Though Nasdaq's name and electronic trading system make it sound like a real stock market, the bulletin board has few rules and no listing requirements.

While listed on these exchanges, the company must meet the exchange's listing requirements.

Many companies seek to be traded on an exchange once they meet the exchange's listing requirements, which include criteria about size and capitalization.

Both companies trade on the over-the-counter bulletin board, which has no listing requirements.

Current listing requirements make that impossible and the approval to go public is a political favor that private companies rarely win.

Enforcing listing requirements is part of that effort.

Now, once a company has found an underwriter and meets the exchange's listing requirements, it will be free to sell its shares.

This "second board" will have looser listing requirements, enabling smaller, younger companies to raise capital.

The company no longer complies with the continued listing requirements under Nasdaq.

A company may list its shares on an exchange by meeting and maintaining the listing requirements of a particular stock exchange.