This section includes information on the requirements for listing other securities in addition to common stock or common stock equivalents on NASDAQ.

Applicable Rules: Marketplace Rules 4310, 4320, 4420 and 4450.

Preferred Stock

What are the initial and continued listing standards for preferred stocks?
Preferred stock listed on the NASDAQ National Market must meet the same initial and continued listing criteria as common stock. [Marketplace Rules 4420 and 4450, respectively]

For initial listing on the NASDAQ SmallCap Market, the preferred stock must have three market makers and meet the minimum $4.00 bid price requirement. For continued inclusion, the preferred stock must have two market makers and meet the minimum $1.00 bid price requirement. [Marketplace Rules 4310(c)(01) - market makers and 4310(c)(04) - bid] See Listing Requirements and Fees (PDF).

What are the fees associated with the listing of preferred stock on The NASDAQ Stock Market?
Preferred Stock is considered an "equity security" and is assessed fees in the same manner as common stock. See Listing Requirements and Fees (PDF).

Rights and Warrants

What are the initial listing standards for rights and warrants?
For initial listing, both markets require that the underlying security must be included and in good standing on NASDAQ or a national securities exchange. Each issue must have three market makers. An Electronic Communications Network ("ECN") is not considered a market maker for the purpose of these rules. The NASDAQ National Market requires that each issue have at least 450,000 outstanding, while the NASDAQ SmallCap Market requires that each issue have at least 100,000 outstanding. [For National Market companies, see Marketplace Rule 4420(d)(1). For SmallCap domestic and Canadian companies, see Marketplace Rules 4310(c)(1) and 4310(c)(9). For SmallCap non-Canadian foreign companies, American Depositary Receipts and American Depositary Shares, see Marketplace Rules 4320(e)(1) and 4320(e)(7).]

What are the continued listing standards for rights and warrants?
For continued listing, the underlying security must be included and in good standing on NASDAQ or a national securities exchange. Rights and Warrants are not subject to the publicly held shares, market value of publicly held shares, round lot shareholders or bid price requirements for initial or continued listing. Two market makers are required for continued listing. An Electronic Communications Network ("ECN") is not considered a market maker for the purpose of these rules. [For National Market companies, see Marketplace Rule 4420(d)(1). For SmallCap domestic and Canadian companies, see Marketplace Rules 4310(c)(1) and 4310(c)(9). For SmallCap non-Canadian foreign companies, American Depositary Receipts and American Depositary Shares, see Marketplace Rules 4320(e)(1) and 4320(e)(7).]

What are the fees associated with the listing of rights and warrants on The NASDAQ Stock Market?
Other than the one-time $1,000 application fee, NASDAQ does not assess either entry or annual fees for rights. Warrants are considered an "equity security" and are assessed fees in the same manner as common stock and preferred stock, American Depositary Receipts and American Depositary Shares. See Listing Requirements and Fees (PDF).

Units

What are the initial and continued listing requirements for units?
Units are only listed on the NASDAQ SmallCap Market. All component parts of the units must meet the requirements for initial and continued listing inclusion. Furthermore, the units must be listed for a minimum of 30 days. [Marketplace Rule 4310(c)(10) applies to domestic and Canadian securities. Marketplace Rules 4310(c)(10) and 4320 apply for non-Canadian foreign securities, American Depositary Receipts and American Depositary Shares.]

What are the fees associated with the listing of units on the NASDAQ SmallCap Market?
In the case of units, each component, but not the unit itself, is considered separately as an "equity security" for fee purposes. See Listing Requirements and Fees (PDF).

Convertible Debentures

What are the initial and continued listing standards for convertible debentures?
Convertible debentures are only listed on the NASDAQ SmallCap Market. For initial listing, the convertible debentures must have three market makers and $10,000,000 in principal. For continued listing, the convertible debentures must have two market makers and $5,000,000 in principal. [Marketplace Rules 4310(c)(1) and 4310(c)(5), respectively]

What are the fees associated with the listing of convertible debentures on the NASDAQ SmallCap Market?
For initial listing, the fee for each class of convertible debentures is the greater of $1,000 or $50 per million dollar face amount of debentures outstanding. The annual fee for each class of convertible debentures is the greater of $500 or $25 per one million dollar face amount of debentures outstanding.

Other Securities/Hybrid Securities/Derivatives/Structured Products

What are the initial and continued listing standards for other securities, hybrid securities, derivatives and structured products?
These types of securities are listed only on the NASDAQ National Market. Marketplace Rule 4420(f) outlines the requirements for such securities. To list securities that are not otherwise covered by designated criteria (such as Preferred Trust Securities, MITTS and Index Products), the company should contact Listing Qualifications.

For continued listing, the aggregate market value or principal amount must be at least $1,000,000 for other securities.

What are the entry and annual fees for other securities?
Entry fees for Other Securities are based on the following, which includes a $1,000 non-refundable processing fee:

Total Shares Outstanding		Fees
Up to 1 million		$5,000
1+ to 2 million		$10,000
2+ to 3 million		$15,000
3+ to 4 million		$17,500
4+ to 5 million		$20,000
5+ to 6 million		$22,500
6+ to 7 million		$25,000
7+ to 8 million		$27,500
8+ to 9 million		$30,000
9+ to 10 million		$32,500
10+ to 15 million		$37,500
Over 15 million		$45,000

The following annual fees for Other Securities apply:

Total Shares Outstanding		Fees
Up to 1 million		$6,500
1+ to 2 million		$7,000
2+ to 3 million		$7,500
3+ to 4 million		$8,000
4+ to 5 million		$8,500
5+ to 6 million		$9,000
6+ to 7 million		$9,500
7+ to 8 million		$10,000
8+ to 9 million		$10,500
9+ to 10 million		$11,000
10+ to 11 million		$11,500
11+ to 12 million		$12,000
12+ to 13 million		$12,500
13+ to 14 million		$13,000
14+ to 15 million		$13,500
15+ to 16 million		$14,000
Over 16 million		$14,500