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Appendices Appendix III: NYSE MKT original listing standards NYSE MKT has established certain quantitative and qualitative standards for initial listing of U.S. and foreign companies, as follows. To learn more about NYSE MKT quantitative, distribution and governance requirements, please refer to the complete requirements outlined in the NYSE MKT Company Guide, which can be referenced at http://wallstreet.cch.com/MKT/CompanyGuide/. Criteria Original listing standards Standard 1 Standard 2 Standard 3 Standard 4 Pre-tax income (a) $750,000 n/a n/a n/a Market capitalization n/a n/a $50 million $75 million OR At least $75 million in total assets and $75 million in revenues Market value of publicly held shares $3 million $15 million $15 million $20 million Minimum stock price $3 $3 $2 $3 Operating history n/a 2 years n/a n/a Stockholders’ equity $4 million $4 million $4 million n/a Distribution (b) 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 previous six months. (a) Required in the latest fiscal year or two of the three most recent fiscal years. (b) The shares of foreign companies may be considered for listing under Section 101. Companies which do not meet the share distribution requirements under Section 102 may be considered for listing under the alternate requirements set forth below: Share distribution Round-lot public shareholders Publicly held shares Aggregate market value of publicly held shares 800 worldwide 1,000,000 worldwide $3,000,000 worldwide 114 NYSE IPO Guide
Appendices Appendix IV: NYSE financial continued listing standards, U.S. companies The NYSE has both quantitative and qualitative continued listing criteria. When a company falls below any criterion, the NYSE will review the appropriateness of continued listing. The following is a summary of the NYSE’s quantitative continued listing standards. For a more complete discussion of the NYSE’s continued listing standards, as well as the procedures followed when a company falls below any of the continued listing criteria, see Section 802.00 of the Listed Company Manual, which can be accessed at http://nysemanual.nyse.com/lcm. Price criteria Average closing price of a security is less than $1.00 over a consecutive 30 trading-day period Numerical criteria for capital and common stock For companies that listed under the “Earnings” standard or “Assets and equity” standard Average global market capitalization over a consecutive 30 trading-day period is less than $50 million For companies that listed under the “pure valuation/revenue” standard Average global market capitalization over a consecutive 30 trading-day period is less than and Total revenues for the most recent fiscal year are less than or $375 million $15 million and Total stockholders’ equity is less than $50 million Average global market capitalization over a consecutive 30 trading-day period is less than $100 million or Average global market capitalization over a consecutive 30 trading-day period is less than $15 million For companies that listed under the “Valuation/revenue with cash flow” standard For companies that listed under the “Affiliated company” standard The listed company’s parent/affiliated company ceases to control the listed company or such parent/affiliated company itself falls below the numerical criteria; and average global market capitalization over a 30-day trading period is less than $75 million. Average global market capitalization over a consecutive 30 trading-day period is less than and $250 million The NYSE has separate criteria for closed-end funds, real estate investment trusts, special-purpose acquisition companies, bonds and preferred stocks. See Section 802.01B of the Listed Company Manual. Total revenues for the most recent 12 months $20 million or Average global market capitalization over a consecutive 30 trading-day period is less than $75 million NYSE IPO Guide 115
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NEW YORK STOCK EXCHANGE IPO Guide,
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