Thursday September 4 2025
News Source: Global Exchanges
Focus: Listing Rules
Type: General
Country: US
On 3rd September 2025, Nasdaq (Nasdaq: NDAQ) has proposed a new set of enhancements to its initial and continued listing standards, reinforcing its long-standing commitment to capital formation while ensuring investor protection and upholding market integrity. These proposed updates introduce enhanced requirements for minimum company public float and capital raised during initial public offerings, alongside stricter suspension and delisting procedures for companies failing to meet Nasdaq’s continued listings standards.
The revised standards include:
- A $15 million minimum market value of public float, applicable to new listings on Nasdaq under the net income standard.
- An accelerated process for suspending and delisting companies with a listings deficiency that also have a Market Value of Listed Securities below $5 million.
- A $25 million minimum public offering proceeds requirement for new listings of companies principally operating in China.
As part of these changes, Nasdaq is reintroducing a minimum public offering proceeds requirement specifically for companies principally operating in China, building on previous standards set for “restrictive markets,” in which the Public Company Accounting Oversight Board (PCAOB) could not inspect auditors. By applying this threshold, Nasdaq strengthens investor protections and enhances the liquidity profile of companies to reflect market environment.
In addition to the enhanced listing standards, Nasdaq will continue to actively refer cases to the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) on potentially manipulative trading activities, while strengthening the cooperation with both domestic and international regulators to reinforce effective oversight and maintain high standards across U.S. markets.
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