Market Wrap-Up Q2 2025

This edition of my market recap covers the second quarter of 2025.  For a review of November and December 2024 see HERE; for October 2024 see HERE; and for Q1 2025 see HERE.

Thirty-three small cap ($30,000,000 and under) IPOs priced in the second quarter of 2025 (20 in April, 5 in May and 8 in June) – a downtrend from Q1 2025.  Below is a chart of relevant deal information for the second quarter IPOs.

Exchange Offer Amount Domestic/Foreign Issuer Banker(s)
Nasdaq Global $30,000,000 Foreign Goldman Sachs (Asia) LLC, Citigroup, US Tiger Securities, CICC, Kingswood
Nasdaq Capital $6,400,000 Foreign D. Boral Capital
Nasdaq Capital $5,000,000 Foreign R.F. Lafferty & Co., Inc.
Nasdaq Capital $7,200,000 Foreign Craft Capital Management
NYSE MKT $10,075,000 Foreign Maxim Group, LLC
Nasdaq Capital $6,000,000 Foreign Dominari Securities, LLC; Revere Securities LLC
Nasdaq Capital $7,000,000 Foreign Craft Capital Management, LLC; Westpark Capital
Nasdaq Capital $7,740,000 Domestic The Benchmark Company; Axiom Capital Management,
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NASDAQ Continued Listing Requirements

Although I often write about initial listing standards, I realized that I have not yet blogged about the reduced ongoing listing standards for national exchanges.  In this blog, I will cover the continued listing requirements for Nasdaq listed companies and in next week’s blog I will cover the NYSE/NYSE MKT. For a review of initial listing requirements for the Nasdaq Capital Markets and NYSE MKT see HERE.

Nasdaq Capital Markets

To continue listing on Nasdaq Capital Markets, a company is required to meet certain ongoing quantitative and qualitative requirements.  NASDAQ also requires listed companies to meet stringent corporate governance standards.

In order to continue listing on Nasdaq Capital Markets a company must meet all of the following requirements: (i) at least 2 market makers; (ii) a $1 minimum bid price; (iii) at least 300 unrestricted round lot public shareholders; (iv) at least 500,000 publicly held shares; and (v) a market value of publicly held shares of at least $1