Initial Public Offering Guide 2026: Best Stock Exchange Pathways (NASDAQ, NYSE, TSX, TSXV, OTCQX, SPAC, CPC)

A Strategic Guide to NASDAQ, NYSE, TSX, TSXV, OTCQX, SPACs, CPCs & Reverse Mergers

Refer to Glossary of Key Terms at end of article.

Many companies mistakenly believe that going public involves simply selecting a stock exchange & raising capital through an IPO. In reality, major markets like NASDAQ, NYSE, TSX, TSXV, OTCQX, SPACs & CPCs differ significantly in key areas that impact IPO process, listing requirements & long-term success, ie:

• Investor base (institutional, retail, or cross-border)

• Regulatory framework (SEC in the U.S., CSA in Canada, or exchange-specific disclosure)

• Liquidity expectations

• Governance standards

• Issuer profile (mature operating companies, development-stage firms, or asset-backed entities)

• Jurisdictional reporting requirements

• Use of shell vehicles (e.g., SPACs, CPCs, or reverse takeovers).

The optimal stock exchange for going public depends on how well a company's financial structure, governance, disclosure capabilities, stage of maturity, investor appeal & capital needs align with the market's design. For instance, companies of similar size in sectors like mining, SaaS, or infrastructure, often fit best on entirely different exchanges, due to these factors.

Each market targets a specific stage of corporate development. U.S. senior exchanges like NASDAQ & NYSE suit companies that already operate like public entities, with rigorous standards from day one. Canada's TSX & TSXV offer a graduated pathway for growth companies. OTCQX serves as a disclosure-focused stepping stone for visibility & liquidity. SPACs & CPCs provide structured shell vehicles for access via reverse mergers rather than traditional IPOs.

The core challenge in going public is not selecting the "best" exchange overall, but finding the one that matches your company's current stage, readiness and liquidity expectations.

U.S. Senior Stock Exchanges: NASDAQ & NYSE Initial Public Offering Requirements & Institutional Standards

NASDAQ & NYSE set high expectations for listed companies, though NASDAQ often has lower size thresholds than NYSE for initial listings. A NASDAQ IPO, NYSE IPO, or SPAC merger is more than a financing event - it requires a full transformation to public-company operations. Companies without structural preparedness often face delays, regulatory issues & post-listing valuation pressure.

These exchanges typically require:

• Independent boards & audit committees

• SEC-compliant financial reporting (including SOX internal controls)

• Quarterly earnings reporting

• Ongoing continuous disclosure.

Source: NASDAQ Listing Center | NYSE Listed Company Manual

Canada's Graduated Pathway: TSX & TSXV Listing Requirements for Growth Companies

Canada provides a unique structured "growth runway" not available in the U.S. The TSX Venture Exchange (TSXV) targets companies not yet ready for senior markets, allowing them to build trading history, disclosure records & investor bases before graduating to the TSX or cross-listing in the U.S.

This staged approach has historically supported a robust ecosystem for early-stage public companies.

Source: TMX Group Guide to Listing

CPCs & Reverse Mergers: A Key Route to TSXV Listings

While traditional IPOs occur on TSXV, a significant portion of new listings historically involve Capital Pool Companies (CPCs) - shell companies that raise seed capital & then complete a Qualifying Transaction (reverse takeover) with a private operating company.

The CPC model offers:

• A clean, pre-listed vehicle

• Pre-established governance

• Exchange-supervised disclosure and process

• A clear, regulated pathway

For many growth-stage companies, CPCs provide a more predictable & efficient alternative to a full IPO. Source: TSXV Policy 2.4 – Capital Pool Companies

OTCQX: U.S. Stepping Stone for IPO Readiness and Up-Listing

OTCQX acts as a bridge to senior U.S. exchanges rather than a competitor to NASDAQ. Companies use it to:

• Establish initial public trading

• Build U.S. investor awareness

• Demonstrate disclosure discipline

• Prepare for NASDAQ or NYSE up-listing.

It is especially useful for international issuers and U.S. growth companies seeking public credibility without full senior-exchange standards. Source: OTCQX Rules for U.S. and International Companies

SPACs: Alternative Route to NASDAQ or NYSE via De-SPAC Merger

SPACs allow faster access to NASDAQ or NYSE listing through merger with a public acquisition vehicle. While they can shorten timelines, post-merger companies face the same full governance, reporting & investor-relations standards as traditional listings. SPAC activity has seen a modest rebound in early 2026 following a strong 2025. Source: NASDAQ SPAC Rules | NYSE SPAC Guidelines

Public Market Pathway Decision Matrix for Going Public

To help evaluate options, the following decision matrix summarizes key pathways. It compares fit, scale, regulatory burden, investor focus, governance demands & execution risk - allowing companies to quickly identify the most suitable route based on their current maturity & goals.

Pathway	Best Fit	Typical Scale	Regulatory Load	Primary Investor Base	Governance Standard	Execution Risk
NASDAQ IPO	VC / PE-backed growth companies	Varies; often lower thresholds than NYSE	Full SEC + SOX	Institutional & retail	Full U.S. public	High if unprepared
NYSE IPO	Larger, mature issuers	~$200M+ global market cap (approx)	Highest (SEC + SOX)	Primarily institutional	Full NYSE	High
TSX IPO	Resource & established growth	~$4M+ public float (varies by category)	CSA + exchange	Mixed	Strong	Medium
TSXV IPO	Early-stage growth	Lower thresholds	Exchange + CSA	Retail-focused	Moderate	Medium
CPC (TSXV Reverse Merger)	Growth companies lacking IPO scale	Merge into existing shell	Exchange-supervised	Retail + smaller funds	Defined pathway	Lower
OTCQX	Pre-senior exchange / international	~$10M+ market cap (approx)	Disclosure-driven (lighter)	Retail + family offices	Lighter	Low
SPAC Merger	Companies ready for senior standards	Institutional-scale valuation	Full SEC + SOX post-merger	Institutional	Full public post-merger	Medium to high

How Executive Agility Accelerates Success Across All Going Public Pathways

Common challenges across IPOs, SPACs, CPCs, OTCQX up-listings, reverse mergers & cross-border listings arise when companies pursue capital before establishing strong governance & operational readiness.

Executive Agility bridges this gap with executive operator-led support tailored to your company's maturity, jurisdiction & chosen listing pathway. Founded by experienced leaders with deep expertise in North American capital markets, we deliver practical, execution-focused solutions through a hybrid model - embedding fractional or interim executives (CEOs, CFOs, or specialists) directly into your team, or providing remote coordination.

Our services directly support every stage of going public:

• IPO & Listing Readiness: Comprehensive assessments, benchmarking & gap analysis aligned to TSX, TSXV, SEC & exchange standards; expedited board, committee & executive readiness; disclosure controls & public-company operating models.

• Capital Market Transactions: Hands-on guidance for traditional IPOs (Canada & U.S.), reverse takeovers (RTOs) / mergers, CPC qualifying transactions, dual / multi-jurisdictional listings, up-lists, & OTCQX / OTCQB listings.

• Governance, Risk & Compliance: Framework design / remediation, board / committee charters, ESG foundations, continuous disclosure readiness & internal controls coordination.

• Execution & Program Management: End-to-end project management, multi-party stakeholder coordination (legal, audit, banking, regulators), timeline acceleration & cost control.

Unique advantages include:

• White Glove, Coordinated Service: Embedded executives provide hands-on leadership for seamless integration.

• Structured Execution Discipline: Our proprietary '30 /90 Day Activate & Deliver™ Assurance Framework' ensures rapid assessments, milestone-driven roadmaps & tangible progress - reducing risk & improving filing quality.

• Curated Turnkey Professional Network: Instant access to vetted attorneys, auditors, EDGAR / SEDAR agents, investment bankers & underwriters - eliminating delays & enabling a faster, more cost-effective path.

Clients, banks & boards choose Executive Agility for reduced transaction risk, faster timelines, lower costs, higher-quality governance / disclosure & a single accountable execution partner. Early engagement - from pre-mandate readiness checks to post-listing stabilization - frequently minimizes rework & regulatory friction.

The Bottom Line: Selecting the Best Stock Exchange for Your IPO

No single exchange is universally the best for going public. The ideal pathway depends on your company's size, maturity, governance & capital strategy. A governance-first, fact-driven approach - supported by experienced partners like Executive Agility - is key to long-term success.

For personalized guidance on NASDAQ vs NYSE vs TSX / TSXV, SPAC mergers, CPC routes, or full IPO readiness, contact us at www.executive-agility.com.

Glossary of Key Terms

• CPC (Capital Pool Company): A publicly listed shell company on the TSX Venture Exchange that raises seed capital with the sole purpose of completing a Qualifying Transaction (typically a reverse merger) to acquire a private operating company and bring it public.

• CSA (Canadian Securities Administrators): The umbrella organization of Canada's provincial & territorial securities regulators, responsible for harmonizing securities regulation across the country.

• De-SPAC Merger: The business combination transaction where a SPAC acquires or merges with a private operating company, resulting in the private company becoming publicly traded.

• Going Public: The process by which a private company becomes publicly traded, allowing its shares to be bought & sold on a stock exchange (via IPO, SPAC, reverse merger, etc.).

• IPO (Initial Public Offering): The first sale of a company's shares to the public, typically through an underwritten process, to raise capital & list on an exchange.

• NASDAQ (National Association of Securities Dealers Automated Quotations): The second-largest stock exchange in the world by market capitalization; a fully electronic U.S. exchange known for listing many technology & growth companies.

• NYSE (New York Stock Exchange): The world's largest stock exchange by market capitalization; a U.S. exchange headquartered in New York City with a hybrid model combining electronic & floor trading.

• OTCQX: The highest tier of the OTC Markets Group, designed for established companies (U.S. & international) that meet high financial & disclosure standards but are not listed on a senior exchange like NASDAQ or NYSE.

• Reverse Merger / RTO (Reverse Takeover): A transaction where a private company merges into a publicly listed shell company (e.g., CPC or inactive public entity), allowing the private company to become public without a traditional IPO.

• SEC (U.S. Securities and Exchange Commission): The federal agency responsible for regulating U.S. securities markets & enforcing securities laws.

• SOX (Sarbanes-Oxley Act): U.S. legislation enacted in 2002 that established enhanced governance, internal control & financial reporting requirements for public companies.

• SPAC (Special Purpose Acquisition Company): A publicly traded shell company that raises capital through an IPO with the intent of acquiring or merging with a private operating company (via a de-SPAC merger).

• TSX (Toronto Stock Exchange): Canada's senior stock exchange, the largest in the country & one of the world's top exchanges by market capitalization, primarily for established companies.

• TSXV (TSX Venture Exchange): Canada's junior stock exchange focused on emerging & early-stage companies, providing a public venture capital marketplace.