
The New York Stock Exchange acquired the American Stock Exchange in 2008. It is now known as NYSE-MKT. The NYSE-MKT is an attractive exchange for solid micro and small-cap companies. NYSE-MKT has four different listing and public shareholder standards with a number of differing combinations within. As a result, the NYSE-MKT listing requirements offers flexibility to companies operating in different market sectors.
The listing requirements can sometimes be confusing and waivers can be applied for in certain circumstances when a company desiring to list is strong in all listing categories but for one.
Standard One:
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Shareholders Equity: $4 Million USD
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Pre-Tax Income in last fiscal year (or 2 or last 3 years): $750,000 USD
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Market Capitalization: N/A
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Price per Share: $3.00 USD
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Market Value of Public Float: $3 Million USD
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Distribution: 800 public shareholders and 500,000 shares publicly held OR 400 public shareholders and 1 million shares publicly held OR 400 public shareholders, 500,000 shares publicly held and average daily trading volume of 2,000 shares for prior 6 months.
Standard Two:
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Shareholders Equity: $4 Million USD
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Pre-Tax Income in last fiscal year (or 2 or last 3 years): N/A
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Market Capitalization: N/A
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Price per Share: $3.00 USD
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Market Value of Public Float: $15 Million USD
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Distribution: 800 public shareholders and 500,000 shares publicly held OR 400 public shareholders and 1 million shares publicly held OR 400 public shareholders, 500,000 shares publicly held and average daily trading volume of 2,000 shares for prior 6 months
Standard Three:
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Shareholders Equity: $4 Million USD
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Pre-Tax Income in last fiscal year (or 2 or last 3 years): N/A
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Market Capitalization: $50 Million USD
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Price per Share: $2.00 USD
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Market Value of Public Float: $15 Million USD
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Distribution: 800 public shareholders and 500,000 shares publicly held OR 400 public shareholders and 1 million shares publicly held OR 400 public shareholders, 500,000 shares publicly held and average daily trading volume of 2,000 shares for prior 6 months
Standard Four:
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Shareholders Equity: N/A
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Pre-Tax Income in last fiscal year (or 2 or last 3 years): N/A
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Market Capitalization: $75 million OR At least $75 million in total assets and $75 million in revenues
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Price per Share: $3.00 USD
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Market Value of Public Float: $20 Million USD
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Distribution: 800 public shareholders and 500,000 shares publicly held OR 400 public shareholders and 1 million shares publicly held OR 400 public shareholders, 500,000 shares publicly held and average daily trading volume of 2,000 shares for prior 6 months
The NYSE-MKT listing board also conducts a subjective review of all listing candidates looking at the:
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nature of a company’s business;
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market for its products;
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reputation of its management;
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historical record and pattern of growth;
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financial integrity;
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demonstrated earnings power; and
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future outlook