Overview

• New listings under Nasdaq’s net income standard would need at least $15 million in public float, up from $5 million.
• Companies with a market value of listed securities below $5 million would face a faster suspension and delisting process.
• Issuers that primarily operate in China would be required to raise a minimum of $25 million in IPO proceeds to qualify for listing.
• Nasdaq filed the proposals with the SEC and plans prompt implementation if approved, with a 30‑day transition for in‑process IPOs and a 60‑day phase‑in for the delisting procedures.
• Nasdaq cited trading reviews showing patterns consistent with potential pump‑and‑dump activity and pledged continued coordination with the SEC and FINRA as U.S.-listed Chinese firms collectively approach $1 trillion in market value.