Texas Stock Exchange Sets Fees for Companies Seeking Listings
Published Date: 10/23/2026
Notice
Summary
The Texas Stock Exchange is rolling out new fees for companies that want to list their stocks on the exchange. Starting soon, businesses will pay an entry fee, an application fee, and yearly listing fees, with special rates for companies listed on multiple exchanges. This change affects all current and future listed companies and kicks in immediately to help the exchange keep things running smoothly.
Analyzed Economic Effects
8 provisions identified: 4 benefits, 3 costs, 1 mixed.
One-time $325,000 Entry Fee for First Listings
If your company lists a class of securities on TXSE for the first time, it must pay a one-time Entry Fee of $325,000 on the date of listing.
Annual ‘All‑Inclusive’ Fees: Per‑Share Rate, Floors, Cap
For primary listed securities, TXSE charges an annual All‑Inclusive Fee equal to the greater of a per‑share rate of $0.001250 times shares outstanding as of December 31 of the prior year, or the applicable minimum; the fee is subject to a $250,000 maximum. Minimums are $70,000 for common shares (and for a primary preferred class when no common is listed) and $15,000 for other preferred classes and for each class of warrants, units, or rights. The first year is prorated from listing date through year end; additional share issuances during the year do not increase the fee for that year.
Flat $600,000 Company Fee for Dual‑Listed Firms
If your company has one or more securities dually listed on TXSE and another national exchange, the company-wide All‑Inclusive Annual Fee is $600,000; TXSE will assess the fee for the year on the first day of the calendar month after the dual listing becomes effective and prorate it for that calendar year (for example, a dual listing effective April 15 would be assessed on May 1 and prorated to $400,000 for the eight remaining months). No refunds are provided if the company later ceases the dual listing, and multiple dually‑listed securities do not multiply the fee.
Lower $80,000 Entry Fee for SPACs
If your company is an acquisition company (SPAC), the Entry Fee for its primary equity securities (and related units, warrants, or rights) is a flat $80,000 instead of $325,000.
Initial Application Fee: $25,000 Creditable But Non‑Refundable
Your company must pay a non‑refundable Initial Application Fee of $25,000 for its first listing application; if the company lists, that $25,000 is credited in full toward the Entry Fee. The Exchange will not grant eligibility clearance until it receives this fee.
Transfer Exemptions Cut Duplicate Charges
If your company transfers a class of equity securities to TXSE from another national exchange, it would be exempt from the Entry Fee and the Initial Application Fee, and it would not pay the All‑Inclusive Annual Fee for the transferred primary class for the transfer year.
Calculation Exceptions for Aggregation, Foreign Issuers, and Transaction Listings
TXSE will aggregate all listed classes of common shares when calculating an annual fee. For foreign private issuers, the annual‑fee calculation includes only equity securities issued and outstanding in the United States if the company provides timely information. A newly listed company resulting from a transaction involving an existing TXSE‑listed company will not pay annual fees for the calendar year in which it lists.
Board Can Defer or Waive Fees in Limited Cases
The TXSE Board (or its designee) may, in its discretion, defer or waive all or part of Entry Fees or All‑Inclusive Annual Fees, but any waiver or deferral must be administered consistently with the Exchange Act (e.g., equitably allocated and not unfairly discriminatory) and the Exchange will keep records explaining the basis.
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