OCZ Technology announced yesterday that the company will soon be listed on the NASDAQ, and will commence trading under the ticker symbol “OCZ” on Friday, April 23, 2010.
Ryan Petersen, CEO of the OCZ Technology Group, commented: “Trading on the NASDAQ has been a goal of OCZ since we listed in the US, and our approval is a significant milestone for our shareholders. Our core initiatives are focused on strengthening our position in the burgeoning SSD market, which our recent announcements on retail and enterprise product launches and the signing of distribution partners for our SSD products represent. We look forward to gaining visibility on the NASDAQ and utilizing the benefits of trading on the exchange.”
Reality check
Winding up on the NASDAQ is a Pretty Big Deal™. Not only is the NASDAQ the biggest equity securities trading market in the United States, its 3,700 member companies move more shares daily than any other exchange in the world.
There are three ways to get listed on the NASDAQ; a company must meet all criteria in a given method to qualify:
- The company must have total pre-tax earnings of at least $11 million over the last three years, $2.2 million in the past two years and no net losses in any of those years.
- The company must have a minimum total cash flow of at least $27.5 million for the past three years, with no negative cash flow during that time. The company’s average worth and revenues over the past 12 months must exceed $550 million and $110 million, respectively.
- Companies can avoid the cash flow requirement of standard two by exceeding a company value and revenues of $850 million and $110 million, respectively, over the past year.
In addition to one of the qualifications above, all companies must have at least 1.25 million public shares, excluding those held by executive-level employees. The company also must: be valued at more than $5 per share at time of listing; have 450 shareholders with 100 or more shares, 2,200 total shareholders or 550 total shareholders with a 1.1 million share average trading volume over 12 months; and have at least three market makers, which quote both buy and sell prices on the stock.
In simpler terms, a company qualifying for the NASDAQ and opting to be listed is a clear sign that the company is not only doing well, but is confident in how it will do well into the future.
This confidence is no surprise to us, as OCZ has really defined its character and integrity through its range of solid state products (to say nothing of DRAM). Between pushing the envelope with Indilinx and SandForce controllers, we can think of few companies in OCZ’s markets that are more aggressive, responsive, innovative or supportive of their customers.
Going the extra mile with products and customers has really paid off for OCZ, and the move to the NASDAQ is a feather in the cap.
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