Page 102 - Initial Public Offering - An Introduction to IPO on Wall Street

Common Stock
or Equivalents
Affiliated
Companies
Listing
Unrestricted 450 or 2,200 450 or 2,200 or 450 or 2,200 or 5315(f)(1)
Round Lot 550 and 1.1 550 and 1.1
Shareholders** million million
or Total
Shareholders or
Total
Shareholders
and Average
Monthly
Trading
Volume over
Past Twelve
Months
Unrestricted 1,250,000 1,250,000 1,250,000 5315(e)(2)
Publicly Held
Shares
Market Value $45 million $110 million or $45 million 5315(f)(2)
of Unrestricted $100 million
Publicly Held and $110
Shares or million
Market Value
of Unrestricted
Publicly Held
Shares and
Stockholders’
Equity
5315(f)(2)

Other than the above criteria, the security must have at least an average regular trading
volume of two thousand shares (that includes the security’s trading volume on the main
market concerning the ADR) over the thirty trading day period leading up to listing if trading
occurs on more than fifty of those 30 days unless the security is listed on the Exchange in
relation with a strong commitment of a minimum $4 million underwritten public offering.

Financial and Liquidity Requirements:

Organizations must satisfy all the requirements under at least one of the four requirements
below.

Requirements Income Equity Standard Market Value Total Assets/
Standard Standard* Total Revenue
Standard
Listing Rules 5405(a) and 5405(a) and 5405(a) and 5405(a) and
5405(b)(1) 5405(b)(2) 5405(b)(3) 5405(b)(4)

Page 102