Page 103 - Initial Public Offering - An Introduction to IPO on Wall Street

Income from $1 million --- --- ---
continuing
operations
before income
taxes (in latest
fiscal year or in
two of last three
fiscal years)
Stockholders’ $15 million $30 million --- ---
Equity
Market Value --- --- $75 million ---
of Listed
Securities
Total Assets --- --- --- $75 million and
and Total $75 million
Revenue (in
latest fiscal year
or in two of last
three fiscal
years)
Unrestricted 1.1 million 1.1 million 1.1 million 1.1 million
Publicly Held
Shares
Market Value $8 million $18 million $20 million $20 million
of Unrestricted
Publicly Held
Shares
Bid Price $4 $4 $4 $4
Unrestricted 400 400 400 400
Round Lot
Shareholders**
Market Makers 3 3 4 4
Operating --- 2 years --- ---
History

For 90 straight trading days before filing, currently traded entities eligible exclusively under
the Market Value provision must comply with the $75 million Market Value of Listed Shares
and the $4 bid price minimum.

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.

Listing Requirements for NASDAQ Capital Market

Financial and Liquidity Requirements:

Page 103