysis of the listing is not the same as submitting a formal request

Below are the listing requirements for the different NASDAQ tiers. The tables below give a
summary of the conditions organizations must meet to list common shares or common stock
equivalents on NASDAQ.

Listing Requirements for NASDAQ Global Market 11

Financial Requirements:

All the conditions under at least one of the four financial principles below and the relevant
liquidity specifications on the next page must be met by organizations. These conditions apply
to the listing of the main class of shares for an operating firm. For precise criteria when

11 https://listingcenter.nasdaq.com/assets/initialguide.pdf

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