US listing venues.
A reverse takeover can take a private company public on any of the US listing venues. Where it lands depends on the company's size, readiness and objectives — from the senior Nasdaq tiers to the OTC quotation markets that many companies use as a first step.
There is no single “US listing.” There are several venues, arranged in a rough hierarchy of size and scrutiny: the Nasdaq Stock Market and NYSE American at the top as national securities exchanges, and the OTCQX and OTCQB markets below them as quotation tiers. A reverse takeover — the merger of an operating business into an existing public shell — can target any of them. The right choice follows the company rather than the other way round.
- The main US venues are the Nasdaq Stock Market (three tiers), NYSE American, and the OTC Markets tiers OTCQX and OTCQB.
- Nasdaq and NYSE American are national securities exchanges with quantitative listing standards and governance requirements; OTCQX and OTCQB are quotation tiers with generally lower thresholds.
- A reverse takeover can target any venue — a company that qualifies may reach an exchange directly, while an earlier-stage company often begins on OTCQX or OTCQB and uplists later.
- The venue is chosen for readiness, not prestige; standards are confirmed with US securities counsel as part of the transaction.
Choose a venue.
Nasdaq
The senior US venue for growth companies, across three tiers — Capital Market, Global Market and Global Select Market — with a US$4.00 minimum bid price and governance standards.
Read → National exchangeNYSE American
The NYSE market built for smaller and earlier-stage companies, with several alternative qualification standards and NYSE governance.
Read → OTC quotation tierOTCQX
The top OTC Markets tier — a quotation market, not an exchange — with higher standards than OTCQB and a common launch pad before uplisting.
Read → OTC quotation tierOTCQB
The OTC “venture” market for early-stage and developing companies — a very common first quote after a reverse merger, with a US$0.01 minimum bid.
Read →The venues at a glance
The table compares the venues on their nature, who they tend to suit, and the usual path upward. These are general characteristics; the current, exact standards for any venue are confirmed with counsel at the time of the transaction.
| Nasdaq | National securities exchange, three tiers (Capital Market, Global Market, Global Select Market). Suits growth companies that meet the quantitative and governance standards, including a US$4.00 minimum bid. Top of the ladder; reached directly or by uplisting. |
|---|---|
| NYSE American | National securities exchange for smaller and earlier-stage companies, with several alternative qualification standards. Suits companies that want an NYSE listing without meeting the largest-company thresholds. Reached directly or by uplisting. |
| OTCQX | Top OTC Markets quotation tier (not an exchange). Suits established companies with audited financials and disclosure that are not yet on, or not yet ready for, an exchange. A frequent stepping stone before uplisting to Nasdaq or NYSE American. |
| OTCQB | OTC Markets “venture” quotation tier (not an exchange). Suits early-stage and developing companies; requires current reporting, annual verification and a US$0.01 minimum bid. A very common first quote after a reverse merger, then uplist. |
Not sure which venue fits your company?
Start an enquiry →One route, any venue
The reverse takeover is a route, not a destination. The same transaction — merging an operating business into a clean public shell so the private owners hold the majority of the shares — can be used to reach a listed Nasdaq shell, an NYSE American shell, or a company quoted on OTCQX or OTCQB. It can also be paired with an uplisting: a company may begin on the OTC Markets and move to an exchange once it meets the standard. Which venue is realistic depends on the same factors that govern any US listing — size, float, shareholder numbers, governance, and above all US-standard audited financials from a PCAOB-registered auditor.
Where your company might land also depends on your home market. Our markets pages set out the structuring, audit and disclosure considerations country by country, and the venues that tend to fit.
Listing venues — FAQ
Q1Which US listing venues can a reverse takeover target?
A reverse takeover can target the Nasdaq Stock Market (Capital Market, Global Market or Global Select Market), NYSE American, or the OTC Markets quotation tiers OTCQX and OTCQB. Which one fits depends on the company's size, financial-statement readiness, float and governance, and its objectives. Companies that are not yet ready for an exchange often begin on OTCQX or OTCQB and uplist later.
Q2What is the difference between an exchange and the OTC Markets?
Nasdaq and NYSE American are national securities exchanges with quantitative listing standards and corporate-governance requirements. OTCQX and OTCQB are quotation tiers operated by OTC Markets Group, not national exchanges; they have eligibility and disclosure standards that are generally lower than the exchanges, which makes them a common starting point before uplisting to Nasdaq or NYSE American.
Q3How do I choose a venue for a reverse takeover?
The venue follows the company's readiness rather than the other way round. A company that already meets an exchange standard may merge into a listed shell or uplist to Nasdaq or NYSE American; one that is earlier in its development may begin on OTCQX or OTCQB and move up as it grows. We assess which venue is realistic with US securities counsel as part of the transaction.
Q4Is Reverse Takeover a broker-dealer?
No. Reverse Takeover is an advisory and arranger, not a registered broker-dealer, law firm or auditor. Regulated activities are performed by licensed US securities counsel, PCAOB-registered auditors, transfer agents and broker-dealers coordinated on the transaction.
This page is general, educational information about US listing routes and is not investment, legal, tax, or accounting advice, nor an offer or solicitation. Regulatory details change and vary by circumstance; obtain advice from qualified US securities counsel. See our disclosures.