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Summary of the Listing Requirements of the AMEX , BBX,
Nasdaq, OTCBB, TSX, TSX Venture Exchange and US Pink Sheets |
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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, AMEX, TSX, TSX Venture and the new
CNQ are all formal exchanges. NASDAQSM, NASDAQNM,
OTCBB and the Pink Sheets are all quote systems. The National Association
of Securities Dealers, which own AMEX, NASDAQSM and NASDAQNM,
have requested SEC approval to change NASDAQSM and NASDAQNM
into formal exchanges.
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.
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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.
Skip to Listing Requirement Summary of:
Amex ,
TSX,
NASDAQNM,
NASDAQSM,
TSX Venture,
CNQ,
OTCBB,
US Pink Sheets |
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Summary of Listing
Requirements: Master Chart |
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Requirements |
NYSE1 |
AMEX2 |
TSX3 |
NASDAQNM4 |
NASDAQSM5 |
TSX Venture6 |
CNQ7 |
OTCBB8 |
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Pre-Tax Income Last Year |
$2,500,000 |
$750,000 |
a. C$300,000
b. C$200,000
c. C$200,000 |
N/A |
$ 750,000 |
a. $50,000
b. $250,000
c. N/R |
N/A |
N/A |
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Two Year Avg Pre-Tax Income |
$2,000,000 |
$750,000 two out of 3 years |
a. C$500,000 |
a. $1,000,000
b. N/A
c. N/A |
$ 750,000 |
a. $50,000 two out of 3 years |
N/A |
N/A |
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Net Tangible Assets |
$60 mil. |
N/A |
a. C$75,000,000
b. C$2,000,000
c. C$7,500,000
d. N/A
e. N/A |
a. N/A
b. N/A
c. $75,000,000 and $75,000,000 Total
Revenue |
N/A |
a. $500,000
b. $750,000
c. $750,000 |
N/A |
N/A |
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Mrkt Value Publicly Held Stock |
$18,000,000 |
$3,000,000 |
C$4 mil. (Ind)
C$10 mil. (tech) |
a. $8,000,000
b. $18,000,000
c. $20,000,000 |
$5,000,000 |
$500,000 |
$50,000 |
N/A |
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# of Shares Publicly Held |
1,100,000 |
a. 1,000,000
b. 500,000
c. 500,000 with 2,000/d trading vol.
previous six months |
1,000,000 |
1,100,000 |
1,000,000 |
500,000
20% of Float |
500,000
10% of Float |
25,000 |
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# Public Board Lot Holders |
2,000 |
a. 400
b. 800
c. 400 |
300 |
400 |
300 |
300 |
150 |
40 |
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Trading Price of Listed Securities |
No Minimum |
$3.00 |
No Minimum |
$5.00 |
$4.00 |
No Minimum |
No Minimum |
No Minimum |
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Shareholders Equity |
No Minimum |
$4,000,000 |
No Minimum |
a. $15,000,000
b.$30,000,000
c. N/A |
$5,000,000 |
No Minimum |
No Minimum |
No Minimum
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Alixe
B. Cormick