来源：雪球App，作者： 深度畅谈，（https://xueqiu.com/1009890176/232083019）

最近关注几个中概股快跌破1刀，很好奇纽交所和纳斯达克如何处理，搜索了一下并且机器翻译了一下。纽交所关于股价的要求更严格，连续30个交易日低于 1 美元出售就要退市，而纳斯达克更看重的是企业的合规和经营情况（可能根据市场情况暂停执行1美元规定）。

当纽约证券交易所的股票跌破 1 美元时会发生什么？

在纽约证券交易所购买每股价格为 1 美元或更高的股票。股票价格在整个交易日波动，可以在纽约证券交易所网站上查看。然而，一家公司要想在纽约证券交易所继续交易，就必须满足交易所的最低股价规则。只要一家公司的股价保持在 1 美元或以上，股票就会继续在交易所交易。但是，如果价格长期低于 1 美元，公司就有可能将其股票退市。

提示

一只股票可以低于 1 美元并在纽约证券交易所上市少于 30 个交易日。届时，公司会收到初始价格违规通知，并且必须告知纽约证券交易所其提高股价以避免被停牌或退市的计划。

最低股价

仅仅因为股票价格跌破 1 美元并不意味着买卖停止。该股票可以连续 29 个交易日以低于每股 1 美元的价格出售，并且仍然可以安全地免于退市。但是，它必须在第 30 天以 1 美元或更高的价格出售。如果该股票连续 30 天以每股低于 1 美元的价格出售，则违反了纽约证券交易所的最低价格规定。

初始价格违规通知

如果股价连续 30 天或更长时间保持在每股 1 美元以下，纽约证券交易所会通知该公司。该公司从收到通知之日起只有10 天的时间告诉纽约证券交易所它的计划。公司可以选择让股价回升或从交易所退市，并且必须向交易所提交一份计划，说明它将如何提高股价。如果公司选择退市，纽交所可以暂停股票交易并启动退市程序。

暂停程序

如果公司无法使股价回升或不批准公司的计划，纽约证券交易所将暂停股票交易。为了通知当前和潜在的股东，纽约证券交易所发布了一份新闻稿，宣布即将停牌。完成暂停申请后，纽约证券交易所将其发送至证券交易委员会。在此期间，股票继续在交易所交易。但是，如果股价因企业欺诈而下跌，纽交所可以立即无限期暂停交易。

除牌程序

纽约证券交易所向该公司发出退市通知，并发布新闻稿解释该公司为何被退市。纽约证券交易所每天都会向媒体通报退市过程的进展情况。如果公司不想被退市，可以对退市提出上诉，向美国证监会申请复核。如果 SEC 拒绝上诉，或者如果公司选择退市，所有交易将停止，股票将从纽约证券交易所撤出。

参考链接：网页链接

纳斯达克退市规

纳斯达克仅需要 10 天即可将一项投资退市。在市场异常情况下，交易所可以灵活地暂停执行其 3200 家上市公司的持续上市规则。

历史

1934 年的《证券交易法》制定了将在国家证券交易所交易的投资退市的规则。 1990 年代纳斯达克上市的新股涌入导致 1999 年有 749 家公司退市，因为看涨的小盘股市场崩盘，导致许多收盘价低于 1 美元的最低价。纳斯达克退市规则于 2004 年进行了更新，通过允许通过 EDGAR 在线报告系统以电子方式提交退市通知表来简化流程。由于公司难以遵守报告和继续上市要求，交易所在 2006 年重新审查了停牌和退市规则。可以在纳斯达克网站上找到最新的持续上市要求。

功能

纳斯达克的三个电子交易市场（纳斯达克全球市场、纳斯达克全球市场精选和纳斯达克资本市场）中的每一个都有自己的初始和持续上市要求。证券交易委员会 (SEC) 市场规则 4330(a) 授权纳斯达克在交易所认为继续上市不合适的情况下暂停或退市证券，即使符合其他上市标准。该规则允许纳斯达克控制交易所的质量和道德品质。

纳斯达克可能将证券退市或暂停上市的原因：

• 不符合继续上市标准

• 破产

• 独立审计师对财务报表的免责声明或未提交所需报告

• 纳斯达克认为该行动对于保护投资者是必要的

• 公司是反向并购的一部分一家之前未在纳斯达克上市的公司，导致一家非上市公司获得纳斯达克上市。

由于市场状况，纳斯达克暂时不考虑执行上市规则。例如，当市场波动很大时，纳斯达克偶尔会暂停执行最低 1 美元的公开持有股票。

退市流程： 1. 纳斯达克通知公司待停牌或退市。公司可能会要求举行复审听证会。 2. 纳斯达克要求公司提供更多信息，这些信息必须准确并按时交付。对于拖欠提交所需报告的情况，公司可能被授予最长 180 天的时间来满足要求。 3. 纳斯达克审查小组考虑公司周围的情况，并决定交易所是否将暂停或退市。 4. 纳斯达克向 SEC 提交表格 25 以将证券退市。 5. 备案后十天，证券交易委员会将证券退市，并在 90 天内撤销其注册。投资不再在交易所交易。上市公司可以通过向美国证券交易委员会提交表格来自愿将证券从交易所除名。

类型

投资可以暂停或退市。暂停交易的证券停止在证券交易所交易，但如果满足特定要求，可能会重新上市。退市证券和涉及反向并购的证券必须按照新上市的标准重新申请。

鉴别

纳斯达克向公众和 NASDAQ.com 网站发布暂停或退市证券的通知。公司本身经常在收到证券交易所的通知时发布新闻稿。美国证券交易委员会还在其网站上列出了停牌和退市的公司。

意义

纳斯达克退市规则是交易所自我监管政策的一部分，可确保遵守交易所和美国证券交易委员会的规则和规定。从国家交易所退市会减少投资者获得股票的机会。投资仍可在场外交易公告板 (OTC) 或粉红单上进行交易，这些交易的上市要求较少，因此被认为风险更大。

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You can buy stocks that cost $1 or more per share on the New York Stock Exchange. Stock prices fluctuate throughout the trading day and can be checked on the NYSE website. However, for a company to keep trading on the NYSE, it must meet the exchange’s minimum stock price rules. As long as a company’s stock price remains at or above $1, the shares keep trading on the exchange. However, if the price falls below $1 for too long, the company risks having its stock delisted.

A stock can be below $1 and stay listed on the NYSE for less than 30 trading days. At that point, the company receives an initial price violation notice and must inform the NYSE of its plans to increase the stock price to avoid being suspended or delisted.

Just because a stock’s price falls under $1 doesn’t mean that buying and selling stops. The stock can sell for under $1 a share for 29 consecutive trading days and still be safe from delisting. However, it must sell for $1 or more on day 30. If the stock sells for under $1 a share for 30 consecutive days, it's in violation of the NYSE minimum price regulations.

The NYSE notifies the company if the stock price remains stuck under $1 a share for 30 or more consecutive days. The company has only 10 days from the day it receives the notice to tell the NYSE what it plans to do. The company has the choice of getting the stock price back up or being delisted from the exchange, and it must submit a plan to the exchange explaining how it will increase the stock price. If the company opts for delisting, the NYSE can suspend the stock’s trading and start the delisting process.

The NYSE will suspend the stock’s trading if the company can’t bring the stock price back up or if it doesn't approve the company’s plan. To notify current and potential stockholders, the NYSE issues a press release announcing the upcoming suspension. After completing the suspension application, the NYSE sends it to the Securities and Exchange Commission. During this time, the stock continues trading on the exchange. However, if the stock price fell because of corporate fraud, the NYSE can immediately suspend trading indefinitely.

The NYSE sends a delisting notice to the company and issues a press release explaining why the company is being delisted. The NYSE notifies the press daily about how the delisting process is going. If the company doesn’t want to be delisted, it can appeal the delisting and request a review before the SEC. If the SEC denies the appeal, or if the company opted for delisting, all trading stops and the stock is removed from the NYSE.

参考链接：网页链接

It only takes 10 days for the NASDAQ to delist an investment. The exchange has the flexibility to suspend enforcement of continued listing rules for its 3200 listed companies during abnormal market conditions.

The Securities Exchange Act of 1934 created the rules for delisting investments that trade on a national securities exchange. An influx of new NASDAQ listings in the 1990s lead to a record 749 delistings in 1999 as the bullish small cap market crashed pushing many closing prices below the $1 minimum. The NASDAQ delisting rules were updated in 2004 to streamline the process by allowing electronic filing of a delisting notification form via the EDGAR online reporting system. The exchange reexamined suspension and delisting rules in 2006 as companies struggled to comply with reporting and continued listing requirements. The most recent continued listing requirements can be found on the NASDAQ website.

Each of the NASDAQ’s three electronic trading markets (NASDAQ GLOBAL Market, NASDAQ Global Market Select, and NASDAQ Capital Markets), has its own requirements for initial and continued listing. Securities and Exchange Commission (SEC) marketplace rule 4330(a) gives the NASDAQ the authority to suspend or delist securities in instances where the exchange believes continued listing would be inappropriate, even though other listing criteria are met. This rule allows NASDAQ to control the quality and moral character of the exchange. Reasons NASDAQ may delist or suspend a security: • Not meeting continued listing criteria • Bankruptcy • Independent Auditors disclaimers on financial statements or failure to file required reports • NASDAQ believes the action is necessary to protect investors • A company is part of a reverse merger with a company not previously listed on the NASDAQ resulting in a non-listed company obtaining a NASDAQ listing. The NASDAQ temporarily disregards enforcement of listing rules due to market conditions. For example, the NASDAQ occasionally suspends enforcement of the $1 minimum value of publicly held shares when the market is very volatile. Delisting Process: 1. NASDAQ notifies the company of pending suspension or delisting. The company may request a review hearing. 2. NASDAQ requests additional information from the company which must be accurate and delivered on time. For delinquency of filing required reports, the company may be granted up to 180 days to meet requirements. 3. The NASDAQ Review Panel considers the circumstances surrounding the company and decides if the exchange will pursue suspension or delisting. 4. NASDAQ files form 25 with the SEC to delist the security. 5. Ten days after filing, the SEC delists the security and within 90 days withdraws its registration. The investment no longer trades on the exchange. Listed companies can voluntarily delist securities by submitting a form to the Securities and Exchange Commission to be removed from the exchange.

Investments can be suspended or delisted. Suspended securities stop trading on the stock exchange but may be relisted if given requirements are met. Delisted securities and those involved in a reverse merger must re-apply using the criteria for a new listing.

NASDAQ publishes notices of suspended or delisted securities to the public and on the NASDAQ.com website. The companies themselves often issue press releases when they receive notice from the stock exchange. The SEC also lists suspended and delisted companies on its website.

The rules for NASDAQ delisting are part of the exchange’s self-regulating policy which ensures compliance with rules and regulations of both the exchange and the SEC. Delisting from national exchanges reduces investor access to shares. Investments may still be traded on the Over the Counter Bulletin Board (OTC) or Pink Sheets which have fewer listing requirements and are therefore considered more risky.

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