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Message: Getting onto the 'DAQ?
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QX,

From the Venture Law site:

Nasdaq Global Select Market – NASDAQGSM
Requirements

Standard 1

Standard 2

Standard 3

Standard 4
Pre-Tax Income

Aggregate in prior 3 fiscal years ≥$11,000,000
and
Each of the 2 most recent fiscal years ≥$2,200,000 and
Each of the prior 3 fiscal years ≥$0

N/A

N/A

NA
Cash Flows

N/A

Aggregate in prior 3 fiscal years ≥$27,500,000 and each of the prior 3 fiscal years ≥ $0

N/A

N/A
Revenue

N/A

Previous fiscal year ≥ $110,000,000

Previous fiscal year ≥ $90,000,000

N/A
Two Year Avg Pre-Tax Income

$1,000,000
(2 out of 3 year)

N/A

N/A

$75,000,000 (2 out of 3 years)
Net Tangible Assets

N/A

N/A

N/A

$80,000,000 (in last completed fiscal year)
Market Value of Listed Securities

N/A

Average ≥$550,000,000 over prior 12 months

Average ≥$850,000,000 over prior 12 months

$160,000,000
Market Value of Publicly Held Securities(1)

$45,000,000

$45,000,000

$45,000,000

$45,000,000
# of Shares Publicly Held(2)

1,250,000

1,250,000

1,250,000

1,250,000
# Public Board Lot Holders

450

450

450

450
Trading Price of Listed Securities2

$4.00

$4.00

$4.00

$4.00
Shareholders Equity

N/A

N/A

N/A

$55,000,000
Market Makers

3 or 4

3 or 4

3 or 4

3 or 4
Operating History

N/A

N/A

N/A

N/A
Notes:
  1. Seasoned companies currently trading on another market are required to have a market value of publicly held shares of $110,000,000 or a market value of publicly held shares of $100,000,000 and $110,000,000 in shareholders’ equity.
  2. Issuers listing concurrently with an initial public offering or as a spin-off may alternatively have 2,200 total shareholders. Seasoned companies currently trading on another market or affiliated companies of listed on Nasdaq Global Select Markets may alternatively have 2,200 total shareholders or 550 total shareholders and 1,100,000 average monthly trading volumes over the last 12 months.
    3.

    Nasdaq Global Market – NASDAQGM
    Requirements

    Standard 1

    Standard 2

    Standard 3

    Standard 4
    Pre-Tax Income Last Year(In latest fiscal year or in 2 of last 3 fiscal years)

    $1,000,000

    N/A

    N/A

    NA
    Total Assets and Total Revenue (In latest fiscal year or in 2 of last 3 fiscal years)

    N/A

    N/A

    N/A

    $75,000,000 and
    $75,000,000
    Mrkt Value Publicly Held Stock(1)

    $8,000,000

    $18,000,000

    $20,000,000

    $20,000,000
    Market Value of Listed Securities(2)

    N/A

    N/A

    $75,000,000

    N/A
    # of Shares Publicly Held

    1,100,000

    1,100,000

    1,100,000

    1,100,000
    # Public Board Lot Holders

    400

    400

    400

    400
    Trading Price of Listed Securities(3)

    $4.00

    $4.00

    $4.00

    $4.00
    Shareholders Equity

    $15,000,000

    $30,000,000

    N/A

    N/A
    Market Makers

    3

    3

    3

    3
    Operating History

    N/A

    2 years

    N/A

    N/A
    Notes:
    1. 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. Entities in which an officer, director, or 10% owner has voting and/or dispositive power, such as a typical Employee Stock Option Plan, are excluded from publicly held shares.
    2. The term, "listed securities", is defined as "securities listed on NASDAQ or another national securities exchange."
    3. 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.
      4.

      Nasdaq Capital Market – NASDAQCM
      Requirements

      Standard 1

      Standard 2

      Standard 3
      Pre-Tax Income Last Year (In latest fiscal year or in 2 of last 3 fiscal years)

      N/A

      N/A

      $750,000
      Net Tangible Assets

      N/A

      N/A

      N/A
      Mrkt Value Publicly Held Stock(1)

      $15,000,000

      $15,000,000

      $5,000,000
      Market Value of Listed Securities(2)

      N/A

      $50,000,000

      N/A
      # of Shares Publicly Held

      1,000,000

      1,000,000

      1,000,000
      # Public Board Lot Holders

      300

      300

      300
      Trading Price of Listed Securities(3)

      $4.00

      $4.00

      $4.00
      Shareholders Equity

      $5,000,000

      $4,000,000

      $4,000,000
      Market Makers

      3

      3

      3
      Operating History

      2 years

      N/A

      N/A
      Notes:
      1. 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. Entities in which an officer, director, or 10% owner has voting and/or dispositive power, such as a typical Employee Stock Option Plan, are excluded from publicly held shares.
      2. The term, "listed securities", is defined as "securities listed on NASDAQ or another national securities exchange."
      3. 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.
        4.
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