NASDAQ Proposes Listing Standards for Acquisition Vehicles

NEW YORK, Feb 21, 2008 (PrimeNewswire via COMTEX News Network) -- The Nasdaq Stock Market, Inc. (Nasdaq:NDAQ) will propose to the Securities and Exchange Commission (SEC) a rule change to list acquisition vehicles and subject them both to NASDAQ's initial listing requirements as well as additional criteria developed specifically for this type of entity. No other market has yet adopted such criteria.

Acquisition vehicles, often known as special purpose acquisition vehicles (SPACS), are companies which go public with a business plan to seek corporate mergers or acquisitions. In 2007 alone, more than 50 offerings by acquisition vehicles raised new capital exceeding $10 billion.

"Acquisition vehicles are an increasingly common capital-raising device," said Bob McCooey, Senior Vice President, NASDAQ. "We believe that listing them on NASDAQ, subject to these important investor protections, will benefit investors and issuers alike."

NASDAQ will introduce more stringent listing standards to this burgeoning market segment for the benefit of investors and issuers.

In addition to having to satisfy all applicable initial listing standards, NASDAQ will require that acquisition vehicles also meet the following criteria:

 -- Gross proceeds from the initial public offering (IPO) must be
    deposited in an escrow account maintained by an insured depository
    institution as defined by the Federal Deposit Insurance Act or in a
    separate bank account established by a registered broker or dealer.

 -- Within 36 months of the effectiveness of its IPO registration
    statement, the company must complete one or more business
    combinations using aggregate cash consideration equal to at least
    80% of the value of the escrow account at the time of the initial
    combination.

 -- So long as the company is in the acquisition stage, each business
    combination must be approved both by the company's shareholders and
    by a majority of the company's independent directors. Following each
    business combination, the combined company must meet all of the
    requirements for initial listing.

For information about NASDAQ's listing standards, visit http://www.nasdaq.com/about/listing_information.stm#fees.

NASDAQ is the largest U.S. equities exchange. With approximately 3,100 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks as well as a leading liquidity pool for trading NYSE-listed stocks. For more information about NASDAQ, visit the NASDAQ Web site at www.nasdaq.com or the NASDAQ Newsroom at www.nasdaq.com/newsroom/.

Cautionary Note Regarding Forward-Looking Statements

The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about NASDAQ's strategic initiatives. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ's control. These factors include, but are not limited to factors detailed in NASDAQ's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.

NDAQG

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SOURCE: The Nasdaq Stock Market, Inc.

CONTACTS:  The Nasdaq Stock Market, Inc.
           Media Contacts:
           Wayne Lee
             (301) 978-4875
           Bethany Sherman
             (212) 401-8714

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