Investors
Where we stand against the exchange's published standards.
Facts against public criteria, with basis dates, updated with every shareholder letter. No timeline, and no promise that one exists.
Cyphaira Corp. is quoted on OTC Markets (OTC: CYPA). The company plans around the published initial listing standards of the Nasdaq Capital Market and reports its position against them as the sixth of the six measures in every shareholder letter. This page is that measure in full. It is not an announcement of an application, and meeting every standard does not guarantee approval; Nasdaq exercises discretion under Listing Rule 5101. Anyone considering the stock should read the risk factors in the company's filings.
Thresholds are Nasdaq's, from its Initial Listing Guide (January 2026) and Listing Rules 5505 and 5600, shown for the Equity Standard, the standard most relevant to a company at Cyphaira's stage. Status cells are the company's, with the basis date of each figure. "Reported with the first shareholder letter" means the figure has not yet been published and will be.
Quantitative requirements
1 of 7 met · 0 in progress · 6 not yet reported
| Requirement | Nasdaq Capital Market (Equity Standard) | Cyphaira today |
|---|---|---|
| Stockholders' equityEquity Standard. The Market Value of Listed Securities and Net Income Standards require $4 million with other tests. | $5 million | Not yet reportedReported with the first shareholder letter. |
| Market value of unrestricted publicly held sharesFor a company quoted over-the-counter, Nasdaq requires either average daily trading volume of at least 2,000 shares over the 30 trading days before listing or that this amount be met from the proceeds of a firm-commitment underwritten public offering (Listing Rule 5505). | $15 million | Not yet reportedReported with the first shareholder letter. |
| Unrestricted publicly held sharesShares not held by officers, directors or 10% holders, and not subject to resale restrictions. | 1 million shares | Not yet reportedReported with the first shareholder letter. |
| Unrestricted round-lot shareholdersAt least 150 of them must each hold unrestricted shares worth at least $2,500. | 300 holders | Not yet reportedReported with the first shareholder letter. |
| Bid priceOr a $3.00 closing price under the Equity or Net Income Standard, subject to additional conditions. | $4.00 | Not yet reportedReported with the first shareholder letter. |
| Market makersRegistered and active in the security. | 3 | Not yet reportedReported with the first shareholder letter. |
| Operating historyEquity Standard only. | 2 years | MetThe company (formerly Growth Stalk Holdings Corp.) has operated for more than two years.as of 2026-09-08 |
Corporate governance requirements
These apply to every listed company regardless of financial standard, and most can be adopted before any application. The company's position is to adopt them early; each is published on the governance page as it is adopted.
0 of 9 met · 0 in progress · 9 not yet reported
| Requirement | Nasdaq rule | Cyphaira today |
|---|---|---|
| Majority independent boardMore than half of directors meet Nasdaq's independence definition. | 5605(b) | Not yet reportedReported with the first shareholder letter. |
| Audit committeeAt least three independent directors, one financially sophisticated; written charter. | 5605(c) | Not yet reportedReported with the first shareholder letter. |
| Compensation committeeAt least two independent directors; written charter. | 5605(d) | Not yet reportedReported with the first shareholder letter. |
| Independent director nominationsIndependent directors select or recommend nominees. | 5605(e) | Not yet reportedReported with the first shareholder letter. |
| Code of conductApplies to all directors, officers and employees; published. | 5610 | Not yet reportedReported with the first shareholder letter. |
| Annual meeting and proxy solicitationAnnual meeting within a year of fiscal year end; proxies solicited; quorum of at least one-third of outstanding shares. | 5620 | Not yet reportedReported with the first shareholder letter. |
| Related-party transaction reviewAudit committee or independent body reviews all related-party transactions. | 5630 | Not yet reportedReported with the first shareholder letter. |
| Shareholder approval policyShareholder approval before certain issuances, equity compensation plans and changes of control. | 5635 | Not yet reportedReported with the first shareholder letter. |
| Clawback policyRecovery of erroneously awarded incentive compensation. | 5608 | Not yet reportedReported with the first shareholder letter. |
How to read this page
Three things decide most uplistings, in this order: the number of unrestricted round-lot holders, the market value of unrestricted publicly held shares, and governance adopted before, not after, the application. The bid price is the one most people watch and the one that says the least; it can be met by a reverse split, which is why this page reports it with its basis date and no commentary. The company will state in each letter which cells changed and why.
Get the update when the cells change.
Every shareholder letter refreshes this page. Receive the letter, or ask investor relations about any line here.