Non-U.S. Standards
The Exchange 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. A company must qualify for both the distribution and financial criteria within that particular standard.
This chart is to be used for an initial evaluation only. The Exchange will work with each company to determine which standards are best suited to that entity. For a more complete discussion of the minimum numerical standards applicable to non-U.S. companies, see Section 103.01 of the Listed Company Manual.
| CRITERIA | REQUIREMENTS | WORLDWIDE |
DOMESTIC May satisfy either A, B, or C: |
| Distribution |
Round-Lots Holders Total Shareholders |
5,000 |
A. 400 U.S.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) |
| Public Shares | 2.5MM | 1.1MM | |
| Public Market Value | $100MM | ||
| IPO's, Carve-outs & Spin-offs | N/A | $40MM | |
| All other listings | N/A | $100MM | |
| Financials | Earnings | ||
| Aggregate Pre-tax Income for last 3 years | $100MM | $10MM | |
| Minimum Pre-Tax Income in each of 2 preceding years | $25MM |
$2MM (all 3 years must be positive) |
|
| OR | |||
| Aggregate Pre-tax Income for last 3 years | N/A | $12MM | |
| Minimum in the most recent year | N/A | $5MM | |
| Minimum in the next most recent year | N/A | $2MM | |
|
Valuation/Revenue Test May satisfy either A or B |
|||
| A. Valuation with Cash Flow Test | |||
| Global Market Capitalization | $500MM | $500MM | |
| Revenues (most recent 12-month period) | $100MM | $100MM | |
| Aggregate Cash Flow for last 3 years | $100MM |
$25MM (all 3 years must be positive) |
|
| Minimum Cash Flow in each of 2 preceding years | $25MM | N/A | |
| B. Pure Valuation Test | |||
| Global Market Capitalization | $750MM | $750MM | |
| Revenues (most recent fiscal year) | $75MM | $75MM | |
|
Affiliated Company For new entities with a parent or affiliated company listed on the NYSE |
|||
| Global Market Capitalization | $500MM | $500MM | |
|
At least 12 months of operating history |
Yes Yes Yes |
Yes Yes Yes |