The Role of the Depositary Bank

13 The Role of the Depositary Bank  | Types of DR Programs Table 9: NASDAQ Global Select Liquidity Requirements 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: 2017 NASDAQ OMX