Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Order Granting Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Adopt a New Continued Listing Requirement
Published Date: 7/27/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
6 provisions identified: 2 benefits, 3 costs, 1 mixed.
New $5M minimum listing floor
If your company is listed on Nasdaq’s NGS, NGM, or NCM, it must keep a Market Value of Listed Securities (MVLS) of at least $5,000,000. If the MVLS stays below $5,000,000 for 30 consecutive business days, the company’s securities will be immediately subject to suspension and delisting.
No cure period for MVLS failures
If a company fails the MVLS test (MVLS under $5,000,000 for 30 consecutive business days), it will not be eligible for any cure or compliance period and will immediately receive a Staff Delisting Determination. That means the usual temporary cure or compliance relief will not apply for this specific MVLS failure.
No stay of suspension during MVLS appeals
If your company receives a Staff Delisting Determination for failing the MVLS Requirement, a timely request for a Hearings Panel review will not keep your securities trading on Nasdaq during the appeal. Nasdaq explains suspended securities would generally trade in the over-the-counter (OTC) market while the panel decides.
Hearings Panel may grant 180‑day exception
If a company receives a Staff Delisting Determination for failing the MVLS Requirement, the Nasdaq Hearings Panel may reverse the decision if staff erred or may grant an exception for up to 180 days from the Staff Delisting Determination for the company to show it meets initial listing requirements.
Rule aims to curb manipulation in tiny stocks
The SEC and Nasdaq say securities with MVLS below $5,000,000 are more vulnerable to manipulation and volatility, so removing persistent low-MVLS listings aims to protect investors and promote fair and orderly markets. The rule targets cases where MVLS is under $5,000,000 for 30 consecutive business days.
Scope: dozens of issuers could be affected
The SEC analysis shows the number of issuers that would have failed the MVLS Requirement rose from 2 in 2021 to 140 in 2023, then was 122 in 2024 and 91 in 2025, indicating a sizable number of listed issuers could be subject to suspension or delisting under the new rule.
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