NASDAQ Private Market a joint effort between NASDAQ and SharesPost to provide a secondary trading market for high quality private issuers who want to remain private , but yet provide a trading forum for their founders, private investors and employees. It also provides other support services to client companies.
Securities related services are offered through NASDAQ Private Market affiliate, NPM Securities, a FINRA registered broker-dealer, member of SIPC and SEC-registered alternative trading system.
The listing requirements of NASDAQ Private Market are greater than a number of full stock exchanges.
Listing Requirements of NASDAQ Private Market
|Members must meet at least one of the following:|
|Funding received(1)||$30,000,000 within last 2 years|
|Total annual revenue(2)||$50,000,000|
|Annual net income||$750,000|
|Shareholders’ equity||$5,000,000 and 2 year operating history|
|Sponsorship(3)||Yes by recognized and experienced financial investor(s) with prior success in venture investments|
|Continuous Disclosure Requirements|
|Financial statements||Audited annual financial statements and unaudited quarterly financial statements|
|Annual disclosures||Management bios, detailed description of business (any significant developments, operations, competition and risks) and capital structure|
|Insider trading policy||Adopt and enforce an insider trading policy|