NASDAQ wants tougher reverse-merger rules

The NASDAQ Stock Market is proposing a seasoning period for reverse-merger companies that want to be listed on its exchanges. The plan would require such companies to trade for at least six months on the Over-the-Counter Market or another lower exchange, and to maintain a share price of at least $4 for 30 of the first 60 days after applying for a listing on one of the major exchanges. NASDAQ is developing the plan in a bid to block what it sees an all too easy route for companies – particularly foreign ones – to circumvent scrutiny and raise capital from American investors by combining with publicly traded shells, according to

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