Banking, finance, and taxes
Nasdaq Launches New Market for Private Companies
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According to the announcement, “NASDAQ Private Market will provide qualifying private companies the tools and resources to efficiently raise capital, control secondary transactions, and manage their equity-related functions.” Securities-related services will be offered through an SEC-registered alternative trading system, NPM Securities, a member of both FINRA and SIPC.
Nasdaq’s CEO said:
A critical component of the NASDAQ OMX mission is providing support to the innovators and entrepreneurs in today’s marketplace. For over 40 years, NASDAQ OMX has been committed to serving the needs of companies for their entire life cycle — whether emerging growth companies or mature corporations. We are excited to support the launch of NASDAQ Private Market and to extend our product offering to private companies with this new efficient and transparent market.
In order for a company to qualify for a listing on the new marketplace, it must meet one of five requirements:
Nasdaq OMX shares traded down 0.4% early Wednesday, at $39.66 in a 52-week range of $27.47 to $40.74.
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