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Table 7: NASDAQ Global Select Market Financial Requirements
Table 8: NASDAQ Global Select Liquidity Requirements
Financial
Requirements
Standard 1:
Earnings
Standard 2: Capitalization
with Cash Flow
Standard 3: Capitalization
with Revenue
Standard 4: Assets with
Equity
Pre-tax earnings
(income from continuing
operations before
income taxes)
Aggregate in prior three
fiscal years > $11 million
and Each of the prior
three fiscal years > $0,
and Each of the two most
recent fiscal years >
$2.2 million
NA
NA
NA
Cash Flows
NA
Aggregate in prior three
fiscal years > $27.5 million
and Each of the prior
three fiscal years > $0
NA
NA
Market Capitalization
NA
Average > $550 million
over prior 12 months
Average > $850 million
over prior 12 months
$160 million
Revenue
NA
Previous fiscal year
> $110 million
Previous fiscal year
> $90 million
NA
Total Assets
NA
NA
NA
$80 million in the most
recently completed
fiscal year
Stockholders’ Equity
NA
NA
NA
$55 million
Bid Price
$4
$4
$4
$4
Market Makers
3 or 4
3 or 4
3 or 4
3 or 4
Corporate Governance
Yes
Yes
Yes
Yes
Liquidity
Requirements
Initial Public Offerings and
Spin-Off Companies
Seasoned Companies:
Currently Trading Common
Stock or Equivalents
Affiliated
Companies
Round lot shareholders or Total
shareholders or Total shareholders
And Average monthly trading
volume over past twelve months
450 or 2,200
450 or 2,200 or 550 and
1.1 million
450 or 2,200 or 550
and
1.1 million
Publicly held shares
1,250,000
1,250,000
1,250,000
Market value of publicly held shares
or Market value of publicly held
shares and Stockholders’ equity
$45 million
$110 million or $100 million
and $110 million
$45 million
Source: NASDAQ OMX as of January 2015.
Source: NASDAQ OMX as of January 2015.