# 2025-04343: Nasdaq Lowers Bar for Dreamy Public Debuts

2025-04343, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Modify Certain Initial Listing Liquidity Requirements, is a Federal Register notice from Securities and Exchange Commission published 2025-03-18, effective 2025-04-11 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-04343
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-04343
- Title: Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Modify Certain Initial Listing Liquidity Requirements
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 12608
- Published: 2025-03-18
- Effective: 2025-04-11
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Nasdaq Lowers Bar for Dreamy Public Debuts

## Summary

Nasdaq is changing its rules so companies going public or moving up from the OTC market only need to meet certain stock value requirements using money raised from their offering. This makes it easier and clearer for companies to list on Nasdaq’s Global or Capital Markets. The new rules kick in 30 days after SEC approval, helping companies get listed faster without extra cash hurdles.

## Effects PRIA read

- Require IPOs to Meet Public-Float With Offering: cost, medium. If a company lists on the Nasdaq Global Market or Nasdaq Capital Market in connection with an initial public offering (IPO), it must meet the minimum Market Value of Unrestricted Publicly Held Shares using only the proceeds from that offering. The relevant minimums include $8 million (Income Standa…
- Resale Shares Excluded from Initial Float: cost, low. For companies listing in conjunction with an IPO (including ADRs) and for companies uplisting from the OTC market relying on an offering, previously issued 'Resale Shares' that are registered for resale and not held by officers, directors, or 10% shareholders will not be counted toward the Market V…
- Higher Minimum Offering Size for Uplist Alternative: cost, high. A company uplisting from the OTC market that uses the offering-size alternative to the ADV Requirement must now meet a larger minimum public offering: at least $5 million for Nasdaq Capital Market applicants and at least $8 million for Nasdaq Global Market applicants. If the company qualifies under…

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## Sources
- [2025-04343 on federalregister.gov](https://www.federalregister.gov/documents/2025/03/18/2025-04343/self-regulatory-organizations-the-nasdaq-stock-market-llc-notice-of-filing-of-amendment-no-1-and)
- [2025-04343 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-03-18/pdf/2025-04343.pdf)

## Related
- [Previous: 2025-04342, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-04342)
- [Next: 2025-04344, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of a…](https://policyrisk.com/federal-register/2025-04344)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-04343 (as of 2026-06-08).