Nasdaq Proposes Five-Million-Dollar Listing Threshold
Published Date: 6/25/2026
Notice
Summary
Nasdaq wants to make sure companies listed on its exchange have at least $5 million in market value to keep their spot. This new rule helps keep the market strong and fair for investors. Companies will need to meet this rule soon, or they risk being delisted, which could impact their value and trading.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
Immediate Suspension After 30 Days Below $5M
If a Nasdaq-listed company's MVLS stays under $5,000,000 for 30 consecutive business days, Nasdaq staff will issue a delisting notice and the company's securities will be immediately suspended and subject to delisting. Nasdaq proposes modifying Rule 5810 so that companies failing the $5 million MVLS requirement for 30 consecutive business days are not entitled to the usual cure or compliance period.
New $5M Minimum Market Value
If you run a company listed on the Nasdaq Global Market (including Global Select) or the Nasdaq Capital Market, your company must maintain a Market Value of Listed Securities (MVLS) of at least $5,000,000 to remain listed. Nasdaq proposes adopting Listing Rules 5450(a)(3) and 5550(a)(6) to require this $5 million MVLS minimum.
Limited Appeal Rights; 180-Day Exception Option
If a company is issued a Staff Delisting Determination for failing the $5,000,000 MVLS test, a request for a hearing generally will not stay the suspension from trading and the securities will typically trade in the over-the-counter (OTC) market while the appeal is pending. The Hearings Panel may reverse a delisting only if it finds the Staff Delisting Determination was in error, and where appropriate it may grant an exception of up to 180 days for the company to demonstrate it meets all initial listing requirements.
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