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Summary of the Listing
Requirements of the
New York Stock Exchange -
NYSE
* last updated August 26, 2010 |
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The listing requirements of the
New York Stock Exchange ("NYSE") are aimed to attract companies with a well
established top tier financial record. The NYSE is the exchange of
choice for companies in the financial, manufacturing and natural resource sectors.
The NYSE offers two sets of standards – worldwide and domestic – under
which non-U.S. companies may qualify for listing. Both standards include
distribution and financial criteria which must be met at the time of
listing.
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New York Stock
Exchange Listing Requirements |
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Criteria |
Requirements |
Worldwide |
Domestic
May satisfy either a, b, or c: |
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Distribution
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Round-Lots Holders
Total Shareholders |
5,000 |
a. 400 US
round lot shareholders
b. 2,200 total shareholders and 100,000 shares monthly trading volume
(most recent 6 months)
c. 500 total shareholders and 1,000,000 shares monthly trading volume
(most recent 12 months) |
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Public Shares |
2,5000,000 |
1,1000,000 |
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Public Market Value
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$100,000,000 |
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IPO's, Carve-outs & Spin-offs
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N/A
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$40,000,000 |
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All other listings
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N/A
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$100,000,000 |
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Financials
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Earnings
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Aggregate Pre-tax Income for last 3 years
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$100,000,000 |
$10,000,000 |
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Minimum Pre-Tax Income in each of 2 preceding years
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$25,000,000 |
$2,000,000
(all 3 years must be positive) |
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OR |
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Aggregate Pre-tax Income for last 3 years
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N/A |
$12,000,000 |
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Minimum in
the most recent year |
N/A |
$5,000,000 |
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Minimum in
the next most recent year |
N/A |
$2,000,000 |
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Valuation/Revenue Test
May satisfy either A or B
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A. Valuation with Cash Flow Test
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Global Market Capitalization
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$500,000,000 |
$500,000,000 |
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Revenues (most recent 12-month period)
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$100,000,000 |
$100,000,000 |
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Aggregate Cash Flow for last 3 years
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$100,000,000 |
$25,000,000
(all 3 years must be positive) |
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Minimum Cash Flow in each of 2 preceding years
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$25,000,000 |
N/A
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B. Pure Valuation Test
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Global Market Capitalization
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$750,000,000 |
$750,000,000 |
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Revenues (most recent fiscal year)
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$75,000,000 |
$75,000,000 |
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Affiliated Company
For new entities with a parent or
affiliated company listed on the NYSE
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Global Market Capitalization
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$500,000,000 |
$500,000,000 |
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- At least 12 months of
operating history - Affiliated listed company is
in good standing
- Affiliated listed company retains control of the
entity |
Yes
Yes
Yes
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Yes
Yes
Yes
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The New York Stock Exchange also considers other factors
such as:
- company must be a going concern or the successor to a
going concern;
- company is suited to market auction trading;
- may apply additional or more stringent criteria based
on the NYSE's review of the Company, an event, condition or
circumstance.
The Board of Directors will be required to abide by the
Corporate Governance rules of the NYSE.
Go to the listing requirements of other exchanges:
Master Chart Summary,
NYSE-Amex ,
TSX,
NASDAQGM,
NASDAQCM,
TSX Venture,
CNSX,
OTCBB,
US Pink Sheets
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Alixe B. Cormick
Venture Law Corporation
618 - 688 West Hastings Street
Vancouver, B.C.
V6B 1P1
Phone: 604-659-9188
Fax: 604-659-9178
E-mail Us |
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