SEC Stay Halts New Nasdaq $5 Million Listing Standard – For Now

As we discussed in our July 24, 2026 post, the Securities and Exchange Commission approved a significant new Nasdaq listing rule on July 22, 2026, establishing a minimum Market Value of Listed Securities (MVLS) of $5 million as a continued listing requirement across all three Nasdaq tiers, with no automatic cure period, and subjecting listed companies to immediate delisting actions once a company’s MVLS stays below the threshold for 30 consecutive business days.

That approval order, however, has been suspended, temporarily. On July 29, 2026, the SEC notified Nasdaq that the SEC had received notices of intention to petition for review of the July 22 approval order, and that, as a result, the order is now stayed until the SEC orders otherwise.

Due to the stay, the new $5 million MVLS continued listing requirement is currently not in effect. However, the SEC could lift the stay at any time. Due to the ongoing potential for immediate delisting under the new Nasdaq listing rule, microcap issuers should keep monitoring their MVLS, consider the strategies suggested in our prior blog post to help maintain their MVLS, and proceed appropriately. We will provide updates on any pertinent SEC action.

This post is for informational purposes only and does not constitute legal advice. If you have questions about how the new MVLS rule may affect your company, please contact a member of our team.

This post contains general information. This post is not intended: (a) to convey or constitute legal advice on any subject matter; (b) to establish an attorney-client relationship; or (c) to be a solicitation. Also keep in mind that prior results in a legal matter do not guarantee a similar outcome in another legal matter.