Nasdaq Proposes Stricter Initial And Continued Listing Standards

Key Takeaways

• Nasdaq proposed changes to its initial and continued listing standards, including a US$15 million minimum market value of public float for new listings under the net income standard and an accelerated delisting process for securities with a listing deficiency and a market value of listed securities below US$5 million.
• Nasdaq proposed a US$25 million minimum public offering proceeds requirement specifically for new listings of companies principally operating in China.

Nasdaq Proposes Changes to Initial and Continued Listing Standards

The Nasdaq Stock Market LLC ("Nasdaq") recently proposed modifications to its initial and continued listing standards ("Proposed Listing Standards"). The Proposed Listing Standards were submitted to the U.S. Securities and Exchange Commission ("SEC") on September 3, 2025, for review.¹ If approved by the SEC, the Proposed Listing Standards would introduce both increased requirements for minimum company public