Nasdaq Texas files rule change to become primary listing venue

On September 17, 2026 Nasdaq Texas, LLC filed a proposed rule change (Release No. 34-106520; File No. SR-NasdaqTX-2026-046) to modify the Rule 5000 Series. The amendment is effective upon filing, but will become operative only after an announcement on Nasdaq.com, which the Exchange expects in the second quarter of 2027.

The proposal removes Listing Rule IM-5220-1 (Dually-Listed Companies) and adds several new rules, including IM-5101-4 (Delisting in Connection with Trading Indicative of Potential Manipulation), 5210(l) (Special Requirements for Companies based in China, Hong Kong and Macau), 5405(b)(3)(A)(ii) (Initial Listing Requirements and Standards for Primary Equity Securities) and IM-5405-1 (Determination of Price-Based Requirements for Direct Listings). These changes are intended to align Nasdaq Texas's standards with those of the Nasdaq Global Market and to prepare the Exchange to serve as a primary listing venue.

Rule IM-5101-4 would give Nasdaq Texas authority to delist securities that have been subject to a temporary trading suspension under Section 12(k) of the Exchange Act when the Exchange determines such action is in the public interest. Rule 5210(l) imposes new requirements on issuers headquartered or principally administered in the People's Republic of China, Hong Kong or Macau, including a minimum gross proceeds amount of $25 million for IPOs and a $25 million market value of unrestricted publicly held shares for business combinations.

The Exchange also indicated it will file a separate proposal to establish listing fees applicable to companies with a primary listing before the rule becomes operative.