The NYSE American (formerly the American Stock Exchange or AMEX) is a U.S. stock exchange designed specifically for small-cap and early-stage growth companies. Operated by the Intercontinental Exchange (“ICE”), NYSE American offers companies the benefits of a U.S. public listing with more flexible entry requirements than the main NYSE board.
For businesses considering an initial public offering (“IPO”) in the United States, understanding the NYSE American IPO listing requirements is crucial for a successful market entry.
Key Features of NYSE for US IPO
- Targets small- and mid-sized growth companies
- Offers a hybrid market model (electronic and floor-based trading)
- Retains credibility through NYSE governance standards
- Provides an on-ramp to the main NYSE in the future
Listing Criteria for NYSE American IPO
Alternative Listing Standards
To qualify for listing, a company must meet one of five alternative standards, Standard 1, Standard 2, Standard 3, Standard 4a, Standard 4b. Each of these standards has different thresholds for key financial metrics, which may include:
- Pre-tax income
- Market capitalization
- Total assets and total revenue
- Market value of public float
- Stockholders’ equity
- Minimum share price
- Operating history
These standards allow flexibility depending on your company’s earnings, assets, market value, or revenue.
Shareholder and Public Float Options
In addition to the financial standards, the NYSE American also requires companies to meet shareholder and float thresholds. These ensure that the stock is sufficiently held and traded by the public.
A company must meet one of the following:
Option 1: 800 public shareholders, 500,000 public float
Option 2: 400 public shareholders, 1,000,000 public float
Option 3: 400 public shareholders, 500,000 public float, and daily trading volume of 2,000 shares (for the prior 6 months)
Required to meet one of the following:
| Standard 1 | Standard 2 | Standard 3 | Standard 4a | Standard 4b | |
|---|---|---|---|---|---|
| Pre-tax income | $750,000 | – | – | – | – |
| Market cap | – | – | $50MM | $75MM | – |
| Total assets and total revenue | – | – | – | – | $75MM |
| Market value of public float | $3MM | $15MM | $15MM | $20MM | $20MM |
| Stockholders’ equity | $4MM | $4MM | $4MM | – | – |
| Minimum price | $3 | $3 | $2 | $3 | $3 |
| Operating history | – | 2 years | – | – | – |
And one of the following:
| Option 1 | Option 2 | Option 3 | |
|---|---|---|---|
| Public shareholders | 800 | 400 | 400 |
| Public float | 500,000 | 1,000,000 | 500,000 |
| Daily trading volume (6 months prior) |
– | – | 2,000 shares |
Why Choose NYSE American?
- Access to U.S. capital markets with less stringent financial thresholds
- Credibility of being part of the NYSE ecosystem
- Flexibility in how companies qualify for listing (earnings, market cap, or assets)
- Opportunity to graduate to the main NYSE in the future
Preparing for a Successful NYSE US IPO
NYSE American provides a strategic pathway for small- and mid-cap companies seeking public funding while building credibility with institutional and retail investors. Whether your company is revenue-generating or asset-rich, the flexible standards open the door for earlier market entry and long-term growth opportunities.
If you’re considering an NYSE American IPO, our team at CNP provides services to evaluate your IPO readiness and help you navigate each step of the IPO readiness process with confidence. Contact us to start your IPO preparation today.
