> ## Documentation Index
> Fetch the complete documentation index at: https://primimarket.mintlify.site/llms.txt
> Use this file to discover all available pages before exploring further.

# Eligibility Criteria

> The requirements a company must meet to be listed on Primi, and the conditions that trigger delisting.

Not every private company qualifies to be listed on Primi. This is intentional. A company must have sufficient secondary market activity to support a credible, continuous reference index. If the data does not meet our standards, the market does not open. If it deteriorates after listing, the market closes.

## Listing criteria

A company must satisfy all five of the following criteria to be listed:

<Steps>
  <Step title="US incorporation">
    The company must be incorporated in the United States.
  </Step>

  <Step title="No S-1 or IPO filing">
    The company must not have filed an S-1 or IPO registration. A company that files to go public exits the private market and is no longer eligible.
  </Step>

  <Step title="12 months of secondary market history">
    At least 12 months of secondary market quote history across eligible platforms is required to support the baseline calculation. Companies with less than 12 months of history may be listed in an **observation period** — the index is visible, but contracts are not yet available for trading. Full trading opens only after the baseline is formed.
  </Step>

  <Step title="Transaction volume threshold">
    Minimum \$10M in verified transaction volume across eligible platforms in the trailing 60 days, with no single transaction representing more than 40 percent of that total.
  </Step>

  <Step title="Quote frequency threshold">
    Minimum 8 verified bid-ask quotes or transactions across at least 2 independent eligible platforms in any trailing 30-day window. Volume alone is insufficient — frequency across independent sources is required to support a credible continuous signal.
  </Step>
</Steps>

## Delisting trigger

If a listed company falls below either of the following thresholds, it immediately enters a **5-trading-day wind-down period**:

* Trailing 60-day transaction volume falls below **\$5M**, or
* Fewer than **8 qualifying transactions or firm quotes** across at least 2 platforms occur in any trailing 30-day window.

During the wind-down period, all open positions settle at the last valid index price. There is no probation period and no discretionary review — the trigger is rules-based and automatic.

## Source platforms

Forge, Hiive, Nasdaq Private Market, and Caplight.