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Nasdaq provides an opportunity for companies to seek a preliminary listing eligibility review through its Listing Qualifications Department prior to submitting a formal application. This preliminary review is designed to help companies determine whether they meet Nasdaq’s listing requirements and identify any potential issues before the official application process begins.
Overview of the Preliminary Review Process
During the preliminary review, Nasdaq's Listing Qualifications Staff will examine the company’s public filings to assess whether it meets the numerical listing requirements. Additionally, the review will address compliance with corporate governance standards outlined in Listing Rule 5600, such as board structure and committee composition, as well as regulatory concerns under Listing Rule 5101 and IM-5101-1.
To facilitate this process, companies may find it useful to review the information required for the "Regulatory Proceedings/Litigation" section of the Listing Application. This can be done using Nasdaq's preview function to understand the necessary documentation and responses.
Discussion and Further Steps
If necessary, the Listing Qualifications Staff will arrange a meeting with the prospective applicant to discuss any preliminary conclusions. This dialogue helps clarify whether the company satisfies Nasdaq’s numerical criteria for initial inclusion and whether any identified governance or regulatory issues might impact the listing.
Final approval for listing, however, is contingent upon the submission of a formal listing application. This application will undergo a comprehensive review to ensure continued compliance with all Nasdaq criteria for initial listing. Additionally, Nasdaq will perform qualitative reviews, including an examination of the regulatory history of the company’s officers, directors, and significant shareholders.
Contact Information
Companies interested in initiating the preliminary review process should contact:
- Jack Cassel, Vice President, New Listings, at [email protected] or +1 415 243 3201 (for U.S. Listings).
- Bob McCooey, Senior Vice President, New Listings and Capital Markets, at [email protected] or +1 212 401 8724 (for Non-U.S. Listings).
By engaging in the preliminary review, companies can better prepare for the formal application process and address any potential issues early, increasing the likelihood of a successful listing on Nasdaq.
