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Summary of the Listing Requirements of the NYSE, AMEX, TSX, |
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As a company you have several decisions to make when selecting a secondary trading system for your publicly held securities. First, do you go with a formal exchange or do you chose a quotation system. NYSE, NYSE-Amex, NASDAQGM, NASDAQCM, TSX, TSX Venture and the CNSX are all formal exchanges. OTCBB and the Pink Sheets are both quote systems. Another decision is where to list. Some choices will be eliminated on the basis that your company doesn’t meet the listing requirements of all secondary trading systems. Out of the choices which remain you will need to decide which market will serve you and your stockholders best. You also always have the option of moving to a different trading system as your economic and stockholder needs change. |
A master chart summarizing the main North American markets you may chose to list your company’s securities follows. This chart provides a general overview of the minimum tier requirements for technology and industrial companies. It is important to understand that several of these trading systems have more than one tier or standard with different requirements for each. The TSX Venture Exchange, for instance, has three tiers and different requirements for mining, oil and gas, technology, industrial, and real estate companies and a separate category for their version of blank check companies. You can access more information about a specific exchange or quotation system by following the page link to our summary of the listing requirements of that exchange or quotation system. Note: The NYSE requirements in this chart are incomplete as they do not include the financial criteria tests required to be met prior to listing. The standard for listing on the NYSE is much higher than may be presumed by this chart.Skip to Listing Requirement Summary of: |
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Requirements |
NYSE1 |
NYSE-Amex2 |
TSX3 |
NASDAQGM4 |
NASDAQCM5 |
TSX Venture6 |
CNSX7 |
OTCBB8 |
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Pre-Tax Income Last Year |
$2,000,000 |
a. $750,000 b. N/A c. N/A d. N/A |
a. C$300,000 b. C$200,000 c. C$200,000 |
a. $1,00,000 b. N/A c. N/A d. N/A |
a. N/A b. N/A c. $ 750,000 |
Tier 1: $5,000,000 in NTA; or $5,000,000 in revenue |
N/A |
N/A |
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Two Year Avg Pre-Tax Income |
$2,000,000 |
a. $750,000 (2 out of 3 years) b. N/A c. N/A d. N/A |
a. C$500,000 |
a. $1,000,000(2 out of 3 years) b. N/A c. N/A d. $75,000,000 (2 out of 3 years) |
a. N/A b. N/A c. $ 750,000 (2 out of 3 years) |
Tier 2: $750,000 in NTA; or $500,000 in revenue or $2,000,000 in arms-length financing |
N/A |
N/A |
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Net Tangible Assets |
N/A |
a. N/A b. N/A c. N/A d. $75,000,000 (or equiv market cap) |
a. C$7,500,000 b. C$2,000,000 c. C$7,500,000 d. N/A e. N/A |
a. N/A b. N/A c. N/A d. $75,000,000 and $75,000,000 Total Revenue |
N/A |
see above |
N/A |
N/A |
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Mrkt Value Publicly Held Stock |
$100,000,000 OR $40,000,000 (if IPO)
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a. $3,000,000 b. $15,000,000 c. $15,000,000 d. $20,000,000 |
C$4 mil. (Ind) C$10 mil. (tech) |
a. $8,000,000 b. $18,000,000 c. $20,000,000 d. $20,000,000 |
a. $15,000,000 b. $15,000,000 c. $5,000,000 |
Tier 1: $150,000 Tier 2: $75,000 |
$50,000 |
N/A |
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# of Shares Publicly Held |
1,100,000 |
500,000 (if 800 public shrldrs) 1,000,000 (if 400 public shrhldrs) 500,000 (if 400,000 public shrdlrs and daily trading vol. of 2,000 shares recent six months) |
1,000,000 |
1,100,000 |
1,000,000 |
Tier 1: 1,000,000 or 20% of Float Tier 2: 500,000 or 20% of Float |
500,000 10% of Float |
25,000 |
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# Public Board Lot Holders |
a. 400 (US) b. 2,200 (if monthly trading vol. of 100,000 shares recent 6 months) c. 500 (if monthly trading vol. 1,000,000 shares recent 12 months) |
see above |
300 |
400 |
300 |
Tier 1: 200 Tier 2: 250 |
150 |
40 |
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Trading Price of Listed Securities |
$4.00 |
a. $3.00 b. $3.00 c. $2.00 d. $3.00 |
No Minimum |
$4.00 |
$4.00 |
No Minimum (IPO minimum of $0.15 per share) |
No Minimum |
No Minimum |
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Shareholders Equity |
No Minimum |
a. $4,000,000 b. $4,000,000 c. $4,000,000 d. N/A |
No Minimum |
a. $15,000,000 b.$30,000,000 c. N/A d. N/A |
a. $5,000,000 b. $4,000,000 c. $4,000,000 |
No Minimum |
No Minimum |
No Minimum |
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Go to the individual listing requirement pages of each exchange: NYSE, NYSE-Amex , TSX, NASDAQGM, NASDAQCM, TSX Venture, CNSX, OTCBB, US Pink Sheets |
