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.
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Key Dates
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