The pipeline for tiny foreign companies seeking US listings has effectively dried up, with only 13 microcaps going public on Nasdaq and the New York Stock Exchange so far in 2026.
This represents a near-total collapse compared with the almost 80 such listings recorded by the midpoint of 2025, according to data cited by The Straits Times.
The sharp contraction underscores the lasting impact of intensified regulatory scrutiny on pump-and-dump schemes involving foreign small-caps.
Market participants are observing a clear retreat in primary market activity for this segment, as sponsors and issuers face higher barriers to entry and increased compliance costs.
The crackdown has successfully curbed speculative trading patterns that previously characterized this niche of the US equity market.
This trend mirrors broader global headwinds in the IPO market.