NYSE Texas Aligns Listing Rules With Rival Exchanges
Published Date: 7/6/2026
Notice
Summary
NYSE Texas is updating its rules for companies that want to list or stay listed on its exchange. These changes make the standards clearer and more in line with other big exchanges, helping companies join or stay on NYSE Texas more easily. The new rules took effect right away on June 23, 2026, with no extra fees involved.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 0 costs, 2 mixed.
New numeric initial listing tests
NYSE Texas adopted four alternative initial listing standards for common stock. The standards include: (1) an income test of $750,000 in the last fiscal year (or two of the last three), (2) a $5,000,000 stockholders' equity test, (3) market value of listed securities of at least $50,000,000, and (4) market value of listed securities of at least $75,000,000. All standards require at least 1,000,000 publicly held shares, a minimum bid price of $4 for common stock (and $10 for preferred), and at least 400 public holders; the aggregate market value of publicly held shares must be at least $15,000,000 for Standards 1–3 and $20,000,000 for Standard 4. The Exchange also deleted the requirement that an initial public offering be underwritten on a firm commitment basis, allowing offerings such as those conducted under Regulation A to qualify.
New continued-listing equity tests and exemptions
NYSE Texas replaces net tangible assets-based maintenance tests with stockholders' equity-based standards and adds a $6,000,000 equity tier for issuers with sustained losses or net losses in their five most recent fiscal years. An issuer need not meet those criteria if it has either (i) total market capitalization of at least $50,000,000, or (ii) total assets and revenue of $50,000,000 each in its last fiscal year (or in two of the last three), and also has at least 1,100,000 publicly held shares, a market value of publicly held shares of at least $15,000,000 and 400 round lot shareholders. The Exchange also requires at least 300 public shareholders for continued compliance, provides that a class may not have publicly-held market value below $1,000,000 for more than 90 consecutive days, and adds reverse-split limits (a cumulative split ratio of 200-to-1 or more over two years can trigger immediate suspension/delisting).
Change to 'publicly held shares' definition
The Exchange will change its definition of 'publicly held shares' to exclude concentrated holdings of 10% or more instead of the current 5% threshold, and it adds definitions for 'restricted securities,' 'unrestricted securities,' and 'unrestricted publicly held shares.' The rule states that determinations of beneficial ownership for this purpose will be made in accordance with Rule 13c-3 under the Securities Exchange Act.
Preferred, debt, and warrant listing numeric changes
NYSE Texas aligns preferred stock, bond/debenture, and warrant listing standards with NYSE American. For preferred stock, it raises the minimum publicly held shares from 10,000 to 50,000 and retains a $1,000,000 minimum market value of publicly held shares while requiring issuers to meet common-stock size/earnings tests and demonstrate ability to service dividends; it also retains or requires public-beneficial-holder counts (e.g., 150). For bonds and debentures, the Exchange removes the prior requirement for at least 100 public beneficial holders, sets the market value of publicly held shares requirement at $400,000, and deletes an investment-grade rating requirement for bonds of non-listed issuers. For warrants, it requires at least 200,000 publicly held warrants by not less than 100 public warrantholders and that the underlying common/security be listed on NYSE, NYSE American or Nasdaq.
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