NYSE Listing Standards

The Exchange offers two sets of standards – worldwide and domestic – under which non-U.S. companies may qualify for listing. Both standards include distribution and financial criteria. A company must qualify for both the distribution and financial criteria within that particular standard.

This chart is to be used for an initial evaluation only. The Exchange will work with each company to determine which standards are best suited to that entity. For a more complete discussion of the minimum numerical standards applicable to non-U.S. companies, see Section 103.01 of the Listed Company Manual.

CRITERIA

REQUIREMENTS

WORLDWIDE

DOMESTIC
May satisfy either A, B, or C:

Distribution

Round-Lots Holders
Total Shareholders

5,000

A. 2,000 U.S.round lot shareholders

B. 2,200 total shareholders and 100,000 shares monthly trading volume (most recent 6 months)

C. 500 total shareholders and 1,000,000 shares monthly trading volume (most recent 12 months)

Public Shares

2.5MM

1.1MM

Public Market Value

$100MM

IPO's, Carve-outs & Spin-offs

N/A

$60MM

All other listings

N/A

$100MM

Financials

Earnings

Aggregate Pre-tax Income for last 3 years

$100MM

$10MM

Minimum Pre-Tax Income in each of 2 preceding years

$25MM

$2MM
(all 3 years must be positive)

Valuation/Revenue Test
May satisfy either A or B

A. Valuation with Cash Flow Test

Global Market Capitalization

$500MM

Revenues (most recent 12-month period)

$100MM

Aggregate Cash Flow for last 3 years

$100MM

$25MM
(all 3 years must be positive)

Minimum Cash Flow in each of 2 preceding years

$25MM

N/A

B. Pure Valuation Test

Global Market Capitalization

$750MM

Revenues (most recent fiscal year)

$75MM

Affiliated Company
For new entities with a parent or affiliated company listed on the NYSE

Global Market Capitalization

$500MM

	At least 12 months of operating history

	Affiliated listed company is in good standing

	Affiliated listed company retains control of the entity

Yes

Yes

Yes