Page 99 - Initial Public Offering - An Introduction to IPO on Wall Street

other exchange has a deal with more IPOs than NASDAQ. NASDAQ has had more than a
thousand initial public offerings since 2000. A brief overview of what NASDAQ is and what
it takes to get listed on the exchange is provided below.

4.8.1 What is NASDAQ?

In terms of market value, the National Association of Securities Dealers Electronic Quotes
(NASDAQ) is a globally recognized securities exchange, just behind the New York Stock
Exchange (NYSE)

The NASDAQ was established in 1971 as an association and was recognized by the SEC in
2006. NASDAQ is the favored marketplace for electronics and biotechnology securities, with
its constituent firms holding a total market capitalization of over $8.5 trillion.
The stock is well recognized for the high-volatility selling that takes place in its digital
marketplace. The regular trading hours for NASDAQ are from 9:30 am to 4:00 pm (EST) with:

 A 4:00 am to 9:30 am pre-market window; and
 A 4:00 pm to 8:00 pm (EST) post-market session.

NASDAQ is classified into three distinct levels: the NASDAQ Global Select Market (which
has the most stringent listing criteria for all three levels and any stock exchange worldwide),
the NASDAQ Global Market (for organizations that have an international presence or offer
their products/services globally) and the NASDAQ Capital Market (for organizations that wish
to generate capital). Each level has distinctive listing requirements.

4.8.2 The Listing Requirements for the Different NASDAQ Tiers

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