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Minimum Listing Standards

Tier I Basic
Tier I Alternate
Tier II
Net Tangible Assets
$4 million
$12 million
$2 million
Net Income
$750,000 pre-tax and $400,000 net in most recent year or 2 of 3 most recent years
No requirement
Demonstrated ability to produce adequate net earnings
Working Capital
No requirement
No requirement
Adequate
Years in Business
No requirement
Must be currently active and must have been active for past three consecutive years
Must be currently active and must have been active for past three consecutive years
Public Shares
500,000 with 800 holders;if over 1,000,000 shares minimum is 400 holders
1,000,000
250,000
Stockholders
See public shares
400
500
Stock Price
$5 at time of application and $5 closing bid for a majority of business days for most recent 6 months
$3 at time of application and $3 closing bid for a majority of business days for most recent 6 months
No requirement
Market Value of Public Shares
$3 million
$15 million
No requirement
Qualitative Requirements
Two independent directors; audit committee depositary eligibility; management of good character, etc.
Two independent directors; audit committee depositary eligibility; management of good character, etc.
Two independent directors; audit committee depositary eligibility; management of good character, etc.