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On April 15, 2026, the Nasdaq Stock Market announced new rules to raise listing standards for special purpose acquisition companies (SPACs) seeking listing on the Nasdaq Global and Capital Markets. On April 22, the U.S. Securities and Exchange Commission published the new rules in the Federal Register for public comment. Unless the SEC acts to delay their implementation, the new rules will become effective May 15, 2026.
Under the new rules, SPACs seeking to list on the Nasdaq Global Market will be subject to the following change in initial listing standards:
| Listing Standards | Current Rules | New Rules Effective 5/15/26 |
| Market Value Standard | Market Value of Listing Securities: $75 million | Market Value of Listing Securities: $100 million |
| Unrestricted Publicly Held Shares: 1.1 million | No change | |
| Market Value of Unrestricted Publicly Held Shares: $20 million | No change | |
| Bid Price: $4 | No change | |
| Unrestricted Round Lot Shareholders: 400 | No change | |
| Market Makers: 4 | No change |
The new rules do not seek changes to other listing qualification standards, because SPACs generally cannot qualify for listing under Nasdaq’s other initial listing criteria. The new rules also do not modify the Nasdaq Global Market’s alternative listing requirements for SPACs.1
In addition to changes to the listing criteria for the Nasdaq Global Market, the new rules create a separate, new market value listing standard for SPACs seeking to list on the Nasdaq Capital Market. Under the new rules, SPACs will no longer be able to seek Nasdaq Capital Market listing under the existing market value standard for operating companies. Rather, the new standard requires:
| Existing Market Value Standard | New Market Value Standard for SPACs |
| Market Value of Listed Securities: $50 million | Market Value of Listing Securities: $75 million |
| Stockholders’ Equity: $4 million | No change |
| Unrestricted Publicly Held Shares: 1 million | No change |
| Market Value of Unrestricted Publicly Held Shares: $15 million | Market Value of Unrestricted Publicly Held Shares: $20 million |
| Bid Price: $4, or Closing Price: $2 | No change |
| Unrestricted Round Lot Shareholders: 300 | Unrestricted Round Lot Shareholders: 400 |
| Market Makers: 3 | Market Makers: 4 |
The new rules, once effective, would align the initial listing rules between the Nasdaq Capital Market and NYSE American for SPACs.2
Nasdaq’s proposed new rules reflect the exchange’s continuous focus to tighten listing standards for SPACs and operating companies alike,3 as it seeks to address trading risks associated with small- and mid-sized companies by raising the quantitative requirements for both initial and continued listing on the Nasdaq Global Market and the Nasdaq Capital Market.
