NEO Listings

ENTREPRENEURIAL SPIRIT: YOU’VE GOT IT, WE GET IT

Supporting Success

Aequitas NEO Exchange is mindful of the differences among types of companies, investment funds and other exchange traded products. Accordingly, our standards are tailored by issuer type.

Our listing standards recognize that liquidity and the benefits of a listing are dependent on the readiness of a company to list its securities.  Our initial and ongoing standards aim to support the benefits of a listing and a listed company’s success.

 
 

Initial Listing Standards for Companies

RequirementEquity StandardNet Income StandardMarket Value Standard
Shareholders' Equity $5 million $4 million $5 million
Market Value of Public Float $15 million $5 million $15 million
Net Income - $750,000 -
Market Value of Listed Securities - - $50 million*
Operating History 2 years - -
Minimum Price $2 per share $2 per share $2 per share
Publicly Held Shares 1 million 1 million 1 million
Shareholders -  Public, Board Lot 300 300 300
Analyst / Investor Relations Req. Yes Yes Yes

* Must meet the Market Value Standard for 90 consecutive trading days.

Ongoing Listing Standards for Companies

Requirement 
Distribution 500,000 public securities; and a minimum of 150 public board lot holders
Minimum Standard
(1 criteria must be met)
1. Shareholders' equity of at least $2,500,000;
2. Net income from continuing operations of at least $375,000; or
3. Market value of Listed Securities of at least $25,000,000
Analyst Coverage / Investor Relations
(1 criteria must be met)
1. The commitment of at least one Qualified Analyst to cover the security for a period of at least one year and to issue one or more research reports (as defined in Rule 3400 of the IIROC dealer member rules); or
2. An investor relations budget of at least $50,000 per year

Initial Listing Standards for Exchange Traded Funds

Requirement   
Distribution 100,000 public shares; no additional distribution requirement
Size (NAV) of Fund $2 million, or
$1 million and part of family having a NAV of $10 million
Calculation of NAV Daily calculation and dissemination of NAV (unless exemption appropriate)

Ongoing Listing Standards for Exchange Traded Funds

Requirement  
Distribution 50,000 public securities
Size (NAV) of Fund $1 million
Calculation of NAV Compliant with ETF’s NAV calculation requirements

Initial Listing Standards for Closed-End Funds (CEFs)

Requirement  
Distribution 1 million public shares; 300 public board lot holders
Size (NAV) of Fund $20 million
Calculation of NAV Daily calculation and dissemination of NAV (unless exemption appropriate)

Ongoing Listing Standards for Closed-End Funds (CEFs)

Requirement  
Distribution 500,000 public securities; 150 public board lot holders
Value $5,000,000 or NAV
Calculation of NAV Compliant with ETP’s NAV calculation requirements (if relevant)

Initial Listing Standards for Exchange Traded Products

Requirement  
Distribution 1 million public securities; 300 public board lot holders
Value $4,000,000 public float
Calculation of NAV Daily calculation and dissemination of NAV (if relevant)
Additional  
  • Issuer that is a listed company or financial institution, and assets in excess of $100 million;
  • Issuer that has tangible net worth in excess of $100 million for ETP-Debt
  • Maximum Term for ETP-Debt is 30 years

Ongoing Listing Standards for Structured Products

Requirement  
Distribution 500,000 public securities; 150 public board lot holders
Value $2,000,000 public float
Calculation of NAV Compliant with ETP’s NAV calculation requirements (if relevant)