Free Assessment
The Nasdaq Readiness Scorecard
Twelve questions on the standards Nasdaq actually applies: price, capitalization, distribution, governance, and reporting. See where you stand in about three minutes.
Companies on the path to Nasdaq, from private issuers and OTC issuers planning an uplisting to companies already listed and managing their continued-listing standards, are closer than they think on some requirements and further away than they realize on others. The listing application asks for numbers the company usually has: last reported stockholders' equity, the number of round-lot holders, unrestricted shares, market makers willing to quote, and audit status.
This scorecard walks through the categories Nasdaq reviews, in the order a company normally needs to address them. You answer twelve questions, see an indicative result, and can request the written report that explains what the numbers mean for a company like yours.
What the scorecard covers
- Price and capitalization. The $4 rule for IPOs and the standards below it.
- Distribution. Round-lot holders, unrestricted shares, and market makers.
- Governance. Independent directors, audit committee, and the annual meeting.
- Reporting. Audited financials and current SEC filings.
- Every listing path. The initial standards apply to IPOs, SPACs, foreign private issuers, spin-offs and carve-outs, direct listings, and companies transferring from another exchange.
- Already listed. Companies already on Nasdaq or NYSE American can take the scorecard against the continued-listing standards that keep a listing.
- Timing. FINRA processing, transfer-agent records, and offering structure.
How It Works
How the scorecard works
Answer twelve questions
Each one maps to a real Nasdaq listing standard. Most people finish in about three minutes, and no answer is required to match a number you are not sure about.
See your indicative result
You get a score band on screen with the factors that most often matter at your stage, plus the questions worth resolving before an application goes in.
Request the written report
Enter your email and we send a report that walks through each standard, what the company needs to show, and the documents Nasdaq asks for.
Questions
Frequently asked questions
Does the scorecard use real Nasdaq requirements?
Yes. The questions track the categories Nasdaq reviews for initial listing: price, stockholders' equity or market value, publicly held shares, round-lot and unrestricted holders, market makers, audited financials, and governance. The written report cites the standards in more detail.
My company is a SPAC, a foreign private issuer, a spin-off, or planning a direct listing. Does the scorecard still work?
The categories are the same, and the report reads them against the standards for the company's situation. Nasdaq publishes separate initial-listing tables for SPACs under its alternative SPAC standards, foreign private issuers and Restrictive Market companies, spin-off and carve-out companies, direct listings, and companies transferring from another exchange, and some paths carry higher price or market-value floors than the tables for operating companies. Answer the twelve questions and note the company's path, and the report compares the answers to the right table.
Will I get spam after I enter my email?
No. We use your email to send the report you requested. If you want to keep talking, we suggest a call, and the choice is yours.
Is this legal advice?
No. The scorecard and the report are general information, not advice about your company. Attorney-client privilege begins when the firm agrees to represent you, and a consultation is the way to start that conversation.
What does the report cost?
Nothing. The written report is free.
What if my company is already listed?
The same categories apply to a company already listed. Staying listed is its own work: the exchanges review bid price, stockholders' equity, market value of publicly held shares, market-maker support, audit committee composition, and filing currency on a rolling basis, and a standard that weakens arrives as a deficiency notice with a cure period. The report explains why a listed company takes the assessment, reads your answers against the continued-listing standards rather than the initial-listing standards, and sets out what to strengthen before the exchange sends the notice rather than after. If the notice escalates to a delisting determination, the next step is the hearings process, which the firm covers in its guide to Nasdaq Hearings and Appeals.
Get Started
Talk to Capital Markets Law Group About Your Listing Plan
Whether you are weighing the scorecard results, preparing an application, or managing a deficiency notice, the firm can help you plan the next step. Call, email, or book a consultation online.