Untitled Document

Listing Requirements of the NASDAQ Market Quotation Systems

Nasdaq is a quotation market system and over the last twenty years has evolved into the preferred trading market for technology and bio-technology companies. Nasdaq is split into two tiers; the National Market and the Small Cap Market. Both tiers are much more volatile than traditional stock exchanges. Despite, or because of, this volatility investors and companies are attracted to this market.

The attached charts provide a summary of the listing requirements of NasdaqNM and NasdaqSM.

Nasdaq National Market - NASDAQNM

Nasdaq National Market Listing Requirements
Requirements	Standard 1	Standard 2	Standard 3
Stockholder Equity	$ 15,000,000	$ 30,000,000	N/A
Market Capitalization Total Assets Total Revenue	N/A	N/A	$ 75,000,000, OR $75,000,000, OR $75,000,000
Net Income from Continuing Operations (in latest fiscal year or 2 of the last three fiscal years	$ 1,000,000	N/A	N/A
Public Float (Shares)	1,100,000	1,100,000	1,100,000
Operating History	N/A	2 years	N/A
Market Value of Public Float	$ 8,000,000	$ 18,000,000	$ 20,000,000
Minimum Bid Price	$ 5	$ 5	$ 5
Market Makers	3	3	3
Shareholders (round lot holders)	400	400	400
Corporate Governance	Yes	Yes	Yes

Nasdaq Small Market Listing Requirements
Requirements	Initial Listing
Stockholder Equity Market Capitalization Net Income from Continuing Operations (in latest fiscal year or 2 of the last three fiscal years	$ 5,000,000, OR $ 50,000,000, OR $750,000
Public Float (Shares)	1,000,000
Market Value of Public Float	$ 5,000,000
Minimum Bid Price	$ 4
Market Makers	3
Shareholders (round lot holders)	300
Operating History Market Capitalization	1 Year, OR $50,000,000
Corporate Governance	Yes