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, |
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