The mission of Listing Qualifications is to promote the integrity and the reputation of The NASDAQ Stock Market through the consistent and fair application of the initial and continued listing standards.

General Questions

NASDAQ Global Select

Exchange Registration

Initial Listing on The NASDAQ Stock Market

Listing for Securities Other Than Common Stock or Equivalents

Continued Listing on The NASDAQ Stock Market

Public Reprimand Letters

Transfer From The NASDAQ Global Market to The NASDAQ Global Select Market

Transfer From The NASDAQ Capital Market to The NASDAQ Global Market or

The NASDAQ Global Select Market

Transfer From The NASDAQ Global Market or The NASDAQ Global Select Market

to The NASDAQ Capital Market

Corporate Governance

Annual Shareholder Meetings

Certification

Code of Conduct

Distribution of Annual & Interim Reports

Foreign Companies

Independent Directors & Audit Committee Composition

Quorum

Proxy Filing & Solicitation

Related Party Transactions

Shareholder Approval - Acquisitions

Shareholder Approval - Alternative Outcomes & Defective Share Caps

Shareholder Approval - Equity Compensation

           General

           Applicability

           Formula & Evergreen Plans

           Materiality of Amendments

           Exceptions - General

           Exceptions - Tax Qualified Plans

           Exceptions - Mergers & Acquisitions

           Exceptions - Inducement Grants

Shareholder Approval - Financial Viability Exception

Shareholder Approval - Private Placements

Voting Rights

Discretionary Authority

Public Shells & Reverse Mergers

Bankruptcy

Listing of Additional Shares ("LAS")

Hearings Process

Appeals Process

Fee Schedules

Over-the-Counter Bulletin Board (OTCBB)

General Questions

• Can you assist me with interpreting a SEC rule, policy or regulation?
• What does the fifth character in a symbol mean?
• How does NASDAQ communicate that a company does not comply with a continued listing standard?
• Does NASDAQ require the filing of Securities and Exchange Commission reports and documents?
• Are Section 16 Reports, Schedules 13-D and 13-G and Forms 144 required to be filed with NASDAQ?
• What documents does NASDAQ require for a Forward Stock Split?
• What documents does NASDAQ require for a Reverse Stock Split?
• What form does my company need to submit if the number of total shares outstanding has increased or decreased by 5% or more?
• My company is considering changing its name. What information does NASDAQ need?
• My company is currently trading on The NASDAQ Stock Market and is considering changing its symbol. How do I reserve a symbol and what information is required?
• What information does NASDAQ require for a change in the state of incorporation?
• Another company is acquiring my company, and my securities will no longer exist. What information do I need to submit to NASDAQ?
• What information does NASDAQ require in connection with a tender offer?
• What information does NASDAQ need for Redemptions/Expirations or the Extensions of Warrants, Rights, Convertible Debt or Tender Offers?
• What do I need to do to voluntarily delist my company's securities from NASDAQ?
• Is the information that we submit to NASDAQ confidential?
• Where may I find the rules applicable to NASDAQ companies?

Initial Listing on The NASDAQ Stock Market

• What are the initial listing standards?
• Is Registration under the Securities Exchange Act of 1934 required before a security can be admitted to trading on The NASDAQ Stock Market?
• Does NASDAQ offer a preliminary listing eligibility review for prospective applicants?
• What do I need to submit with my application?
• Where should I send the application, listing agreement and other supporting documentation?
• What are the fees associated with the listing on The NASDAQ Stock Market?
• Where should the fee payments be sent?
• May I remit my listing fee via wire transfer? If so, what are your wiring instructions?
• Are companies required to comply with all listing requirements at the time of listing?
• What happens if the company fails to meet all of the listing requirements?
• How does NASDAQ measure stockholders’ equity when qualifying a company for initial listing on The NASDAQ Stock Market?
• How are the company's publicly held shares calculated?
• In the case of a company that is planning an initial public offering, at what point in the IPO process should the initial listing application be filed with NASDAQ?
• Can a company proceed with the submission of a listing application even if not all the information requested in the application is available at this time?
• How does a company obtain a symbol to trade on The NASDAQ Stock Market?
• How do the corporate governance requirements of Marketplace Rule 4350 apply to foreign private issuers?
• Are Capital Markets securities granted automatic "blue-sky" exemptions?
• If the application is denied, may the company appeal NASDAQ's determination?

Listing for Securities Other Than Common Stock or Equivalents

• What are the initial and continued listing standards for preferred stocks?
• What are the fees associated with the listing of preferred stock on The NASDAQ Stock Market?
• What are the initial listing standards for rights and warrants?
• What are the continued listing standards for rights and warrants?
• What are the fees associated with the listing of rights and warrants on The NASDAQ Stock Market?
• What are the initial and continued listing requirements for units?
• What are the fees associated with the listing of units on the NASDAQ SmallCap Market?
• What are the initial and continued listing standards for convertible debentures?
• What are the fees associated with the listing of convertible debentures on the NASDAQ SmallCap Market?
• What are the initial and continued listing standards for other securities, hybrid securities, derivatives and structured products?
• What are the entry and annual fees for other securities?

Continued Listing on The NASDAQ Stock Market

• What are NASDAQ's continued listing requirements?
• Does NASDAQ look to the underlying shares for American Depositary Receipts ("ADRs") and American Depositary Shares ("ADS") to determine compliance?
• What happens if my company fails to meet the continued listing criteria?
• How does NASDAQ communicate that a company does not comply with a continued listing standard?
• Does NASDAQ publish a list of non-compliant companies?
• My company's bid price has fallen below the minimum requirement. Will we be delisted?
• How does NASDAQ measure the bid price of a security?
• How does a company regain compliance with the minimum bid price requirement?
• Does NASDAQ accept reverse stock splits as a method to regain compliance with the minimum bid price requirement?
• How is market value of publicly held shares ("MVPHS") calculated?
• My company's market value of publicly held shares ("MVPHS") has fallen below the minimum requirement. Will we be delisted?
• My company's market value of listed securities has fallen below the minimum requirement. Will we be delisted?
• My company has less than the required number of market makers. Will we be delisted?
• My company has fallen below the stockholders' equity, total assets and total revenue, net income from continuing operations, publicly held shares or shareholders requirement. Will we be delisted?
• What factors should our company consider when preparing the plan of compliance?
• What are some examples of plans of compliance that have been accepted by NASDAQ?
• What is an example of a plan of compliance that has not been accepted by NASDAQ?
• What are my filing obligations with NASDAQ?
• What are the repercussions if my company does not fulfill its filing obligations?
• What are the repercussions if my company's auditors did not review the quarterly financial statements as required under SAS 100?
• How long can a company remain listed if it becomes filing delinquent because of issues related to the accounting of stock options or other concerns?
• When might the Listing Council exercise its discretionary authority to stay a Panel decision?
• When might the NASDAQ Board exercise its discretionary authority to stay a Listing Council decision?

Public Reprimand Letters

• What is a Public Reprimand letter?
• Under what circumstances may NASDAQ issue a Public Reprimand letter?

Transfer From The NASDAQ Global Market to The NASDAQ Global Select Market

• Which listing standards do I need to meet to transfer to The NASDAQ Global Select Market?
• What do I need to submit with my application?
• Where should I send the application?
• What are the fees associated with listing on The NASDAQ Global Select Market?

Transfer From The NASDAQ Capital Market to The NASDAQ Global Market or The NASDAQ Global Select Market

• Which listing standards do I need to meet to transfer to The NASDAQ Global Market or The NASDAQ Global Select Market?
• What do I need to submit with my application?
• Where should I send the application, listing agreement and any other supporting documentation?
• What are the fees associated with listing on The NASDAQ Global Market or The NASDAQ Global Select Market?
• If a fee is required, where should the payment be sent?
• May I remit my listing fee via wire transfer? If so, what are your wiring instructions?
• My company transferred to The NASDAQ Capital Market due to the inability to sustain the $1.00 bid price. Which listing standards do I need to qualify to relist on The NASDAQ Global Market or The NASDAQ Global Select Market?

Transfer From The NASDAQ Global Market or The NASDAQ Global Select Market to The NASDAQ Capital Market

• Which listing standards do I need to meet to transfer to The NASDAQ Capital Market?
• My company is listed on The NASDAQ Global Market or The NASDAQ Global Select Market and is currently in the Hearings process. Can we still submit a transfer application to The NASDAQ Capital Market?
• My company's bid price is below $1.00. Are we still eligible to submit a Capital Market transfer application?
• What do I need to submit with my NASDAQ Capital Market transfer application?
• Where should I send the transfer application, listing agreement, and other supporting documentation?
• What are the fees associated with the transfer to The NASDAQ Capital Market?
• Will I be credited for the unused portion of The NASDAQ Global Market or The NASDAQ Global Select Market annual fee?
• When will my securities be transferred to The NASDAQ Capital Market?
• Should I wait to submit the transfer application and supporting documentations at one time?
• If my company transfers to The NASDAQ Capital Market, can it reapply to The NASDAQ Global Market or The NASDAQ Global Select Market at a later date?

Corporate Governance

Annual Shareholder Meetings

• Must a NASDAQ company hold an annual shareholder meeting?
• Are any companies not subject to the annual meeting requirement?
• Is a company required to hold an annual shareholder meeting even if the only listed security is non-voting common stock?
• When must a company hold its annual shareholder meeting?
• My company recently listed on NASDAQ. When must we hold our first annual meeting?
• What is the effect of a change in a company’s fiscal year-end on its annual shareholder meeting requirement?
• Can the annual shareholder meeting be held via the web?

Certification

• Are companies required to submit a Corporate Governance Certification Form annually?

Code of Conduct

• Was disclosure required of a waiver to the Code of Conduct granted to an officer or director before the May 4, 2004 effective date for Marketplace Rule 4350(n)?
• What disclosure is required for a waiver to the Code of Conduct for an officer or director that extends beyond one year?

Distribution of Annual & Interim Reports

• Are NASDAQ-listed companies required to provide annual reports to their shareholders?
• May a listed company satisfy NASDAQ's annual report requirement by posting a copy of the report on its website?
• When does NASDAQ require that the annual report be available?
• Does NASDAQ define the term "reasonable period of time" for purposes of an issuer responding to a shareholder's request for a hard copy of the annual report?
• Is a company required to send a copy of its annual report to NASDAQ?
• Are companies required to provide NASDAQ with the "glossy" version of their annual report?
• Are NASDAQ-listed companies required to distribute interim reports to their shareholders?
• Is the interim report considered to have been made available for purposes of Rule 4350(b) if it is posted on the issuer's website?
• Are the requirements different for a foreign private issuer that does not file interim reports?
• Does a company have to provide NASDAQ with a copy of its interim reports?
• Is a NASDAQ-listed company required to disclose the receipt of a "Going Concern" opinion from its independent auditors in the financial statements contained in the Form 10-K (or its equivalent)?
• What are the requirements for Transitional Reports?

Foreign Companies

• How do the corporate governance requirements of Marketplace Rule 4350 apply to foreign private issuers?
• How do the corporate governance requirements of Marketplace Rule 4350 apply to foreign companies that are not foreign private issuers?
• What is the definition of "home country"?
• How does a foreign private issuer utilize the provisions of Marketplace Rule 4350(a)?
• Can NASDAQ provide an example of the letter that should be sent to NASDAQ from the Company's home country counsel?
• If a foreign private issuer received an exemption from NASDAQ under NASDAQ's prior exemptive rules, is it required to submit a letter relating to its non-conforming practices?
• If a foreign company that is not a foreign private issuer was previously granted an exemption, can it continue to rely on the exemption?
• What if a company that is relying on an exemption or is utilizing the non-conforming practices provision of Marketplace Rule 4350(a) does not provide the required disclosure?
• Are there provisions of Marketplace Rule 4350 with which a foreign private issuer must comply?
• Are foreign private issuers required to comply with NASDAQ's voting rights requirements, set forth in Marketplace Rule 4351 and Interpretative Material 4351?
• How does NASDAQ evaluate the security-specific initial and continued inclusion requirements with respect to American Depositary Receipts or American Depositary Shares (ADRs or ADS)?

Independent Directors & Audit Committee Composition

• Must a company obtain approval from NASDAQ in order to utilize the "exceptional and limited circumstances" according to Marketplace Rule 4350(d)(2)(B)?
• What notification is required to be given to NASDAQ if a company no longer complies with the audit committee requirement of Marketplace Rule 4350(d)?
• Does an option awarded for consulting service contribute to the $100,000 limit in Rule 4200(a)(15)(B)?

Quorum

• What is NASDAQ’s minimum quorum requirement?
• In the case of a company having multiple classes of voting common stock, should the quorum be based on the number of shares or the number of votes present?

Proxy Filing & Solicitation

• Are NASDAQ-listed companies required to solicit proxies for shareholder meetings?
• Can a company provide an information statement instead of a proxy statement in connection with its annual shareholder meeting?
• Does a company need to file a hard copy of its proxy statement with NASDAQ?
• Does NASDAQ permit the use of Electronic Media to solicit proxies?

Related Party Transactions

• What is a related party transaction?
• What is NASDAQ’s requirement regarding related party transactions?
• Do related party transactions have to be approved by the audit committee or a comparable body?
• Do related party transactions have to be reviewed in advance?
• What is considered a "comparable body of the board of directors" for review of related party transactions?

Shareholder Approval - Acquisitions

• Is shareholder approval required for an acquisition of stock or assets of another company?
• Would NASDAQ consider the effect of an "earn-out" or similar provision when calculating the maximum potential share issuance in connection with the acquisition of stock or assets of another company?
• What factors does NASDAQ consider when determining whether to aggregate the shares issued in separate acquisition transactions for purposes of determining whether the threshold for shareholder approval has been triggered?
• When a company completes a private placement to finance an acquisition, is the analysis of whether shareholder approval is required made, pursuant to Rule 4350(i)(1)(D), the private placement rule, or Rule 4350(i)(1)(C), the acquisition rule?
• Does NASDAQ require a company to file a Listing of Additional Shares Form in connection with an acquisition?
• If the shares issued in connection with the acquisition are priced at or above the market value on the date the agreement is entered into, does the company still need shareholder approval?

Shareholder Approval - Alternative Outcomes & Defective Share Caps

• What is an alternative outcome?
• What is the effect of a transaction containing an alternative outcome?
• Is a rescission an alternative outcome?
• Can a convertible security be issued prior to a shareholder vote, if the transaction involves an alternative outcome?
• Must a conversion cap apply for the life of the transaction?

Shareholder Approval - Equity Compensation

General

• Does NASDAQ require shareholder approval of equity compensation plans?
• How does a company request an interpretation of NASDAQ's rules?
• Is a company required to notify NASDAQ of equity compensation plans and arrangements pursuant to the Listing of Additional Shares process?
• Are foreign companies required to notify NASDAQ of equity compensation plans and arrangements pursuant to the Listing of Additional Shares process?

Applicability

• NASDAQ adopted its current rules regarding shareholder approval of equity compensation plans on June 30, 2003. Do plans adopted prior to that date require additional shareholder approval?
• Is there an exception for de minimis issuances under Rule 4350(i)(1)(A)?
• Are issuances of treasury shares subject to the Rule?
• Who is considered to be a consultant for purposes of the Rule?
• Can a company establish and issue shares from an equity compensation plan or arrangement before seeking shareholder approval?
• May a company grant stock awards subject to obtaining subsequent shareholder approval?
• Does NASDAQ's shareholder approval requirement for equity compensation plans or arrangements apply to foreign private issuers?
• Is NASDAQ's requirement for shareholder approval of equity compensation plans or arrangements applicable to initial listings?

Formula & Evergreen Plans

• What is a formula plan?
• What is an evergreen plan?
• When is shareholder approval required of formula or evergreen plans?

Materiality of Amendments

• What is considered a "material" amendment to an existing equity compensation plan or arrangement?
• What is considered to be a "repricing"?
• Does a "value for value" exchange require shareholder approval?
• Would it be a material amendment to change the method of determining the exercise price for newly granted stock options?
• Would it be a material amendment for a company to buy back outstanding awards for cash?
• Is a provision in a plan that generally allows for a plan administrator to "modify or amend" an award sufficient to permit a repricing or option exchange without shareholder approval absent any additional, specific authority?
• Is an increase in the number of shares available under a plan considered a material amendment?
• Consider a plan that provides for periodic automatic awards of specific number of options, for example, annual awards of 10,000 options. Is it a material amendment to increase the awards to 15,000?
• Does a change in the vesting schedule of stock option or other equity awards require shareholder approval?
• Is an amendment to a plan to extend the term of an option considered a material amendment?
• Is shareholder approval required of a plan or arrangement that permits an employee or director to use cash payments from the company to purchase stock at market price?
• Is shareholder approval required to add stock-settled Stock Appreciation Rights ("SARs") to a plan that provides only for stock options?
• Are cash settled SARs subject to Rule 4350(i)(1)(A)?
• Is shareholder approval required to add Restricted Stock Units ("RSUs") to an equity compensation plan that allows for the issuance of restricted stock?
• Is the addition of a "cashless exercise" feature to an option plan a material amendment?
• What is considered to be a material expansion of the class of participants?

Exceptions - General

• Are there any exceptions to NASDAQ's shareholder approval requirement for equity compensation?

Exceptions - Tax Qualified Plans

• Does NASDAQ require shareholder approval of "tax qualified, non-discriminatory employee benefit plans"?
• What is a "parallel nonqualified plan"?
• Does NASDAQ require shareholder approval of "parallel nonqualified plans"?

Exceptions - Mergers & Acqusitions

• Do plans or arrangements involving a merger or acquisition require shareholder approval under Rule 4350(i)(1)(A)?
• Are the shares that are issuable as a result of the conversion of the target's outstanding awards and the assumption of the target's equity plans included in determining whether shareholder approval is required under Rule 4350(i)(1)(C)?
• Would a plan or arrangement adopted in contemplation of a merger or acquisition be considered as a pre-existing plan for purposes of the exception from the shareholder approval requirement?
• If the target of a merger or acquisition has a pre-existing evergreen plan that is assumed in the transaction, when will shareholder approval be required for that plan?

Exceptions - Inducement Grants

• Is shareholder approval required of an equity award to a new employee?
• Is the inducement exemption available to induce a member of the board of directors to enter into employment?
• Is the inducement exemption available to induce someone to become a consultant to the company?
• Is the inducement exemption available to induce a consultant to become an employee?
• What is "bonafide period of non-employment"?
• What is required for a company to rely on the exception from the shareholder approval requirement for an equity compensation inducement award?
• For purpose of the required disclosure of inducement awards, what is meant by "promptly"?
• What details must a company include in the press release disclosing its reliance upon the shareholder approval exception for an inducement grant?
• Can a company disclose the combined size of inducement awards made to a number of employees?
• May a company use a Form 8-K to disclose an inducement grant in lieu of a press release?
• May a company rely on the inducement exception for a grant made immediately after an individual is hired if the grant was not discussed or negotiated in connection with the hiring process?
• May a company adopt a plan without shareholder approval that would be used solely for inducement awards?
• Is shareholder approval required to amend an inducement award for which the company did not receive shareholder approval?

Shareholder Approval - Financial Viability Exception

• Is an exception from the shareholder approval requirements available for a company in financial distress?
• How does a company request a financial viability exception?
• What should the company include in its request for a financial viability exception?
• What are examples of factors the company should address?
• Is the company's audit committee required to approve reliance on a financial viability exception?
• What disclosure is required of a company that receives a financial viability exception?
• Can a company that receives a financial viability exception issue any securities in the transaction prior to the end of the ten-day notice period?
• Can NASDAQ waive or shorten the notice period?
• Can a company initiate the 10-day notice period by mailing the notice to shareholders prior to receiving approval of its exception request from NASDAQ?

Shareholder Approval - Private Placements

• For purposes of NASDAQ's shareholder approval rules, what is "market value"?
• How can I find the appropriate closing bid price?
• For purposes of NASDAQ's shareholder approval rules, what is "book value"?
• Can a book value be used which is more recent than that reflected in the last SEC periodic filing?
• Does a sale of securities in a private placement at a discount to the market value to officers, directors, employees, or consultants require shareholder approval under Rule 4350(i)(1)(A)?
• How is it determined whether securities that are convertible into or exercisable for common stock are issued at a discount to market value?
• What is the effect of an anti-dilution provision for purposes of determining whether an issuance is at a discount?
• When an issuance includes common stock (or the equivalent) issued at a discount and warrants, are the shares underlying the warrants aggregated with the common stock portion?
• When an issuance includes common stock (or the equivalent) and warrants, is it necessary to attribute a value to warrants for purposes of determining whether the common stock portion is at a discount?

Voting Rights

• Does NASDAQ have a voting rights rule?
• Does convertible preferred stock that votes on an "as converted basis" comply with the NASDAQ Voting Rights Policy?
• Can a company continue to issue additional amounts of higher voting stock under a dual class structure?
• What is "an existing dual class structure"?
• What is the effect of shareholder approval on a transaction, which violates the voting rights rule?
• What happens if a company violates NASDAQ’s Voting Rights Rule and Policy?
• Does NASDAQ review a company’s voting structure during the initial listing review process?
• Do the voting rights of Rule 4351 requirements apply to NASDAQ foreign issuers?

Discretionary Authority

• Does NASDAQ have the authority to delist a company that otherwise meets the quantitative and qualitative criteria for initial or continued listing?
• Are there any particular circumstances under which NASDAQ will apply additional and more stringent criteria, and suspend and/or delist a company's securities, pursuant to its discretionary authority?

Public Shells & Reverse Mergers

• What is a "public shell"?
• What is a "reverse merger"?
• In reviewing a potential reverse merger, how does NASDAQ determine that a change of control has occurred?
• May NASDAQ determine that a reverse merger has occurred even though the non-NASDAQ entity or shareholders did not obtain majority voting control of the listed company as a result of the transaction?
• What actions will NASDAQ take in the event it determines that a reverse merger will occur as a result of a proposed transaction?
• What action will NASDAQ take in the event it determines that a reverse merger has occurred and that the company failed to satisfy the requirements for initial inclusion upon completion of the transaction?

Bankruptcy

• What are the listing implications for a company filing for bankruptcy protection?
• What happens to trading in the securities of a company after it announces the bankruptcy filing?
• What factors does the Panel consider when deciding whether to continue the listing of a company that has filed for bankruptcy?

Listing of Additional Shares ("LAS")

• Where can I find a copy of the LAS Form?
• When is the company required to file the LAS Form?
• Where do I send the LAS Form?
• Are there any fees associated with the LAS Form?
• What supporting documentation should be provided with the LAS Form?
• What happens if there are changes to the transaction after we submit the LAS Form?
• What happens if we are unable to file the LAS Form within the prescribed timeframe?
• When will we be notified that the LAS Form has been approved and that the securities are eligible for trading on NASDAQ?
• What if the company is unable to determine the maximum number of shares to be issued?
• Are there any additional forms that need to be filed with NASDAQ regarding these transactions?
• Are foreign companies required to submit the LAS Form and pay the fee?

Hearings Process

• Where can I locate information on the hearings process?
• Under what circumstances is a company entitled to a hearing?
• When should the company request a hearing? Will our securities be delisted prior to attending a hearing?
• How should I request a hearing, and how can I assure that the request is timely received?
• How are the deadlines computed in the delisting determination letters and for subsequent dates set by Hearings?
• Are we required to issue a press release regarding the potential delisting?
• What will happen if the company does not issue the press release?
• While in the hearings process, my company received notification that it did not comply with another listing requirement. Are we required to issue an additional press release?
• What are the choices regarding the type of hearing?
• Are there fees associated with a hearing?
• Where are oral hearings held?
• Once I request a hearing, how long before the hearing will be scheduled?
• Am I required to submit any information before the hearing for the Panel's review?
• How long will the hearing itself take? How should I present my case?
• How soon will the Panel make a decision on my case?
• What factors should our company consider when preparing the submission to the Listing Qualifications Panel?
• In the event a company appeals a staff determination to delist its securities based on a filing delinquency, what information should it present to the Panel?
• In the event an investigation into the issues underlying the filing delinquency has been initiated by the company’s board, audit committee or other investigative committee, what information should the company provide to the Panel?
• Who makes decision at a hearing?
• Will NASDAQ Staff attend the hearing?
• May we submit additional information at a later date?
• Will we receive a copy of our hearing transcript?
• When can I expect to receive a hearing decision?
• Will the Panel's decision be made public?
• What types of decisions might the Panel make?
• How long can a company remain listed if it becomes filing delinquent because of issues related to the accounting of stock options or other concerns?
• May I appeal the Panel's decision?
• If my company is delisted from The NASDAQ Stock Market, what are some alternatives?
• When can a company become listed on NASDAQ again?

Appeals Process

• What does the company have to do in order to appeal a Panel decision?
• How are the deadlines computed in the delisting letters and in any subsequent dates set by Hearings or Appeals?
• What happens when an appeal is requested?
• What is the Listing Council's level of review when it considers a matter?
• Is the company entitled to an oral hearing before the Listing Council?
• How long does the Appeals process take?
• Is a Listing Council decision public?
• Does an appeal postpone the delisting of the company's securities?
• What is the "Call for Review" process?
• When might the Listing Council exercise its discretionary authority to stay a Panel decision?
• When might the NASDAQ Board exercise its discretionary authority to stay a Listing Council decision?

Fee Schedules

• What are the fees associated with a NASDAQ listing?
• Are the first year's annual fees pro-rated?
• May I remit my listing fee via wire transfer? If so, what are your wiring instructions?

Over-The-Counter Bulletin Board ("OTCBB")

• Where may I find information on the OTCBB?
• My securities were delisted from The NASDAQ Stock Market. Is it eligible for the OTCBB?
• When should an application to the OTCBB be made?
• What are the listing requirements for the OTCBB?
• What happens if my company doesn't file on time?
• What are my filing obligations with the OTCBB?
• What happens if my company changes its fiscal year end?
• Can a company appeal the removal of its securities?
• May I appeal the Panel's decision?