SEC Approves Changes to Nasdaq Liquidity Standards for Initial Listing
Publication Date: July 10, 2019

On July 5, 2019, the SEC approved changes to Nasdaq’s initial listing standards. Under the revised standards, Nasdaq will: (1) exclude restricted securities from calculations of a company’s public float, market value of public float and round lot holders; (2) require that at least 50% of a company's round lot holders hold unrestricted securities with a market value of at least $2,500; and (3) require a minimum average daily trading volume for securities trading over-the-counter of at least 2,000 shares over the 30 day period prior to listing (with trading occurring on more than half of those 30 days). 

The changes are operative August 5, 2019. Companies that list prior to August 5, 2019 may qualify under our previous listing standards.

View Nasdaq’s rule filing here >>

View the SEC’s approval order here >>