Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change To Adopt a New Continued Listing Requirement
Published Date: 1/29/2026
Notice
Summary
Nasdaq wants companies listed on its exchange to have at least $5 million in market value to keep their spot. If a company falls below that, Nasdaq can pause trading and remove it quickly. This change affects all Nasdaq-listed companies and aims to keep the market strong and trustworthy, with new rules kicking in soon after approval.
Analyzed Economic Effects
6 provisions identified: 1 benefits, 5 costs, 0 mixed.
Immediate delisting after 30 business days
If a company's Market Value of Listed Securities is below $5,000,000 for a period of 30 consecutive business days, Nasdaq staff will notify the company and the securities will be immediately subject to suspension from trading and delisting from Nasdaq.
New $5 million minimum listing value
Nasdaq proposes new Listing Rules 5450(a)(3) and 5550(a)(6) requiring companies listed on the Nasdaq Global and Nasdaq Capital Markets to maintain a Market Value of Listed Securities of at least $5,000,000.
No cure/compliance period for $5M deficiency
Nasdaq proposes to amend Rule 5810(c)(3) so a company that fails to meet the $5,000,000 Market Value of Listed Securities requirement will not be entitled to a cure or compliance period for that deficiency.
No stay on suspension during appeal; OTC trading
Nasdaq proposes to amend Rule 5815 so that a timely request for a hearing will not stay suspension of securities that were subject to a Staff Delisting Determination for failing the $5,000,000 market-value requirement; such securities would generally trade in the over-the-counter market while an appeal is pending.
Hearings Panel limited to finding staff error
For delisting determinations based on failing to maintain a $5,000,000 Market Value of Listed Securities, Nasdaq proposes to limit the Hearings Panel so it may only reverse a delisting if it determines the Staff Delisting Determination letter was in error and the company never failed the requirement; the Panel may not consider regained compliance or grant exceptions.
Stated investor-protection rationale
Nasdaq states the changes are intended to enhance investor protection and promote fair and orderly markets by preventing companies with sustained market values under $5,000,000 from continuing to trade on Nasdaq.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in