Listing Standards for Original Listing

The American Stock Exchange has established certain quantitative and qualitative standards for initial listing of U.S. and foreign companies. For details, click on Amex Company Guide or on the topics below.

Quantitative Standards

Criteria	Listing Standards
Pre-tax income 1	$750,000	N/A	N/A	N/A
Market capitalization	N/A	N/A	$50 million	$75 million OR At least $75 million in total assets and $75 million in revenues
Market value of public float	$3 million	$15 million	$15 million	$20 million
Minimum price	$3	$3	$2	$3
Operating history	N/A	2 years	N/A	N/A
shareholders' equity	$4 million	$4 million	$4 million	N/A
Public shareholders/Public float (shares)2	Option 1: 800/500,000 Option 2: 400/1,000,000 Option 3: 400/500,000 3

¹ Required in the latest fiscal year, or two of the three most recent fiscal years.

² Public shareholders and public float do not include shareholders or shares held directly or indirectly by any officer, director, controlling shareholder or other concentrated (i.e. 10 percent or greater), affiliated or family holdings.

³ Option 3 requires a daily trading volumeof 2,000 shares during the six months prior to listing.

Foreign Applicants
Foreign issuer applicants who do not meet the distribution guidelines outlined above may alternatively qualify with 800 round-lot public shareholders worldwide, 1 million publicly held shares worldwide and a $3 million market value of public float worldwide.

Initial Public Offerings
In certain circumstances, the American Stock Exchange may approve an issue for listing "subject to official notice of issuance" immediately prior to effectiveness of the issuer applicant's initial public offering. While the Exchange has not adopted special criteria for IPOs, added emphasis is placed on the company's financial strength, including an objective evaluation of the anticipated value and offering price, and its demonstrated earnings history and/or outlook.

Qualitative Standards

In evaluating listing eligibility, the Exchange also considers qualitative factors such as the nature of a company's business, market for its products, reputation of its management, historical record and pattern of growth, financial integrity, demonstrated earnings power, and future outlook.

The Exchange also considers the laws, customs and practices of the applicant's country of domicile regarding matters such as the election and composition of the board of directors, issuance of quarterly earning statements, shareholder approval requirements, and quorum requirements.

Corporate Governance Standards

The American Stock Exchange requires listed companies to adhere to its corporate governance standards. Questions should be directed to the Listing Qualifications department at 212-306-1331. For new rules click on

Enhanced Corporate Governance

Conflicts of Interest
The Exchange requires a listed company to utilize its audit committee to conduct an appropriate review of all related party transactions on an ongoing basis. See Section 120 of the American Stock Exchange Company Guide.

Independent Directors and Audit Committee
The Exchange has various requirements regarding a company's independent directors and audit committee. Any domestic issuer applying for listing on the Amex must be prepared to demonstrate compliance with these requirements and ongoing compliance is also required for listed companies. See Section 121 and Part 8 (Corporate Governance Requirements)of the American Stock Exchange Company Guide.

For the Audit Committee Certification Forms and Rules click here.

Quorum
The American Stock Exchange expects that an appropriate quorum of the shares issued and outstanding and entitled to vote will be provided for by the bylaws of companies applying for the original listing of voting securities. A quorum of at least 33-1/3 percent is recommended. See Section 123 of the American Stock Exchange Company Guide.

Shareholder Approval
The American Stock Exchange requires listed companies to obtain shareholder approval for certain corporate actions that would result in discounted stock and/or option issuances as well as other potentially dilutive transactions. See Sections 711, 712, and 713 of the American Stock Exchange Company Guide.

Voting Rights
Common Stock - See Section 122 of the American Stock Exchange Company Guide.
Preferred Stock - See Section 124 of the American Stock Exchange Company Guide.