Domestic Listing Standards

(a) The number of beneficial holders of stock held in "street name" will be considered, in addition to the holders of record. NYSE will perform any necessary check of such holdings that are in the name of Exchange member organizations.

(b) In connection with initial public offerings, spin-offs and carve-outs, the NYSE will accept an undertaking from the company's underwriter to ensure that the offering will meet or exceed NYSE standards.

(c) If a company has either a significant concentration of stock, or changing market forces have adversely impacted the public market value of a company that would otherwise qualify for an Exchange listing such that its public market value is no more than 10 percent below the minimum, NYSE will consider stockholders' equity of $60 million or $100 million, as applicable, as an alternate measure of size.

(d) Pre-tax income is adjusted for various items as defined in Section 102.01C of the NYSE Listed Company Manual.

(e) Represents net cash provided by operating activities excluding the changes in working capital or in operating assets and liabilities, as adjusted for various items as defined in Section 102.01C of the NYSE Listed Company Manual.

(f) The most recent three months of trading history in the case of Pure Valuation with Revenues will represent the Global market capitalization for already existing public companies. For all other standards, the measurement is "point in time" for existing public companies. The measurement for IPOs and carve-outs is the as-priced offering in relation to the total company's capitalization. For spin-offs, the measurement the distribution ratio as priced representing the valuation of the company.

 

Distribution & Size Criteria Must meet all 3 of the following:
Round-lot Holders	400 U.S.
Public Shares	1,100,000 outstanding
Market Value of Public Shares for IPOs, Spin-offs, Carve-outs, Affiliates All Other Listings	$40 million $100 million
Stock Price Criteria All issuers must have a $4 stock price at the time of listing.
Financial Criteria Must meet 1 of the following standards:
Alternative #1: Earnings Test
Aggregate pre-tax income for the last 3 years	$10 million
Minimum in each of the 2 most recent years Third year must be positive	$2 million
OR
Aggregate pre-tax income for the last 3 years	$12 million
Minimum in the most recent year	$5 million
Minimum in the next most recent year	$2 million
Alternative #2a: Valuation with Cash Flow
Global Market Capitalization	$500 million
Revenues (most recent 12-month period)	$100 million
Adjusted Cash Flow:
Aggregate for the last 3 years All 3 years must be positive	$25 million
Alternative #2b: Pure Valuation with Revenues
Global Market Capitalization	$750 million
Revenues (most recent fiscal year)	$75 million
Alternative #3: Affiliated Company For new entities with a parent or affiliated company listed on the NYSE
Global Market Capitalization	$500 million
Operating History	12 months
Parent or affiliate is a listed company in good standing Company's parent or affiliated company retains control of the entity or is under common control with the entity
Alternative #4: Assets and Equity
Global Market Capitalization	$150 million
Total Assets	$75 million
Stockholders' Equity	$50 million
REITs
Stockholders' Equity	$60 million
Funds and BDCs
Net Assets	$60 million
SPACs On a case-by-case basis, NYSE will consider listing acquisition companies with no prior operating history to conduct an initial public offering if the following criteria are met:
Proceeds held in trust upon IPO	90%
Fair Market Value of Acquisitions	80% of net assets
Aggregate Market Value	$250 million
Market Value of Public Shares	$200 million

Additional Considerations

NYSE has broad discretion regarding the listing of a company. In addition to meeting the minimum numerical standards listed above, there are other factors which must be considered. The company must be a going concern or be the successor to a going concern. NYSE is committed to list only those companies that are suited for auction market trading and that have attained the status of being eligible for trading on NYSE. Thus, NYSE may deny listing or apply additional or more stringent criteria based on any event, condition, or circumstance that makes the listing of the company inadvisable or unwarranted in the opinion of NYSE. Such determination can be made even if the company meets the standards set forth above.