Initial Listing Guide
January 2024

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But by creating them.

Introduction
Welcome to Nasdaq, where the ideas of tomorrow find capital today.
Nasdaq is a global technology company serving the capital markets and other industries. Our diverse offeringof data, analytics, software and services enables clients to optimize and execute their business vision withconfidence. A diverse selection of over 4,000 companies choose to list on Nasdaq’s U.S., Nordic and Baltic
exchanges, representing industries such as retail, health care, finance, and technology. In the U.S., Nasdaq isthe listing venue of choice for many of the world’s most exciting companies.
This document is designed to be a practical guide to the listing process. Here you will find essential
information your company needs to pursue a listing on Nasdaq, including timelines, document checklists,
listing requirements, and fee structures. You will also find an overview of the corporate support services
provided to Nasdaq-listed companies.
For your convenience, listing application forms and related listing materials are available electronicallythrough the Nasdaq Listing Center.
Questions regarding the listing process should be directed to Listing Qualifications at +1 301 978 8008. Pleasealso review our list of frequently asked questions.

January 2024

Nasdaq, Inc. 2

Listing Timeline
While it generally takes four to six weeks to process a listing application, this time frame is variable and may
be shortened considerably, if the application raises no issues and the company responds quickly to Staff
comments.
Week 1. Company submits application for listing and Nasdaq Listing Qualifications Staff begins its review.
Weeks 2-3. Staff completes its preliminary review and prepares comment letter.
Weeks 3-4. Company addresses any issues raised by Staff.
Weeks 5-6. Staff completes their review and company is approved for listing.

Short Document Checklist
Since we are able to gather much of the information needed to verify compliance from publicly available
sources, the forms and supporting documentation you need to apply to Nasdaq should take only a short timeto prepare. You may click on the links below to preview the respective form.
1. Symbol Reservation Form. This form is required to reserve or change your trading symbol. Symbol
reservation requests may be submitted up to two years in advance and can be completed online through the
Listing Center. Symbol reservations are not required for non-convertible bonds, other than baby bonds.
2. Listing Application. This form can be completed online through the Listing Center.
3. Listing Agreement. This form can be completed online through the Listing Center.
4. Corporate Governance Certification. This form can be completed online through the Listing Center.
5. Submit Application Fee. Companies must submit the application fee with their application. The full entry
fee is due prior to the first day of trading. All payments must be made by wire transfer. Wire payment
instructions can be found here.
6. Logo Submission Form. This form can be completed online through the Listing Center.

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Nasdaq, Inc. 3

Electronic Application Process
The Listing Center is our online document portal, which supports the electronic submission of listing
applications and forms. Our online process streamlines the preparation of applications and forms by prepopulating your form with much of the required information. Companies can also take advantage of thisonline portal to safely and securely submit supplemental documentation. We even store completed forms andsupporting documents so they will be readily accessible for future reference. For more information on how tocomplete a Listing Application electronically, please take a few minutes to view our frequently asked
questions.

GatherCompany
Information

Before you start, gather some basic company information. Users completing forms
for companies listing on The Nasdaq Stock Market will need to provide thecompany's Central Index Key (CIK) code, current or reserved trading symbol and
CUSIP. Using this information, we can pre-populate much of the company's general
information for you. Note that a reserved trading symbol is not required for nonconvertible bonds, other than baby bonds.
In order to help you gather all the information you will need to complete your form,
you may access many of our forms in preview mode.
If you have not already reserved your trading symbol or you would like to change
your symbol upon listing, please complete a Symbol Reservation Form before you
begin.

Create an
Account

CompleteYour
Application

Connect withYour Own
Listing Analyst

January 2024

If you have not already done so, you must create a User Account to complete forms
on the Listing Center. You will be asked to provide your email address and basic
contact information so we can email you a link used to verify your credentials. Then,choose a password, answer some security questions and you’re all set.

Companies listing on the Nasdaq Stock Market can complete the entire application
process electronically. You can also submit supplemental documentationelectronically.
You can complete your form all at once or save your work and continue anothertime. You can even share your form with other users.
Within a few hours of your submission, you will receive a system-generated
acknowledgement email. In a couple of business days, you will receive another email
providing you with the contact information for the Analyst assigned to yourapplication.

Nasdaq, Inc. 4

Nasdaq Market Tiers
The Nasdaq Stock Market has three distinctive tiers: The Nasdaq Global Select Market®, The Nasdaq Global
Market® and The Nasdaq Capital Market®. Applicants must satisfy certain financial, liquidity and corporate
governance requirements to be approved for listing on any of these market tiers. As illustrated in the following
tables, the initial financial and liquidity requirements for the Nasdaq Global Select Market are more stringent
than those for the Nasdaq Global Market and likewise, the initial listing requirements for the Nasdaq Global
Market are more stringent than those for the Nasdaq Capital Market. Corporate governance requirements are
the same across all Nasdaq market tiers.
It is important to note that even though a company’s securities meet all enumerated criteria for initial
inclusion, Nasdaq may deny initial listing, or apply additional conditions, if necessary to protect investors andthe public interest.

Overview of Initial Listing Requirements
The following charts provide an overview of the criteria companies must satisfy in order to list common stock
or common stock equivalents on Nasdaq. Please note that, as described below, a company seeking to list
through a Direct Listing may be subject to higher price, Market Value of Listed Securities, and Market Valueof Unrestricted Publicly Held Shares requirements. A company that principally administers its business in a
Restrictive Market* jurisdiction is subject to additional listing criteria as described below.
For a more detailed presentation of our listing requirements, including listing requirements for other types of
securities, please refer to our Listing Rules and consult our comprehensive list of frequently asked questions.

* A jurisdiction that does not provide the PCAOB with access to conduct inspections of public accounting firms that audit Nasdaq-listedcompanies is a Restrictive Market. A company’s business is considered to be principally administered in a Restrictive Market if: (i) the company’sbooks and records are located in that jurisdiction; (ii) at least 50% of the company’s assets are located in such jurisdiction; or (iii) at least 50% of
the company’s revenues are derived from such jurisdiction.

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Nasdaq Global Select Market: Financial Requirements
Companies (including those listing in connection with a Direct Listing) must meet all of the criteria under at least oneof the four financial standards below and the applicable liquidity requirements on the next page. These
requirements apply to listing the primary class of securities for an operating company. Refer to our Listing Rules for
specific requirements as they pertain to closed end funds, structured products, debt securities and secondaryclasses.
Financial
Requirements

Standard 1:
Earnings

Standard 2:
Capitalization with
Cash Flow

Standard 3:
Capitalization with
RevenueStandard 4:
Assets with Equity

Listing Rules

5315(e) and
5315(f)(3)(A)

5315(e) and
5315(f)(3)(B)

5315(e) and
5315(f)(3)(C)5315(e) and
5315(f)(3)(D)

Pre-Tax Earnings(income fromcontinuing
operations before
income taxes)

Aggregate in priorthree fiscal years >$11 million
andEach of the priorthree fiscal years> $0andEach of the twomost recent fiscal
years >
$2.2 million

---

---

---

---

Aggregate in priorthree fiscal years >$27.5 million
andEach of the priorthree fiscal years >$0---

Cash Flows

January 2024---

MarketCapitalization---

Average > $550
million over prior
12 months

Average > $850
million over prior
12 months

Revenue---

Previous fiscal year
> $110 million

Previous fiscal year>
$90 million

Total Assets

---

---

---

$80 million

Stockholders’Equity

---

---

---

$55 million

Bid Price

$4

$4

$4

$4

$160 million---

Nasdaq, Inc. 6

Nasdaq Global Select Market: Liquidity Requirements

Liquidity
Requirements*

Unrestricted
Round Lot
Shareholders**
orTotal Shareholders
or
Total Shareholders
andAverage Monthly
Trading Volume over
Past Twelve Months
Unrestricted Publicly
Held Shares
Market Value ofUnrestricted Publicly
Held SharesorMarket Value ofUnrestricted Publicly
Held SharesandStockholders’ Equity
Valuation by an
Independent
Third-Party***

Direct Listingwith a Capital
Raise orSeasoned
Companies:
Currently Trading
Common Stock or
Equivalents

Direct Listing

AffiliatedCompanies

450
or
2,200

450
or
2,200
or
550
and
1.1 million

450
or
2,200
or
550
and
1.1 million

450
or
2,200
or
550
and
1.1 million

1,250,000

1,250,000

1,250,000

1,250,000

5315(e)(2)$110 million$110 millionoror$100 million$100 million$45 million

5315(f)(2)and$110 millionand$110 million$250 million
Market Valueof Publicly
Held Shares---

IM-5315-1

Initial Public
Offerings andSpin-Off
Companies$45 million

---

---

ListingRule5315(f)(1)* The company must also have four registered and active market makers unless it satisfies the requirements of the Nasdaq Global Market Income Standard or
Equity Standard as set forth on the next page, in which case it must have three registered and active market makers.
** Securities subject to resale restrictions for any reason are excluded from the calculation of publicly held shares, market value of publicly held shares and round lot
shareholders. In addition, at least half of the minimum required number of round lot holders must each hold unrestricted securities with a minimum value of $2,500.
*** If the company's security has had sustained recent trading in a private placement market, Nasdaq will attribute price, market capitalization and market valueof unrestricted publicly held shares to the company equal to the lesser of (i) the value calculable based on the independent third-party valuation and (ii) thevalue calculable based on the most recent trading price in a private placement market. The party providing a Valuation must have significant experience anddemonstrable competence.
In addition to the above requirements, if the security is trading in the U.S. over-the-counter market as of the date of application, the security must have aminimum average daily trading volume of 2,000 shares (including trading volume of the underlying security on the primary market with respect to an ADR), overthe 30 trading day period prior to listing, with trading occurring on more than half of those 30 days, unless such security is listed on the Exchange in connection
with a firm commitment underwritten public offering of at least $4 million.
A company that principally administers its business in a Restrictive Market, and is conducting an initial public offering, must offer a minimum amount of securities
in a firm commitment underwritten public offering in the U.S. to public holders that (i) will result in gross proceeds to the company of at least $25 million or (ii) will
represent at least 25% of the company’s post-offering Market Value of Listed Securities, whichever is lower. A company that is conducting a business combination
with an entity that principally administers its business in a Restrictive Market must have a minimum market value of unrestricted publicly held shares following thebusiness combination equal to the lesser of (i) $25 million or (ii) 25% of the post-business combination entity’s market value of listed securities.

January 2024

Nasdaq, Inc. 7

Nasdaq Global Market: Financial and Liquidity Requirements
Companies (other than those listing in connection with a Direct Listing) must meet all of the criteria under at least one of thefour standards below.

Requirements

IncomeStandard

Equity Standard

Market Value
Standard*

Total Assets/
Total Revenue
Standard

Listing Rules

5405(a) and5405(b)(1)5405(a) and5405(b)(2)5405(a) and5405(b)(3)5405(a) and5405(b)(4)$1 million

---

---

---

$15 million$30 million

---

---

---

---

$75 million---

Income from Continuing
Operations before IncomeTaxes(in latest fiscal year
or in two of last three fiscalyears)
Stockholders’ Equity
Market Value of
Listed Securities
Total Assets
andTotal Revenue(in latest fiscal year or in
two of last three fiscal years)$75 million
and$75 million

---

---

---

Unrestricted Publicly Held Shares

1.1 million

1.1 million

1.1 million

1.1 million

Market Value of Unrestricted
Publicly Held Shares$8 million$18 million$20 million$20 million

Bid Price

$4

$4

$4

$4

Unrestricted Round Lot
Shareholders**

400

400

400

400

Market Makers

3

3

4

4

Operating History---

2 years

---

---

‘

* Currently traded companies qualifying solely under the Market Value Standard must meet the $75 million market value of listed
securities and the $4 bid price requirement for 90 consecutive trading days before applying.
** Securities subject to resale restrictions for any reason are excluded from the calculation of publicly held shares, market value of publicly held
shares and round lot shareholders. In addition, except for SPACs listing under IM-5101-2, at least half of the minimum required number of round
lot holders must each hold unrestricted securities with a minimum value of $2,500.
In addition to the above requirements, if the security is trading in the U.S. over-the-counter market as of the date of application, the security must havea minimum average daily trading volume of 2,000 shares (including trading volume of the underlying security on the primary market with respect to an
ADR), over the 30 trading day period prior to listing, with trading occurring on more than half of those 30 days, unless such security is listed on the
Exchange in connection with a firm commitment underwritten public offering of at least $4 million.
A company that principally administers its business in a Restrictive Market, and is conducting an initial public offering, must offer a minimum amount of
securities in a firm commitment underwritten public offering in the U.S. to public holders that (i) will result in gross proceeds to the company of at least$25 million or (ii) will represent at least 25% of the company’s post-offering Market Value of Listed Securities, whichever is lower. A company that is
conducting a business combination with an entity that principally administers its business in a Restrictive Market must have a minimum market value ofunrestricted publicly held shares following the business combination equal to the lesser of (i) $25 million or (ii) 25% of the post-business combination
entity’s market value of listed securities.

January 2024

Nasdaq, Inc. 8

Nasdaq Global Market: Direct Listing Financial and Liquidity Requirements
Companies listing in connection with a Direct Listing must meet all of the criteria under at least one of the four standards
below. Listing Rule IM-5405-1 provides that, in determining whether a Company satisfies the initial listing requirements
based on the price of a security, Nasdaq will rely on a valuation* provided by an independent third-party that has
significant experience and demonstrable competence or certain compelling evidence.

Requirements

IncomeStandard

Equity Standard

Market Value
Standard

Listing Rules

5405(a) and5405(b)(1)5405(a) and5405(b)(2)5405(a) and5405(b)(3)

Total
Assets/Total
RevenueStandard
5405(a) and5405(b)(4)

Income from Continuing
Operations before IncomeTaxes(in latest fiscal year
or in two of last three fiscalyears)$1 million

---

---

---

Stockholders’ Equity$15 million$30 million

---

---

Valuation based Market Valueof Listed Securities
orCompelling Evidence-based
MVLS
Total Assetsand
Total Revenue(in latest fiscal year or in
two of last three fiscalyears)
Unrestricted Publicly Held Shares
Valuation based Market Value ofUnrestricted Publicly Held
SharesorCompelling Evidence-based
MVUPHS$150 million
---

---

or

---

$187.5 million--1.1 million--1.1 million--1.1 million$75 million
and$75 million
1.1 million$16 million$36 million$40 million$40 million$20 million$45 million$50 million

$8

$8

$8

$50 million$8Compelling Evidence-based Bid Price
Unrestricted Round Lot
Shareholders**

$10

$10

$10

400

400

400

Market Makers

3

3

4

Operating History---

2 years---

Valuation based Bid Price
or

$10
400
4
---

* If the company's security has had sustained recent trading in a private placement market, Nasdaq will attribute price, market value of listed
securities, and market value of unrestricted publicly held shares to the company equal to the lesser of (i) the value calculable based on the
independent third-party valuation and (ii) the value calculable based on the most recent trading price in a private placement market.
** Securities subject to resale restrictions for any reason are excluded from the calculation of publicly held shares, market value of publicly held
shares and round lot shareholders. In addition, except for SPACs listing under IM-5101-2, at least half of the minimum required number of round lot
holders must each hold unrestricted securities with a minimum value of $2,500.

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Nasdaq, Inc. 9

Nasdaq Global Market: Alternative Listing Requirements for SPACs
In addition to being able to list under the requirements for operating companies, a SPAC listing under IM-5101-2 canalternatively list its securities on the Nasdaq Global Market as set forth below.* For SPACs that list at the time of their IPOs,
Nasdaq will require that the offering be on a firm commitment basis, and, if necessary, Nasdaq will rely on a written
commitment from the underwriter to represent the anticipated value of the offering and other supporting materials inorder to determine compliance with certain listing standards, including the number of Publicly Held Shares.

Requirements
Listing Rules

Standard
5406 and 5225(a)(1)(A)[for units, if any]

Market Value of Listed
Securities$100 million

Publicly Held Shares

1.1 million

Market Value of Publicly Held
Shares$80 million

Bid Price$4

Shareholders

300 Round Lot Holders; orat least 2,200 total stockholders and average monthly trading volume of
100,000 shares (for most recent 6 months); orat least 500 total stockholders and average monthly trading volume of
1,000,000 shares (for most recent 12 months).

Units, if any

The components of the units must satisfy the initial listing requirements for the
Nasdaq Global Market applicable to the component.

Warrants, if any

At least 1,000,000 warrants outstanding;At least $4 million aggregate market value;
Warrants should have a minimum life of one year; andWarrants may not contain a voluntary exercise price adjustment provision, unlesscertain requirements are met.**• Please note that SPACs listed pursuant to Rule 5406 are subject to immediate delisting in any of the continued listing requirements are not met
once listed. A timely request for a hearing will not stay the suspension of trading in the SPACs securities.
** See Listing Rule 5406(d)(4) for conditions.

January 2024

Nasdaq, Inc. 10

Nasdaq Capital Market: Financial and Liquidity Requirements
Companies (other than those listing in connection with a Direct Listing) must meet all of the criteria under at least one of thethree standards below.
Requirements

EquityStandard

Market Value of
ListedSecurities
Standard*

Net Income
Standard

Listing Rules

5505(a) and5505(b)(1)5505(a) and5505(b)(2)5505(a) and5505(b)(3)

Stockholders’ Equity$5 million$4 million$4 million

Market Value of Unrestricted
Publicly Held Shares$15 million$15 million$5 million

Operating History

2 years------

Market Value of Listed Securities---$50 million---

Net Income from Continuing Operations(in the latest fiscal year or in two of thelast threefiscal years)

---

---

$750,000

Unrestricted Publicly HeldShares

1 million

1 million

1 million

Unrestricted Round Lot Shareholders**

300

300

300

Market Makers

3

3

3

Bid Price

$4

$4

$4

$3

$2

$3

OR
Closing Price**** Currently traded companies qualifying solely under the Market Value Standard must meet the $50 million market value of listedsecurities and theapplicable bid price requirement for 90 consecutive trading days before applying.
** Securities subject to resale restrictions for any reason are excluded from the calculation of publicly held shares, market value of publicly held shares andround lot shareholders. In addition, except for SPACs listing under IM-5101-2, at least half of the minimum required number of round lot holders must eachhold unrestricted securities with a minimum value of $2,500.
*** To qualify under the closing price alternative, a company must have (i) average annual revenues of $6 million for three years, (ii)net tangible assets of$5 million or (iii) net tangible assets of $2 million and a 3-year operating history, in addition to satisfying the otherfinancial and liquidity requirements listed
above.
In addition to the above requirements, if the security is trading in the U.S. over-the-counter market as of the date of application, the security must have a minimum
average daily trading volume of 2,000 shares (including trading volume of the underlying security on the primary market with respect to an ADR), over the 30
trading day period prior to listing, with trading occurring on more than half of those 30 days, unless such security is listed on the Exchange in connection with afirm commitment underwritten public offering of at least $4 million.
A company that principally administers its business in a Restrictive Market, and is conducting an initial public offering, must offer a minimum amount of securities
in a firm commitment underwritten public offering in the U.S. to public holders that (i) will result in gross proceeds to the company of at least $25 million or (ii)will represent at least 25% of the company’s post-offering Market Value of Listed Securities, whichever is lower. A company that is conducting a businesscombination with an entity that principally administers its business in a Restrictive Market must have a minimum market value of unrestricted publicly held
shares following the business combination equal to the lesser of (i) $25 million or (ii) 25% of the post-business combination entity’s market value of listed
securities.

January 2024

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Nasdaq Capital Market: Direct Listing Financial and Liquidity Requirements
Companies listing in connection with a Direct Listing must meet all of the criteria under at least one of the threestandards below. Listing Rule IM-5505-1 provides that in determining whether a Company satisfies the initial listing
requirements based on the price of a security, Nasdaq will rely on a valuation* provided by an independent thirdparty that has significant experience and demonstrable competence or certain compelling evidence.
Requirements

Equity Standard

Market Value of Listed
Securities Standard

Net Income Standard

Listing Rules

5505(a) and 5505(b)(1)5505(a) and 5505(b)(2)5505(a) and 5505(b)(3)

Stockholders’ Equity$5 million$4 million$4 million

Valuation Based Market Valueof Unrestricted Publicly Held Shares
OR
Compelling Evidence-based
MVUPHS$30 million$30 million$10 million$37.5 million$37.5 million$12.5 million

Operating History

2 years------

Valuation Based Market Value of
Listed Securities
OR
Compelling Evidence-based MVLS---Net Income from Continuing
Operations (in the latest fiscal year orin two of the last threefiscal years)---

Unrestricted Publicly HeldShares
Unrestricted Round Lot
Shareholders**
Market Makers
Valuation Based Bid Price
OR
Compelling Evidence-based
Bid Price$100 million--$125 million

1 million
300---$750,000

1 million

1 million

300

300

3

3

3
$8

$8

$8

$10

$10

$10

* If the company's security has had sustained recent trading in a private placement market, Nasdaq will attribute price, market value oflisted securities, and market value of unrestricted publicly held shares to the company equal to the lesser of (i) the value calculable basedon the independent third-party valuation and (ii) the value calculable based on the most recent trading price in a private placement
market.
**Securities subject to resale restrictions for any reason are excluded from the calculation of publicly held shares, market value of publicly
held shares and round lot shareholders. In addition, except for SPACs listing under IM-5101-2, at least half of the minimum required
number of round lot holders must each hold unrestricted securities with a minimum value of $2,500.
A company that principally administers its business in a Restrictive Market will not be permitted to list on the Nasdaq Capital Market inconnection with a Direct Listing.

January 2024

Nasdaq, Inc. 12

Corporate Governance Requirements
Companies listed on The Nasdaq Stock Market are required to meet high standards of corporate governance,
as set forth in the Listing Rule 5600 Series. Certain exemptions and phase-ins from these requirements apply
to limited partnerships, foreign private issuers, initial public offerings and controlled companies.
The following chart provides an overview of Nasdaq’s corporate governance requirements.
For a more detailed discussion, please refer to our Listing Rules or consult our comprehensive list of frequently
asked questions. If you would like to speak with Listing Qualifications Staff at any time, please call us at +1 301
978 8008. While such conversations are generally sufficient to answer your questions, we also provide
definitive written guidance, which can be requested through the Listing Center.
Corporate GovernanceRequirement

Listing Rule

Distribution of Annual orInterim Reports

The company must make its annual and interim reports
available to shareholders, either by mail or electronicallythrough the company’s website.

5250(d)Independent Directors

The company’s board of directors is required to have amajority of independent directors.

5605(b)

Audit Committee

The company is required to have an audit committee
consisting solely of independent directors who also satisfy
therequirements of SEC Rule 10A-3 and who can read andunderstand fundamental financial statements. The audit
committee must have at least three members. One memberof the audit committee must have experience that results in
the individual's financial sophistication.

5605(c)Compensation of Executive
Officers

The company is required to have a compensationcommitteeconsisting solely of independent directors andhaving at leasttwo members. In addition, Rule 5605(d)(2)(A)includes an additional independence test for compensationcommittee members. The compensation committee must
determine, orrecommend to the full board for
determination, the compensation of the chief executive
officer and all other executive officers.

5605(d)Nomination of Directors

Independent directors must select or recommend
nominees for directors.

5605(e)

The company must have, or explain why it does not have,at least two members of its board of directors who are
Diverse, including (i) at least one Diverse director who selfidentifies as Female; and (ii) at least one Diverse director
who self-identifies as an Underrepresented Minority or
LGBTQ+. Note that companies are eligible for phase-in
periods and this rule is not fully effective until December
31, 2026.

5605(f)Board Diversity

January 2024

Description

Nasdaq, Inc. 13

Corporate GovernanceRequirement

Listing Rule

Code of Conduct

The company must adopt a code of conduct applicable toalldirectors, officers and employees.

5610

Annual Meetings

The company is required to hold an annual meeting ofshareholders no later than one year after the end of its
fiscal year.

5620(a)The company is required to solicit proxies for all
shareholder meetings.

5620(b)

The company must provide for a quorum of not less than
33 1/3% of the outstanding shares of it voting stock for any
meeting of the holders of its common stock.

5620(c)Conflict of Interest

The company must conduct appropriate review andoversight of all related party transactions for potential
conflict of interest situations.

5630

Shareholder Approval

The company is generally required to obtain approval fromshareholders prior to issuing securities in connection with:(i) certain acquisitions of the stock or assets of anothercompany; (ii) equity-based compensation of officers,
directors, employees or consultants; (iii) a change ofcontrol; and (iv) a 20% Issuance at a price less than the
Minimum Price.

5635

Voting Rights

Corporate actions or issuances cannot disparately reduceor restrict the voting rights of existing shareholders.

5640

Solicitation of Proxies

QuorumJanuary 2024

Description

Nasdaq, Inc. 14

Fees
The charts below provide an overview of entry and annual fees, by market tier, for most companies. There is
aseparate entry fee schedule for closed end funds, debt securities, exchange traded funds and other types ofstructured products. More information about fees is available in the Listing Rule 5900 Series.

Entry Fees
Entry fees on the Nasdaq Capital Market, except for SPACs, are based upon the aggregate number of shares
outstanding at the time of initial listing. The application fee, which is included in the amounts below, is nonrefundable and must accompany the application submission. The remainder of the entry fee is due prior to
the first day of trading. Please see Rules 5910(a) and 5920(a) for exemptions from the Entry Fees, including
for any company that switches its listing from another national securities exchange. Entry fees on the
Nasdaq Global Market are $295,000 for any company, except for SPACs. However, if the company applies
prior to January 1, 2024, and lists on the Nasdaq Global Market prior to February 15, 2024, the applicable
fee will be $270,000. Any company that lists an additional class of equity securities on the Nasdaq Global
Market is not subject to entry fees but is charged a non-refundable $25,000 initial application fee. Entry fees
for SPACs are $80,000 on any Nasdaq tier.

Nasdaq Global Select Market and Nasdaq Global Market
Entry Fee
Flat fee$295,000, including $25,000 application fee

Nasdaq Capital Market
Total Shares Outstanding*

Entry Fee

Up to 15 million$50,000, including $5,000 application fee

Over 15 million$75,000, including $5,000 application fee

SPAC Entry Fees on Nasdaq (any tier)
Entry Fee
Flat fee$80,000, including $5,000 application fee* In the case of a company listing units, including acquisition companies, total shares outstanding includes
each of the components of the unit, but not for the unit itself. For example, if a company lists 50 million
units, each consisting of 1 share of common stock and one-half of a warrant, fees would be charged based on
75 million securities outstanding, consisting of the 50 million shares of common stock and 25 million
warrants.

January 2024

Nasdaq, Inc. 15

All-Inclusive Annual Fee*
Companies are automatically enrolled in the All-Inclusive Annual Listing Fee program. For more informationon the All-Inclusive Annual Fee program, please review our frequently asked questions.
In the first year of listing, the company’s annual fee will be prorated based on the month of listing. A company
that switches its listing from another national securities exchange does not owe an All-Inclusive Annual Fee forthe year of the transfer.

Nasdaq Global Select and Global Markets (Effective January 1, 2024)
Total Shares Outstanding**

Annual Fee
Domestic and Foreign Issues(excluding American Depositary
Shares)Annual Fee
American Depositary Shares

Up to 10 million$52,500$52,500

10+ to 50 million$65,500$59,500

50+ to 75 million$85,000$70,500

75+ to 100 million$113,500$94,000

100+ to 125 million$141,500$94,000

125+ to 150 million$157,500$94,000

Over 150 million$182,500$94,000

Nasdaq Capital Market (Effective January 1, 2024)
Annual Fee
Domestic and Foreign Issues

Annual Fee
American Depositary Shares

Up to 10 million$49,500$49,500

10+ to 50 million$65,500$59,500

Over 50 million$85,000$59,500

Total Shares Outstanding**(excluding American Depositary Shares)

SPAC Annual Fees on Nasdaq (any tier) (Effective January 1, 2024)
Annual Fee Domestic and Foreign Issues
Flat fee$81,000* The only regulatory fees not included in the All-Inclusive Fee are those for hearings and appeals.

** In the case of a company listing units, including acquisition companies, total shares outstanding includes each of
the components of the unit, but not for the unit itself. For example, if a company has 50 million units listed, eachconsisting of 1 share of common stock and one-half of a warrant, fees would be charged based on 75 million
securities outstanding, consisting of the 50 million shares of common stock and 25 million warrants.

January 2024

Nasdaq, Inc. 16

Listing Requirements and Fees for Other Types of Securities
The following charts should be used as a reference to help you locate the specific section of our Listing Rules
that apply when a company is seeking to list a security other than the primary common stock or ordinary
shares of an operating company.

Nasdaq Global Select Market
Description of Securities
Closed End Funds
Preferred Stock and Secondary Classes of Common Stock
Units, Rights and Warrants

Listing Rules
5315(b), 5315(c)and 5450
5320, 5415 and
5460
5225, 5320, 5455
and 5460

Entry Fee
Rules
5910(a)Annual Fee
Rules
5910(b)(2)(C)5910(a)5910(b)Nasdaq Global Market
Description of Securities

Listing Rules

Preferred Stock and Secondary Classes of Common Stock5415 and 5460

Units, Rights and Warrants

5225, 5410 and
5455

Entry Fee
Rules

Annual Fee
Rules

5910(a)5910(b)5935(a)5935(b)Debt Securities (Other than Convertible Debt and Baby
Bonds)

5702

Exchange Traded Funds: Portfolio Depository Receipts

5705(a)Exchange Traded Funds: Index Fund Shares

5705(b)5940(a)5940(b)Linked Securities

5710

5930(a)5930(b)

Certain Other Derivative Securities

5711

5940(a)5940(b)Alpha Index Linked Securities

5712

Selected Equity-Linked Debt Securities

5715

5930(a)5930(b)Trust Issued Receipts

5720

Index Warrants

5725

5940(a)5940(b)5730

5930(a)5930(b)5735

5940(a)5940(b)Other Securities, which include Callable Common Stock,
Contingent Litigation Rights/Warrants, Trust
Preferred Securities, and Baby Bonds
Managed Funds

Nasdaq Capital Market

January 2024

Description of Securities

Listing Rules

Preferred Stock and Secondary Classes of Common Stock

5510 and 5555

Convertible Debentures, Rights and Warrants

5515 and 5560

Units

5225

Entry Fee
Rules
5920(a)Annual Fee
Rules
5920(b)Nasdaq, Inc. 17

Corporate Services
Nasdaq’s Corporate Services offers a wide array of products and services designed to enhance transparency, mitigate
risk, maximize efficiency and facilitate better corporate governance for private and public companies.
All companies listed on Nasdaq receive free access to Nasdaq’s Market Intelligence Desk and Nasdaq Online.
Nasdaq also offers additional complimentary services to certain new listings, including companies listing on
Nasdaq’s Global and Global Select Markets in connection with an initial public offering, upon emerging frombankruptcy, or in connection with a spin-off or carve-out from another company. Nasdaq also offers such services
to companies that switch their listing from the New York Stock Exchange to Nasdaq’s Global or GlobalSelectMarkets. The services are offered directly via Nasdaq Corporate Solutions, LLC, an affiliate of Nasdaq, ora thirdparty provider selected by Nasdaq. Specifically, eligible companies will receive certain of the following governance,
communications and intelligence services:•

Whistleblower Hotline: Use of a financial reporting hotline that provides employees and others with a fullyautomated means of reporting incidents and concerns.

•

Investor Relations Website: Use of a website with all the necessary content and features to communicate withinvestors, including a corporate governance library containing documents such as the Board committees’
charters and the company’s code of ethics.

•

Disclosure Services: Companies will be provided disclosure services for earnings or other press releases, and thefilingof related regulatory reports.

•

Audio Webcasts: A package of four audio webcasts.

•

Media Monitoring/Social Listening: A service that tracks coverage of company mentions, news and events acrossonline and social media.

•

Virtual Event: A virtual event platform for use during investor or capital market day presentations covering a single
event.

•

Market Analytic Tool: Use of a market analytic tool, which integrates corporate shareholder
communications, capital market information, investor contact management, and board-level reportinginto
a unified workflow environment including mobile device access. This tool provides information aboutresearchand earnings estimates on the company and helps identify potential purchasers of the company’s stockusing quantitative targeting and qualitative insights.

•

Market Advisory Tools: Certain companies can choose one or more of the following services: Stock
Surveillance, Global Targeting, Monthly Ownership Analytics and Event Driven Targeting, and an Annual
Perception Study.

•

Environmental, Social and Governance (ESG) Services: ESG Education & Sector Benchmarking, Core ESG
Software Solution, Advanced ESG Software Solution, and ESG Advisory Services. These services include
access to ESG education, insight and sector benchmarks and software solutions that will simplify thegathering, tracking, approving, managing and disclosing of ESG data. Qualified Companies will receive
customized ESG consulting services designed to aid the company in achieving and enhancing its ESG program
excellence.

Most eligible companies receive services for three years from the date of listing. Companies with a market
capitalization of $750 million or more that switch from the New York Stock Exchange to Nasdaq’s Global or Global
Select Markets receive these products and services for four years from the date of listing. Additional details about
the services and eligibility are available in IM-5900-7 of the Nasdaq Rules.
For more information about the corporate solutions available for your company, please contact us by email at
corporatesolutions@nasdaq.com or by telephone at +1 844 375 2626.
January 2024

Nasdaq, Inc. 18

Contact Information
We’re here to help. If you need assistance, feel free to contact us.
Contact

January 2024

For Questions Regarding

By Phone or Email

New Listings &Capital Markets

New Company Listings, including
Companies Switching from
Other Exchanges

Phone: +1 301 978 8008
Email: listingapplications@nasdaq.com

Corporate
Communications

General Press and Photo
Inquiries

Email: CorporateCommunications@nasdaq.com

Corporate Data
Operations

Stock Splits/Dividends, Company
Reorganizations, Name andSymbol Changes

Phone: +1 203 926 3501 or +1 877 308 0523
Email: nasdaqreorgs@nasdaq.com

Corporate Services

Nasdaq Online, IR Intelligenceand Governance Solutions

Phone: +1 844 375 2626
Email: corporatesolutions@nasdaq.com

Listing Center
Support Desk

Problems Logging In and Other
Technical Questions

Phone: +1 301 978 8001

Listing
Qualifications

Application Process,InitialListing

Phone: +1 301 978 8008
Email: listingapplications@nasdaq.com

Continued Listing, Deficiency
Process

Email: continuedlisting@nasdaq.com

Rule Interpretation Requests,
Corporate Governance

Email: staffinterpretations@nasdaq.com

Listing of Additional Shares

Email: las@nasdaq.com

Market Intelligence
Desk (MID)The overall marketplace, realtime quotes, trading analysis,
and MID reports

Phone: +1 646 344 7800
Email:
Market.IntelligenceDesk@nasdaq.com

MarketWatch

Disclosure of Material News,
Company Press Releases,
Regulation FD Compliance,
Trading Halts

Phone: +1 301 978 8500 or +1 800 537 3929
Email: nasdaqmarketwatch@nasdaq.com

OGC, Hearings
Department

Hearing Requests and Process

Phone: +1 301 978 8203
Email: hearings@nasdaq.com

SymbolReservations

Reserving or changing a symbol
for trading on The Nasdaq Stock
MarketPhone: +1 212 231 5530
Email: symbol.reservation@nasdaq.com

Nasdaq, Inc. 19