What Nasdaq Texas filed
Nasdaq Texas is an exchange that cannot yet bring a company public. Today it can only carry shares that already trade on another exchange. On September 3, 2026 it filed to change that, and the SEC published the filing on September 16 as Release No. 34-106397, File No. SR-NasdaqTX-2026-042.
The exchange was Nasdaq BX until it was converted and renamed. The filing rewrites two chapters of its rulebook, Equity 1 and Equity 4, to match The Nasdaq Stock Market, and the exchange says the point is to be ready to take primary listings at some point during the second quarter of 2027.
The rules are already in force. Nasdaq Texas used a route that puts certain rule changes in place the day they are filed, so there was nothing to wait for. The SEC can still suspend the change within 60 days, and anyone can comment for 21 days after the notice appears in the Federal Register. The exchange said it had neither asked for nor received any comments before it filed.
What the new rules do
Most of the filing is about trading halts. Rule 4120, which covers them, is replaced in full. The old version was written when Nasdaq Texas was only a place to trade other exchanges’ listings, so it never needed the powers a home exchange uses.
Two of the new ones matter to a company going public. The exchange can now stop trading in a stock that is the subject of an initial public offering, and it has the auction, called a halt cross, that sets the price when trading restarts and sets the opening price for a stock that has never traded anywhere. Together they are what an exchange needs to open a new listing itself.
The rest of the filing fills in what a listing market does every day. It adds the auctions that open and close trading and the order types those auctions need, it sets out what happens when a market-wide circuit breaker stops trading, and it gives the exchange a short-sale price check that only a listing market performs. One new rule applies if Nasdaq Texas ever lists its own shares or an affiliate’s: it would have to report to its oversight committee every quarter, hire an outside accounting firm once a year to check it is following its own listing rules, and tell the SEC of any failure.
Corviniti helps with IPO readiness, PCAOB audits and SEC filings
Which exchange a company lists on does not change what it has to produce to get there. When Nasdaq Texas converted from Nasdaq BX it adopted listing standards close to the Nasdaq Global Market’s, so a company going public on it needs the same things. A firm registered with the Public Company Accounting Oversight Board has to audit its financial statements. A registration statement has to carry those statements and the notes behind them. Quarterly and annual reports start once the shares trade.
Corviniti does that work. We get a company ready for a PCAOB audit and stay with it through the audit. We put the accounting and the monthly close in order first, which is most of what IPO readiness means. We build the financial statements and notes that go into a Form S-1. We handle SEC reporting on Forms 10-K, 10-Q and 8-K afterwards, and we answer SEC comment letters. Most of it takes months, and it begins well before a company selects a venue.