纳斯达克全球精选上市标准

你知道纳斯达克和纽交所上市标准的区别吗？你知道纳斯达克和纽交所上市标准的区别吗？纽交所相当于中国的沪市和深市主板，门槛较高，规模较大的公司一般选择在纽交所上市，上市标准分为发行标准和财务标准两部分，并且标准分为针对美国公司和非美国公司。

其中针对非美国公司，要求税前收入在最近3年的总和为1亿美元，最近两年中每一年达到2500万美元。

纳斯达克相当于中国的创业板，上市标准较纽交所更为宽松，这点对规模稍小、缺乏深厚的营运历史和财务、尚不能达到全国交易市场的上市标准的外国公司来说非常重要。

其标准中门槛最低的标准，只要求股东权益达到1500万美元，最近一个财政年或最近3年中的两年拥有1000万美元的税前收入，公众持股量达110万股，公众持股价值达800万美元，每股买入价至少为5美元，至少有400个持100股以上的股东，3个做市商。

你知道上交所和深交所上市条件的区别吗？上海证券交易所：发行前三年的累计净利润超过3,000万人民币；发行前三年累计净经营性现金流超过5,000万人民币或累计营业收入超过3亿元；无形资产与净资产比例不超过20%；过去三年的财务报告中无虚假记载；发行前不少于3,000万股；上市股份公司股本总额不低于人民币5,000万元；公众持股至少为25%；如果发行时股份总数超过4亿股，发行比例可以降低，但不得低于10%；发行人的股权清晰，控股股东和受控股股东、实际控制人支配的股东持有的发行人股份不存在重大权属纠纷。

深圳证券交易所：最近3个会计年度净利润均为正数且累计超过3000万元；最近3个会计年度经营活动产生的现金流量净额累计超过5000万元，或者最近3个会计年度营业收入累计超过3亿元；最近一期末不存在未弥补亏损；最近一期末无形资产占净资产的比例不高于20%；发行前股本总额不少于3000万元；发行后的股本总额不少于3000万元。

两市区别首先，让我们来看一看纽交所和纳斯达克这两个证券交易所的区别。

如果纽交所类似国内资本市场的主板市场，那么纳斯达克就是二版市场。

美国NASDAQ证券市场的上市条件和流程一、上市条件美国纳斯达克的上市要求分为以下3类：要求标准 1 标准 2 标准 3最低股价5美元5美元5美元股东（ 100股以上）400 400 400做市商 3 3 4二、上市流程1、采取直接上市方式进行纳斯达克上市运作的流程申请立项：向中华人民共和国证券监督管理委员等相关部门申请到境外上市的立项。

提出申请：由券商律师、公司律师和公司本身加上公司的会计师做出S-1、SB-1或SB-2等表格，向美国证监会及上市所在州的证券管理部门抄送报表及相关信息，提出上市申请。

等待答复：上述部门会在4~6个星期内给予答复，超过规定时间即认为默许答复。

法律认可。

根据中美已达成的上市备忘录，要求上市公司具备在中国有执业资格的律师事务所出具的法律意见书，这意味着上市公司必须取得国内主管部门的法律认可。

招股书阶段。

在这一时期公司不得向公众公开招股计划及接受媒体采访，否则董事会、券商及律师等将受到严厉惩罚，当公司再将招股书报送SEC后的大约两三周后，就可得到上市回复，但SEC的回复并不保证上市公司本身的合法性。

路演与定价。

在得到SEC上市回复后，公司就可以准备路演，进行招股宣传和定价，最终定价一般是在招股的最后一天确定，主要由券商和公司两家商定，其根据主要是可比公司的市盈率。

招股与上市。

定价结束后就可向机构公开招股，几天之后股票就可以在纳斯达克市场挂牌交易。

保持纳斯达克上市地位，反购并。

2、采取买壳上市方式进行纳斯达克上市运作的流程决定上市：公司决定在NASDAQ市场上市。

决议可由股东会或董事会做出。

制定方案：委任金融或财务顾问，制定上市计划及可操作性方案。

审计评估：委任美方投资银行或金融服务公司，制定详细的日程表，在国内进行公司审计、评估。

收购方案：设立离岸公司，收购空壳公司（已在NASDAQ市场上市的公司），通过空壳公司对本公司进行收购。

合并报表。

上市交易。

由包销商进行私人配售或公开发行新股。

297艺术文化交流2013年08月下半月刊一、美国纳斯达克市场美国纳斯达克市场实际上是分为三个市场层面，即纳斯达克全球市场、纳斯达克全球精选市场和纳斯达克资本市场，三个市场分别采取不同的上市标准，起到了吸引不同档次的企业上市、优化资本市场结构的作用。

（一）纳斯达克全球市场纳斯达克全球市场是目前纳斯达克市场中规模最大的市场，其对首次上市发行股票的公司的要求主要体现在对财务指标、资本指标和管理指标的要求上，详见表1。

主要非财务指标企业经营满一年或者企业股票的市值高于五千万美元，一百万以上的公众持股量，公众持有的企业股票的市值高于五百万美元，持有一百股以上的企业股东需大于三百个，企业股价要高于四美元，有三个以上的做市商为其做市。

二、英国ＡＩＭ市场英国AIM市场对上市公司的准入条件则更为宽松，对上市公司的最低市值、最低盈利水平、公众持股量、经营历史均无硬性要求，但若上市公司上市前其主营业务未能超过两年盈利，则其主要持股人需要锁股一年。

AIM市场对上市公司的审核主要是通过保荐人来完成的，拟上市公司在申请上市时必须聘请一个在伦敦证券交易所注册的合格保荐商，并且必须在上市之后持续聘任，保荐人负责独立评价申请企业是否适合在AIM市场上市，并协调申请公司的其他上市顾问，对该公司的上市程序、架构提出意见，AIM市场的保荐人评价一家企业是否适合在本市场上市主要看重以下几方面：该企业应拥有良好的短期盈利能力，应拥有优秀的管理团队，应有充分的论据说明该企业的产品拥有巨大的市场前景，该公司的股权应可以自由流通，并可以采用电子结算，一旦保荐人正式向交易所声明其认为申请企业已经满足了作为公众公司的基本条件，并同意担任其保荐商，那么该企业三天之后即可在AIM市场上市。

三、对我国创业板市场的启示通过与国外创业板市场的对比不难看出，我国创业板市场上市条件对于企业盈利能力等方面的财务指标要求相对较高，无形中为拟上市的科技型中小企业设立了较高的门槛，客观上造成了创业板在选择上市企业方面过多关注企业盈利能力以及财务的稳健性，而对其他诸如创新性等条件重视不足，甚至可能出现某些科技型中小企业为了满足上市所要求的硬性指标而进行弄虚作假，同时我国创业板采取与主板相类似的发行审核程序致使上市等待时问较长，程序较为复杂，不利于发挥创业板对科技型中小企业的支持作用。

纳斯达克上市条件与费用2006年2月，纳斯达克将股票市场分为三个层次：纳斯达克全球精选市场、纳斯达克全球市场(即原来的“纳斯克达全国市场”)以及纳斯达克资本市场(即原来的“纳斯达克小型股市场”)，进一步优化了市场结构，吸引不同层次的企业上市。

1、纳斯达克全球精选市场(NASDAQ-GS)纳斯达克全球精选市场的标准在财务和流通性方面的要求高于世界上任何其他市场，列入纳斯达克精选市场是优质公司成就与身份的体现。

2、纳斯达克全球市场（即原来的“纳斯达克全国市场”）(NASDAQ-GM)作为纳斯达克最大而且交易最活跃的股票市场，要想在纳斯达克全国市场上市，这家公司必须满足严格的财务、资本额和共同管理等指标。

在纳斯达克全球市场中有一些世界上最大和最知名的公司。

3、纳斯达克资本市场（即原来的“纳斯达克小额资本市场”）纳斯达克专为成长期的公司提供的市场。

作为小型资本额等级的纳斯达克上市标准中，财务指标要求没有全球市场上市标准那样严格，但他们共同管理的标准是一样的。

当小资本额公司发展稳定后，他们通常会提升至纳斯达克全球市场。

一、纳斯达克全球精选市场（二）首次上市流动性要求1、新公司上市2、封闭式投资管理公司（三）持续上市要求（四）上市费用1、入市费（1）入市费是根据首次上市当天发行股票的数量来确定，不考虑发行股票的种类。

（2）入市费的数额将在进入纳斯达克全球精选市场时被评估，但是25000美元的申请费用是不予退还的，入市费将在公司申请上市时缴纳。

（3）对于非美国发行人，入市费只对在美国发行的股票或者美国存托凭证征收。

（4）一个公司为在全球市场上市的所有种类的股票缴纳的入市费，包括之前缴纳的，总数不应该超过225，000美元，尽管有这个限制，25，000美元的申请费是不予退还的。

（5）纳斯达克不收取公司由纳斯达克全球市场转移到纳斯达克全球精选市场的申请费或者入市费。

（6）如果公司在2007年1月1日之前在在纳斯达克全球资本市场上市，或者在2007年1月1日当天或者之后在纳斯达克资本市场上市，但是公司在首次在纳斯达克资本市场上市时没有在纳斯达克全球精选市场上市的条件，那么纳斯达克将不收取公司由纳斯达克资本市场转移到纳斯达克全球精选市场的申请费或者入市费，任何其他的发行人都必须为进入全球精选市场支付入市费，但是少于之前支付的与在纳斯达克资本市场上市的有关的入市费，公司也不必再支付有关转移上市的申请费。

NASDAQ上市方案一、背景介绍NASDAQ（National Association of Securities Dealers Automated Quotations，全国证券交易商协会自动报价系统）是美国最大的电子股票交易市场之一，也是全球最大的科技股票交易市场。

许多科技公司都选择在NASDAQ上市，以获得更高的知名度、更广泛的投资者群体和更好的融资机会。

二、上市要求1. 财务要求：- 过去三个财政年度的净利润总额应达到一定金额（如500万美元）。

- 过去三个财政年度的净利润应保持稳定增长或保持盈利。

- 上市前一财政年度的净资产总额应达到一定金额（如2000万美元）。

- 上市前一财政年度的经营活动现金流量净额应为正数。

2. 股票要求：- 公司股票应为普通股，无限制流通。

- 公司股票应在上市申请前至少有一定数量的股东（如200名）。

- 公司股票应在上市申请前至少有一定数量的流通股份（如1000万股）。

3. 公司要求：- 公司应为美国法律下合法成立的公司，且具备一定的运营历史。

- 公司应有一定规模的业务和市场份额，具备一定的竞争力。

- 公司应有一定数量的独立董事，并建立有效的公司治理结构。

三、上市流程1. 寻找承销商：- 公司需寻找一家合适的承销商（underwriter），通常是投资银行或证券公司，负责协助公司上市并发行股票。

2. 准备招股书：- 公司与承销商合作，准备招股书（prospectus），包括公司的商业模式、财务状况、管理团队等信息，用于向投资者展示公司价值和投资机会。

3. 提交申请：- 公司与承销商一起提交上市申请（IPO application）给NASDAQ，包括招股书和相关文件。

4. 审核和反馈：- NASDAQ将对提交的申请进行审核，并提出问题和要求补充材料或修改。

- 公司需及时回应NASDAQ的反馈，并根据要求进行修改和补充。

5. 上市批准：- 经过一系列的审核和反馈过程后，如果公司符合上市要求，NASDAQ将批准公司上市。

纳斯达克退市条件要求在纳斯达克全球精选市场和纳斯达克全球市场的已上市企业的持续上市标准是一样的，如要继续上市，必须达到下列（表1）三组条件中的至少一组，否则，该企业将被退市。

表1?纳斯达克全球精选市场和纳斯达克全球市场退市条件要求在纳斯达克资本市场上市的企业，必须达到下列（表2）三组条件中的至少一组，否则，该企业将被退市。

表2? ?纳斯达克资本市场退市条件要求纳斯达克证券交易所的退市流程纳斯达克证券交易的退市程序采用聆讯制，上市公司在接到退市通知后45天内，如有异议，有权逐级提出上诉。

先是纳斯达克交易所上市资格审查部门，接着是交易所的聆讯小组，然后是纳斯达克上市与听证审查委员会，继而是纳斯达克董事会，最后美国证监会将进行最终裁决。

主要退市程序纳斯达克上市资格审查部（Listings Qualifications Department）负责确认不符合继续挂牌条件的上市公司；通知该公司不符合上市条件的原因；并且发布退市决定书和公开谴责信。

如果上市公司服从该决定，退市决定将立即生效，即退市行动立即被执行。

通常情况下，退市决定书将同时告知企业必须在规定日期之内（通常45天，包括非工作日）提交整改计划以符合挂牌条件。

如果在纳斯达克规定的日期内企业仍然未能达标，纳斯达克将立即将该股票停牌，除非企业决定进行上诉。

纳斯达克也可以视情况给予更长的整改计划递交期限，但是最长不超过180天。

如果上市公司不接受退市决定，它可以向纳斯达克听证委员会（Hearing Panel）提请上诉。

该上诉请求必须在收到退市决定书之日后7个工作日内提交。

如果上市公司未能在上述期间内向听证委员会提交上诉申请，纳斯达克将按照退市决定书的条款实施停牌或退市。

如果上市公司对退市决定提交上诉申请，绝大多数情况下，在听证委员会完成听证且作出决定之前，纳斯达克不采取退市行动。

但是，如果公司存在违规行为，包括未能及时发布定期报告等情况，纳斯达克推迟采取退市行动的“宽限期”将仅限于上诉申请提交后的15个工作日。

美国纳斯达克上市条件-美国纳斯达克上市条件纳斯达克的上市标准标准一：股东权益达1500万美元；最近一个财政年度或者最近3年中的两年中拥有100万美元的税前收入；110万的公众持股量；公众持股的价值达800万美元；每股买价至少为5美元；至少有400个持100股以上的股东；3个做市商；须满足公司治理要求。

标准二：股东权益达3000万美元；110万股公众持股；公众持股的市场价值达1800万美元；每股买价至少为5美元；至少有400个持100股以上的股东；3个做市商；两年的营运历史；须满足公司治理要求。

标准三：市场总值为7500万美元；或者，资产总额达及收益总额达分别达7500万美元；110万的公众持股量；公众持股的市场价值至少达到2000万美元；每股买价至少为5美元；至少有400个持100股以上的股东；4个做市商；须满足公司治理要求。

纳斯达克上市条件企业只要符合下页的三个条件及一个原则，就可以向美国NASDR申请挂牌。

先决条件经营生化、生技、医药、科技〈硬件、软件、半导体、网络及通讯设备〉、加盟、制造及零售连锁服务等公司，经济活跃期满一年以上，且具有高成长性、高发展潜力者。

消极条件有形资产净值在美金五百万元以上，或最近一年税前净利在美金七十五万元以上，或最近三年其中两年税前收入在美金七十五万元以上，或公司资本市值(MarketCapitalization) 在美金五千万元以上。

积极条件NASDR审查通过后，需有300人以上的公众持股(NON-IPO得在国外设立控股公司，原始股东并须超过300人)才能挂牌，所谓的公众持股依美国证管会手册(SEC Manual)指出，公众持股人之持有股数需要在整股以上，而美国的整股即为基本流通单位100股。

诚信原则纳斯达克流行一句俚语：「Any company can be listed, but time will tell the tale.」(任何公司都能上市，但时间会证明一切)。

纳斯达克上市的条件纳斯达克全球板(Global Market)上市条件及要求1．纳斯达克上市标准有三点：根据名品彩叶的公开资料，单从上市条件上来看，公司基本可以满足纳斯达克全国市场的上市条件，但是纳斯达克全国市场上市股票的首次发行的最低价格不得低于每股5美元，名品彩叶目前的股价为10元每股，PE为36倍，如果要达到首次发行的最低价格不低于每股5美元，PE将达到75倍，鉴于标普500的TTM PE大约为25倍左右，目前纳斯达克没有与名品彩叶同类型的上市公司，预计名品彩叶这种传统农林类公司无法支撑高估值去满足首发5美元的要求。

公司基本最低招股价5美元，股票的首次发行的最低价格不得低于每股5美元，在之后的交易价格需维持在每股1美元以上，以此来避免上市公司有意低价出售，从而保护纳斯达克的信誉。

纳斯达克上市标准一：（1）股东权益达1500万美元；--（1.05亿元）名品彩叶股东权益2.7亿元√（2）最近一个财政年度或者最近3年中的两年中拥有100万美元的税前收入；---（700万元）名品彩叶18年收入1.2亿元，17年1.1亿元，16年0.88亿元（E）√（3）110万的公众持股量；--名品彩叶约2268万股公众持股√（4）公众持股的价值达800万美元；----（5600万元）名品彩叶公众持股市值2.2亿元√（5）每股买价至少为5美元；（35元）---名品彩叶当前股价为10元，PE为36倍，鉴于公司主营业务主要为彩叶苗木的研发、培育、种植，业务增长空间有限，难易满足×（6）至少有400个持100股以上的股东；---名品彩叶当前股东总数为103个×（7）3个做市商；×（8）须满足公司治理要求。

√纳斯达克上市标准二：（1）股东权益达3000万美元；（2.1亿元）√（2）110万股公众持股；√（3）公众持股的市场价值达1800万美元；√（4）每股买价至少为5美元；（5）至少有400个持100股以上的股东；（6）3个做市商；（7）两年的营运历史；（8）须满足公司治理要求。

美国纳斯达克证券交易市场上市条件NYSE Nasdaq-NM Nasdaq-SC AMEC OTC.BBExchange 纽约证交所纳斯达克全国市场纳斯达克小资本市场美国证交所OTCBB 交易所最低有形资产净值6000 万美元1500 万美元500 万美元400 万美元否N/A税前净利润要求250 万美元( 三年650万美元)100 万美元或75 万美元75 万美元否N/A最低发行市值要求6000 万美元800 万美元500 万美元300 万美元否N/A最低发行股数要求110 万股110 万股100 万股100 万股否N/A最低股东人数要求2000( 外国公司五千人)400 人300 人400 人否N/AMarket Makers 4美金以上3美金以上3美金以上3美金以上 3 美金以上财务审计要求的年限三年财签二年财报三年财签二年财报三年财签二年财报三年财签二年财报一年财签二年财报注册后预估核准时间注册後4-10周注册後4-10周注册後4-10周注册後4-10周反向合并最快120 天(Marketplace Rules) 上市监督的相关法令R4350R4351R4350R4351R4420(a)R4310(c)R4350R4351R4350R43515-C211 企业为何要上市1．用最低成本，筹取最大资金银行贷款须有资产作抵押，筹得有限资金、须归还本金和利息、日后再筹款时须重新申请。

股票发行上市依据企业成长潜力，理论上可筹得无限资金、没有偿还本金和利息的压力，只需企业有盈余时，分发红利给股票持有人；需要再筹款时，只须再发行股票即可。

2．充分发挥企业创造财富的功能通过上市，可以打破企业和金融市场之间资讯的不平衡，使企业的价值得到真正的反映。

上市后扩股可以筹集大笔资金，从根本上解决成长型企业普遍面临的资金不足问题。

上市后能赚取两种利润-----产品收入、资本市场利润收入。

能利用发行新股和换股扩展业务，开发新产品和进行多元化商业活动，购买最好的设备、置产和兼并其他企业，扩大业务而不需动用生产资金。

公司具备什么条件才能在纳斯达克上市来源：聚焦热点，精挑细选网络热辣资讯公司具备什么条件才能在纳斯达克上市想在美国“纳斯达克”上市的条件是什么？美国股票市场上市规则摘要。

纽约证券交易所最低投资者数目5000名，每名持有100股或以上股份最低公众持股量 250万股(全球) 公众股份的总市值 1亿美元(全球) 最低招股价不适用市场庄家不适用营运历史不适用资产状况不适用税前盈利 1亿美元(过去三个财政年度累计计算) 公司管治需要纳斯达克全国市场准则一(市场规则4420(a))最低投资者数目 400名，每名持有者100股或以上股份最低公众持股量 110万股公众股份的总市值 800万美元最低招股价 5美元市场庄家 3名营运历史不适用资产状况股东权益达1500万美元税前盈利 100万美元公司管治需要准则二(市场规则4420(b))最低投资者数目 400名，每名持有者100股或以上股份最低公众持股量110万股公众股份的总市值1800万美元最低招股价5美元市场庄家 3名营运历史 2年资产状况股东权益达3000万美元税前盈利不适用公司管治需要准则三(市场规则4420(c))最低投资者数目 400名，每名持有者100股或以上股份最低公众持股量110万股公众股份的总市值2000万美元最低招股价5美元市场庄家 4名营运历史不适用资产状况不适用税前盈利 7500万美元(或总收入和总资产分别达到7500万美元) 公司管治需要美国证券交易所最低投资者数目800名，若公众持股数量超过100万股，则为400名最低公众持股量 50万股公众股份的总市值 300万美元最低招股价 3美元市场庄家不适用营运历史不适用资产状况股东权益达400万美元税前盈利 75万美元(最近1个财政年度或最近3个财政年度其中的两年) 公司管治需要纳斯达克小型资本市场最低投资者数目 300名，每名持有100股或以上股份最低公众持股量 100万股公众股份的总市值 500万美元最低招股价 4美元市场庄家 3名营运历史 1年；若少于1年，市值至少要达到5000万美元资产状况股东权益达500万美元；或上市股票市值达5000万美元；或持续经营的业务利润达75万美元(在最近1个财政年度或最近3个财政年度中的2年) 税前盈利参阅上文资产状况规定公司管治需要附注：上述规定适用于非美国公司在美国作首次上市。

纳斯达克上市标准纳斯达克上市标准概述纳斯达克（NASDAQ）是全球最大的电子股票交易市场，其上市标准被广泛认为是非常严格的。

纳斯达克的上市标准主要包括财务要求、流动性和公司治理要求。

这些标准因公司的行业、规模和成长阶段而有所不同。

纳斯达克上市标准的详细内容：财务要求纳斯达克的上市公司需要满足最低的市值和公众持股数量的要求。

具体数额会根据公司的行业、规模和成长阶段而有所不同。

例如，对于全球精选市场（GS），公司需要满足以下四个标准中的一个：收入标准：前三个会计年度累计≥1100万美元,且每年税前收入为正;且最近两个会计年度每年≥220万美元现金流标准：前三个会计年度累计≥2750万美元且每年现金流为正公司市值标准：前12个月平均≥5,5000万美元收益标准：前一个会计年度≥1,1000万美元流动性要求公司必须满足特定的流动性标准，比如持有100股以上股份的股东数量或股东总数等。

公司治理要求除了财务和流动性要求外，还有统一的公司治理要求，包括董事会成员的独立性、薪酬政策等。

纳斯达克上市标准的变化纳斯达克的上市标准并非一成不变，而是随着市场环境和公司发展阶段的变化而不断调整。

例如，纳斯达克曾在2018年对其上市标准进行了重大改革，取消了上市公司必须连续12个月内维持最低股价的规定。

纳斯达克上市的优势尽管纳斯达克的上市标准非常严格，但是这也使得纳斯达克成为了全球最优秀的公司选择上市的地方。

因为只有真正优秀的公司才有可能满足如此严格的上市标准，这样就保证了投资者能够投资到真正有价值的公司。

同时，由于上市公司的质量普遍较高，投资者的风险也相应降低。

`Listing Standards & Fees July 2010TABLE OF CONTENTSNASDAQ GLOBAL SELECT MARKET® (1)INITIAL LISTING (1)FINANCIAL AND QUALITATIVE REQUIREMENTS (1)LIQUIDITY REQUIREMENTS (3)NASDAQ® INTERMARKET TRANSFERS (4)CONTINUED LISTING (5)ENTRY FEES (5)ANNUAL FEES (6)FEES FOR LISTING A NEW CLASS OF SECURITIES (7)FORMS (7)NASDAQ GLOBAL MARKET® (8)INITIAL LISTING (8)CONTINUED LISTING (9)ENTRY FEES (9)ANNUAL FEES (10)FEES FOR LISTING A NEW CLASS OF SECURITIES (11)FORMS (11)NASDAQ CAPITAL MARKET® (12)INITIAL LISTING (12)CONTINUED LISTING (13)ENTRY FEES (13)ANNUAL FEES (14)FEES FOR LISTING A NEW CLASS OF SECURITIES (14)FORMS (15)DUAL LISTINGS (16)LISTING REQUIREMENTS (16)ENTRY FEES (16)ANNUAL FEES (16)LISTING OF ADDITIONAL SHARES FEES (16)FORMS (16)OTHER SECURITIES (17)LISTING REQUIREMENTS (17)FEES (18)FORMS (19)CLOSED-END FUNDS (20)LISTING REQUIREMENTS (20)ENTRY FEES (20)ANNUAL FEES (20)FORMS (21)CORPORATE GOVERNANCE REQUIREMENTS (22)OTHER LISTING REQUIREMENTS (26)LISTING OF ADDITIONAL SHARES (28)FEES (28)STOCK SPLITS, DIVIDENDS AND RIGHTS OFFERINGS (29)FEES (29)CHANGE IN COMPANY RECORD (30)SUBSTITUTION LISTING EVENTS (31)WRITTEN INTERPRETATION OF NASDAQ LISTING RULES (32)NASDAQ GLOBAL SELECT MARKETINITIAL LISTINGCompanies must meet all of the criteria under at least one of the three financial standards and the applicable liquidity requirements below.FINANCIAL AND QUALITATIVE REQUIREMENTSNASDAQ Global Select Market Initial Listing Requirements11 These requirements apply to all companies, other than closed-end management investment companies. A closed end management investment company, including a business development company, is not required to meet the financial requirements of Rule 5315(f)(3). If the common stock of a company is included in The NASDAQ Global Select Market, any other security of that same company, such as other classes of common or preferred stock, which qualifies for listing on The NASDAQ Global Market shall also be included in The NASDAQ Global Select Market. A company whose business plan is to complete an initial public offering and engage in a merger or acquisition with one or more unidentified companies within a specific period of time, as described in IM-5101-2, is not eligible to list on The NADAQ Global Select Market.2 In calculating income from continuing operations before income taxes for purposes of Rule 5315(f)(3)(A), NASDAQ will rely on a company’s annual financial information as filed with the Securities and Exchange Commission (SEC) in the company’s most recent periodic report and/or registration statement. If a company does not have three years of publicly reported financial data, it may qualify under Rule 5315(f)(3)(A) if it has: (i) reported aggregate income from continuing operations before income taxes of at least $11 million and (ii) positive income from continuing operations before income taxes in each of the reported fiscal years. A period of less than three months shall not be considered a fiscal year, even if reported as a sub period in the company’s publicly reported financial statements.3 In calculating cash flows for purposes of Rule 5315(f)(3)(B), NASDAQ will rely on the net cash provided by operating activities reported in the statements of cash flows, as filed with the SEC in the company’s most recent periodic report and/or registration statement, excluding changes in working capital or in operating assets and liabilities. A period of less than three months shall not be considered a fiscal year, even if reported as a stub period in the company’s publicly reported financial statements.4 In the case of a company listing in connection with its initial public offering, compliance with the market capitalization requirements of Rules 5315(f)(3)(B) and 5315(f)(3)(C) will be based on the company’s market capitalization at the time of listing.5 The bid price requirement is not applicable to a company listed on The NASDAQ Global Market that transfers its listing to The NASDAQ Global Select Market.6 A company that also satisfies the requirements of Rule 5405(b)(1) or 5405(b)(2) is required to have three market makers. Otherwise, the company is required to have four market makers. An electronic communications network (ECN) is not considereda market maker for the purpose of these rules.7 In addition to the above quantitative requirements, companies must comply with all corporate governance requirements as set forth in the Rule 5600 Series.LIQUIDITY REQUIREMENTSCompanies must meet all of the criteria in their specific category. The charts below are presented in two separate groups: (i) new company listings and (ii) closed-end management investment companies.NASDAQ Global Select Market Initial Listing Requirements1 Companies affiliated with another company listed on The NASDAQ Global Select Market. For purposes of Rule 5315, a company is affiliated with another company if that other company, directly or indirectly though one or more intermediaries, controls, is controlled by, or is under common control of the company. For purposes of these rules, control means having the ability to exercise significant influence. Ability to exercise significant influence will be presumed to exist where the parent or affiliated company directly or indirectly owns 20% or more of the other company’s voting securities, and also can be indicated by representation on the board of directors, participation in policy making processes, material intercompany transactions, interchange of managerial personnel, or technological dependency.2 Round lot and total shareholders include both beneficial holders and holders of record.3 Publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the company.1 As defined by the Investment Company Act of 19402 Round lot and total shareholders include both holders of beneficial interest and holders of record.3 Publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the company.NASDAQ INTERMARKET TRANSFERSEach October, NASDAQ will review the qualifications of all securities listed on The NASDAQ Global Market that are not included in The NASDAQ Global Select Market. Any security that meets the requirements for initial listing on The NASDAQ Global Select Market contained in Rule at the time of this review will be transferred to the Global Select Market the following January, provided it meets 5315 the continued listing criteria at that time. An issuer will not owe any application or entry fees in connection with such a transfer.At any time, an issuer may apply to transfer a security listed on The NASDAQ Global Market to The NASDAQ Global Select Market. Such an application will be approved and effected as soon as practicable if the security meets the requirements for initial listing contained in Rule 5315. An issuer will not owe any application or entry fees in connection with such a transfer.At any time, an issuer may apply to transfer a security listed on The NASDAQ Capital Market to The NASDAQ Global Select Market. Such an application will be approved and effected as soon as practicable if the security meets the requirements for initial listing contained in Rule 5315. An issuer transferring from The NASDAQ Capital Market to The NASDAQ Global Select Market generally will not owe any applicable or entry fees in connection with such transfer.CONTINUED LISTINGCompanies must meet all of the criteria under at least one of the three standards below.NASDAQ Global Select Market Continued Listing Requirements11 Companies must meet the bid price and total shareholders requirements as set forth in Rule 5450(a) and at least one of the Standards in Rule 5450(b).2 The term, “listed securities”, is defined as “securities listed on NASDAQ or another national securities exchange.”3 Publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the company.4 Total shareholders include both holders of beneficial interest and holders of record.5 An electronic communications network (ECN) is not considered a market maker for the purpose of these rules.6 In addition to the above quantitative requirements, companies must comply with all corporate governance requirements as set forth in the Rule 5600 Series.ENTRY FEES• Entry fees are based upon the aggregate number of shares to be listed at the time of initial listing, regardless of class.• Fees are assessed on the date of entry in The NASDAQ Global Select Market, except for $25,000, which represents a non-refundable application fee. This fee must be submitted with the company’s application.• For non-U.S. issuers, entry fees are levied only on those shares or American Depositary Receipts (ADRs) issued and outstanding in the United States.• Entry fees paid by a company for all classes of securities listed on the Global Select Market, including entry fees previously paid by the company to list securities at an earlier date, shall not exceed $225,000. However, notwithstanding this fee cap, applications are subject to the $25,000 non-refundable fee.• NASDAQ does not charge application or entry fees for any company transferring from The NASDAQ Global Market to The NASDAQ Global Select Market.• NASDAQ does not charge application or entry fees for a company that transfers its listing from The NASDAQ Capital Market to The NASDAQ Global Select Market provided that the company listed on The NASDAQ Capital Market prior to January 1, 2007 or the company listed on The NASDAQ Capital Market on or after January 1, 2007 and did not qualify for The NASDAQ Global Select Market at the time of its initial listing on The NASDAQ Capital Market. Any other issuer must pay the entry fees for the Global Select Market, less the entry fees (but not the application fee) the company previously paid in connection with its listing on the Capital Market. The company is not required to pay the application fee in connection with the application to transfer its listing.• A company that submits an application to list on The NASDAQ Capital Market, but prior to listing, revises its application to seek listing on The NASDAQ Global Select Market, is not required to pay an additional application fee in connection with its revised application.• NASDAQ does not charge application or entry fees for any securities that are transferred from a national securities exchange to list exclusively on The NASDAQ Stock Market®.• NASDAQ does not charge entry or application fees for the securities of a company that is listed on another securities exchange but not listed on NASDAQ, if the issuer of such securities is acquired by an unlistedcompany and, in connection with the acquisition, the unlisted company lists exclusively on The NASDAQ Global Select Market.• NASDAQ does not charge entry or application fees for the securities of a company that is dually listed on the New York Stock Exchange and The NASDAQ Stock Market. Companies that dually list on other securities exchanges are subject to the applicable fees described in this section. (Please see Dual Listings on page 16.)NASDAQ Global Select Market Entry FeesANNUAL FEES• Annual fees are based on the company’s Total Shares Outstanding (TSO) for all classes of stock listed on the Global Select Market as of December 31st. NASDAQ uses the TSO reported in the company’s latest filing at the time of billing. For non-U.S. issues, TSO includes only those shares issued and outstanding in the United States.• In the first year of listing, the company’s annual fee will be prorated based on the date of listing and based on the TSO as reported in the company’s latest filing on record with NASDAQ as of the date of listing.• For a company transferring to The NASDAQ Global Select Market from The NASDAQ Capital Market, NASDAQ will apply a credit toward the balance of the company’s new annual fee based on the annual fee already paid.• Annual fees for American Depository Receipts listed on The NASDAQ Global Select Market are based on the number of ADRs listed. NASDAQ will apply fees based on ADRs, as reported in the issuer’s mostrecent periodic report required to be filed with the i ssuer’s appropriate regulatory authority or in morerecent information held by NASDAQ as of December 31st.NASDAQ Global Select Market Annual Fees**For issuers except ADRs, “other securities”, portfolio depository receipts, trust issued receipts, index fund shares and closed-end funds. For dually listed securities, please see Dual Listings on page 16. For a complete listing of the Global Select Market fees, refer to the NASDAQ Listing Rule 5900 Series.FEES FOR LISTING A NEW CLASS OF SECURITIESCompanies listed on NASDAQ must complete an application to list a new class of securities that is not currently listed on NASDAQ. When a current NASDAQ-listed company lists a new class of securities on The NASDAQ Global Select Market, it is assessed a variable fee based on the total number of shares outstanding of the newclass of securities at the time of initial listing. Entry fees paid by a company for all classes of securities listed on the Global Select Market, including entry fees previously paid by the company to list securities at an earlier date, shall not exceed $225,000.Fees are assessed on the date of entry in The NASDAQ Global Select Market, except for $25,000, which represents a non-refundable application fee. This fee must be submitted with the company’s application. The company will also be assessed a pro-rated annual fee.FORMSApplications, listing agreements and payment forms are located at /about/listing_information.stm.NASDAQ GLOBAL MARKETINITIAL LISTINGCompanies must meet all of the criteria under at least one of the four standards below.NASDAQ Global Market Initial Listing Requirements11 Companies must meet the bid price, publicly held shares, and round lot holders requirements as set forth in Rule 5405(a) and at least one of the Standards in Rule 5405(b).2 Seasoned companies (those companies already listed or quoted on another marketplace) qualifying only under the Market Value Standard must meet the market value of listed securities and the bid price requirements for 90 consecutive trading days prior to applying for listing.3 The term, “listed securities”, is defined as “securities listed on NASDAQ or another national securities exchange.”4 Publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the company.5 Round lot holders are shareholders of 100 shares or more. The number of beneficial holders is considered in addition to holders of record.6 An electronic communications network (ECN) is not considered a market maker for the purpose of these rules.7 In addition to the above quantitative requirements, companies must comply with all corporate governance requirements as set forth in the Rule 5600 Series.CONTINUED LISTINGCompanies must meet all of the criteria under at least one of the three standards below.NASDAQ Global Market Continued Listing Requirements11 Companies must meet the bid price and total shareholders requirements as set forth in Rule 5450(a) and at least one of the Standards in Rule 5450(b).2 The term, “listed securities”, is defined as “securities listed on NASDAQ or another national securities exchange.”3 Publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the company.4 Total shareholders include both holders of beneficial interest and holders of record.5 An electronic communications network (ECN) is not considered a market maker for the purpose of these rules.6 In addition to the above quantitative requirements, companies must comply with all corporate governance requirements as set forth in the Rule 5600 Series.ENTRY FEES• Entry fees are based upon the aggregate number of shares to be listed at the time of initial listing, regardless of class.• Fees are assessed on the date of entry in The NASDAQ Global Market, except for $25,000, which represents a non-refundable application fee. This fee must be submitted with the company’s application.• For non-U.S. issuers, entry fees are levied only on those shares or American Depositary Receipts issued and outstanding in the United States.• Entry fees paid by a company for all classes of securities listed on the Global Market, including entry fees previously paid by the company to list securities at an earlier date, shall not exceed $225,000. However, notwithstanding this fee cap, applications are subject to the $25,000 non-refundable fee.• NASDAQ does not charge application or entry fees for a company that transfers its listing from The NASDAQ Capital Market to The NASDAQ Global Market provided that the company listed on The NASDAQ CapitalMarket prior to January 1, 2007 or the company listed on The NASDAQ Capital Market on or after January 1, 2007 and did not qualify for The NASDAQ Global Market at the time of its initial listing on The NASDAQ Capital Market. Any other issuer must pay the entry fees for the Global Market, less the entry fees (but not theapplication fee) the company previously paid in connection with its listing on the Capital Market. The company is not required to pay the application fee in connection with the application to transfer its listing.• A company that submits an application to list on The NASDAQ Capital Market, but prior to listing, revises its application to seek listing on The NASDAQ Global Market, is not required to pay the application fee inconnection with its revised application.• NASDAQ does not charge application or entry fees for any securities that are transferred from a national securities exchange to list exclusively on The NASDAQ Stock Market.• NASDAQ does not charge entry or application fees for the securities of a company that is listed on another securities exchange but not listed on NASDAQ, if the issuer of such securities is acquired by an unlistedcompany and, in connection with the acquisition, the unlisted company lists exclusively on The NASDAQ Global Market.• NASDAQ does not charge entry or application fees for the securities of a company that is dually listed on the New York Stock Exchange and The NASDAQ Stock Market. Companies that dually list on other securities exchanges are subject to the applicable fees described in this section. (Please see Dual Listings on page 16.)NASDAQ Global Market Entry FeesANNUAL FEES• Annual fees are based on the company’s Total Shares Outstanding (TSO) for all classes of stock listed on the Global Market as of December 31st. NASDAQ uses the TSO reported in the company’s latest filing at the time of billing. For non-U.S. issuers, TSO includes only those shares issued and outstanding in the United States.• In the first year of listing, the company’s annual fee will be prorated based on the date of listing and based on the TSO as reported .in the company’s latest filing on record with NASDAQ as of the date of listing.• For a company transferring to The NASDAQ Global Market from The NASDAQ Capital Market, NASDAQ will apply a credit toward the balance of the company’s new annual fee based on the annual fee already paid.• Annual fees for American Depository Receipts listed on The NASDAQ Global Market are based on the number of ADRs listed. NASDAQ will apply fees based on ADRs, as reported in the issuer’s most recent periodic report required to be filed with the issuer’s appropriate regulatory authority or in more recent information held by NASDAQ as of December 31st.NASDAQ Global Market Annual Fees** For issuers except ADRs, “other securities”, portfolio depository receipts, trust issued receipts, index fund shares and closed-end funds. For dually listed securities, please see Dual Listings on page 16. For a complete listing of the Global Market fees, refer to the NASDAQ Listing Rule 5900 Series.FEES FOR LISTING A NEW CLASS OF SECURITIESCompanies listed on NASDAQ must complete an application to list a new class of securities that is not currently listed on NASDAQ. When a current NASDAQ-listed company lists a new class of securities on The NASDAQ Global Market, it is assessed a variable fee based on the total number of shares outstanding of the new class of securities at the time of initial listing. Entry fees paid by a company for all classes of securities listed on the Global Market, including entry fees previously paid by the company to list securities at an earlier date, shall not exceed $225,000.Fees are assessed on the date of entry in The NASDAQ Global Market, except for $25,000, which represents anon-refundable application fee. This fee must be submitted with the company’s application. The company will also be assessed a pro-rated annual fee.FORMSApplications, listing agreements and payment forms are located at /about/listing_information.stm.NASDAQ CAPITAL MARKETINITIAL LISTINGCompanies must meet all of the criteria under at least one of the three standards below.NASDAQ Capital Market Initial Listing Requirements11 Companies must meet the bid price, publicly held shares, round lot holders, and market makers requirements as set forth in Rule 5505(a) and at least one of the Standards in Rule 5505(b).2 Seasoned companies (those companies already listed or quoted on another marketplace) qualifying only under the Market Value of Listed Securities Standard must meet the market value of listed securities and the bid price requirements for 90 consecutive trading days prior to applying for listing.3 The term, “listed securities”, is defined as “securities listed on NASDAQ or another national securities exchange.”4 Publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the company. In the case of ADRs, at least 400,000 shall be issued.5 Round lot holders are shareholders of 100 shares or more. The number of beneficial holders is considered in addition to holders of record.6 An electronic communications network (ECN) is not considered a market maker for the purpose of these rules.7 In addition to the above quantitative requirements, companies must comply with all corporate governance requirements as set forth in the Rule 5600 Series.CONTINUED LISTINGCompanies must meet all of the criteria under at least one of the three standards below.NASDAQ Capital Market Continued Listing Requirements11 Companies must meet the bid price, publicly held shares, market value of publicly held shares, public holders, and market makers requirements as set forth in Rule 5550(a) and at least one of the Standards in Rule 5550(b).2 The term, “listed securities”, is defined as “securities listed on NASDAQ or another national securities exchange.”3 Publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the company.4 Public holders of a security include both beneficial holders and holders of record, but does not include any holder who is directly or indirectly an executive officer, director, or the beneficial holder of more than 10% of the total shares outstanding.5 An electronic communications network (ECN) is not considered a market maker for the purpose of these rules.6 In addition to the above quantitative requirements, companies must comply with all corporate governance requirements as set forth in the Rule 5600 Series.ENTRY FEES• Entry fees are based upon the aggregate number of shares to be listed at the time of initial listing, regardless of class.• Fees are assessed on the date of entry in The NASDAQ Capital Market, except for $5,000, which represents a non-refundable application fee. This fee must be submitted with the company’s application.• For non-U.S. issuers, entry fees are levied only on those shares or American Depositary Receipts issued and outstanding in the United States.• Entry fees paid by a company for all classes of securities listed on the Capital Market, including entry fees previously paid by the company to list securities at an earlier date, shall not exceed $75,000. However, notwithstanding this fee cap, applications are subject to the $5,000 non-refundable fee.• A company that submits an application to list on The NASDAQ Global Select Market or The NASDAQ Global Market, but prior to listing, revises its application to seek listing on The NASDAQ Capital Market, is not required to pay the application fee in connection with its revised application.• NASDAQ does not charge application or entry fees for any securities that are transferred from a national securities exchange to list exclusively on The NASDAQ Stock Market.• NASDAQ does not charge entry or application fees for the securities of a company that is listed on another securities exchange but not listed on NASDAQ, if the issuer of such securities is acquired by an unlistedcompany and, in connection with the acquisition, the unlisted company lists exclusively on The NASDAQ Capital Market.• NASDAQ does not charge entry or application fees for the securities of a company that is dually listed on the New York Stock Exchange and The NASDAQ Stock Market. Companies that dually list on other securities exchanges are subject to the applicable fees described in this section. (Please see Dual Listings on page 16.)NASDAQ Capital Market Entry FeesANNUAL FEES• Annual fees are based on the company’s Total Shares Outstanding (TSO) for all classes of stock listed on the Capital Market as of December 31st. NASDAQ uses the TSO reported in the company’s latest filing at the time of billing. For non-U.S. issuers, TSO includes only those shares issued and outstanding in the United States.• In the first year of listing, the company’s annual fee will be prorated based on the date of listing and based on the TSO as reported in the company’s latest filing on record with NASDAQ as of the date of listing.• For a company transferring to The NASDAQ Capital Market from The NASDAQ Global Select Market or Global Market, NASDAQ will apply a credit toward the balance of the company’s new annual fee based on the annual fee already paid.• Annual fees for American Depository Receipts listed on The NASDAQ Capital Market are based on the aggregate number of all classes of ADRs listed. NASDAQ will apply fees based on ADRs, as reported in the issuer’s most recent periodic report required to be filed with the issuer’s appropriate regulatory authority or in more recent information held by NASDAQ as December 31st.NASDAQ Capital Market Annual Fees** For dually listed securities, please see Dual Listings on page 16. For a complete listing of the Capital Market fees, refer to the NASDAQ Listing Rule 5900 Series.FEES FOR LISTING A NEW CLASS OF SECURITIESCompanies listed on NASDAQ must complete an application to list a new class of securities that is not currently listed on NASDAQ. When a current NASDAQ-listed company lists a new class of securities on The NASDAQ Capital Market, it is assessed a variable fee based on the total number of shares outstanding of the new class of。