Raising Capital on the ASMX
RAISING CAPITAL ON THE ASMX
The ASMX provides a regulated venue for issuers raising equity capital and for borrowers and brokers raising asset-backed debt capital. Listing is open to qualified applicants who meet the Exchange's standards and agree to abide by its rules.
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The ASMX is a private marketplace open only to verified Accredited Investors and Qualified Investors. Nothing on this site is an offer to sell or a solicitation to buy any security. Securities offerings are made only through official offering documents to qualified investors. Investments in private securities involve risk, including possible loss of principal.
The ASMX is Not for Hire. Listing on the Exchange is a privilege extended at the sole discretion of ASMX management, which chooses to list only companies of the highest standards — issuers and borrowers whose integrity, business conduct, and quality reflect the values of the marketplace. Meeting the enumerated listing criteria does not entitle any applicant to a listing; the ASMX reserves broad discretionary authority to decline, condition, or limit any application it determines would be inconsistent with the quality of the Exchange or the confidence of the investors it serves.
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Review & Appeals
An applicant whose application is denied may appeal the decision to the ASMX Board of Directors. The Board reviews the application, the basis for the decision, and any additional information the applicant provides in support of the appeal.
The Board of Directors renders its decision on an appeal within sixty days. The decision of the Board is final.
Listed issuers and borrowers remain subject to the Exchange's continued-listing standards and to ongoing compliance with the ASMX rulebooks throughout the life of the listing.
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Application Process
Issuers seeking to list equity shares, and borrowers or brokers seeking to list debt securities, begin by completing the appropriate ASMX Listing Application & Agreement. Separate applications are available for the Primary Market and the Secondary Market, and an applicant may apply to one or both depending on how they intend to participate.
Each application must be complete and accompanied by the information and disclosures the Exchange requires to evaluate the security and the applicant. The ASMX reviews each submission against its listing standards and its obligation to maintain market quality, protect investors, and prevent fraudulent or manipulative practices.
The Market Coordinator issues a written decision within ten business days of receiving the application. Each decision takes one of three forms:
Admitted for Listing and Trade. Pending Conditional Commitment Items. The application is approved, subject to the applicant satisfying any remaining conditions identified by the Exchange before the security begins trading.
Application Incomplete. The application cannot yet be evaluated because required information or documentation is missing. The applicant may supplement the submission and the review will continue.
Application Denied. The application does not meet the Exchange's standards for listing.
The ASMX retains broad discretionary authority over the initial and continued listing and trade of all securities. The Exchange may apply additional or more stringent criteria, or decline an application, where it determines that listing would be inadvisable or inconsistent with the integrity of the marketplace — even where the enumerated criteria are otherwise met.