The fifth character added to a stock symbol listed on the Nasdaq to denote a miscellaneous situation. When L is present as the fifth letter of a Nasdaq ticker symbol, it indicates a subordinate issue including certificates of participation, preferred participation and stubs, which represents a stock that is made up of the converted bonds of a distressed company.


Generally, common stock will have a four-letter symbol on the Nasdaq. When a fifth letter is added, such as an L or Z, it indicates that the shares are different or special in some way. Depending on the letter used that may mean they are non-voting shares, they are rights, it is a second or third offering or that its part of a reorganization.

  1. Nasdaq

    A global electronic marketplace for buying and selling securities, ...
  2. Fifth-Letter Identifier

    An additional letter added onto four-letter ticker symbols to ...
  3. Exchange

    A marketplace in which securities, commodities, derivatives and ...
  4. Z

    A Nasdaq stock symbol specifying that the stock is a miscellaneous ...
  5. Stock Symbol

    A unique series of letters assigned to a security for trading ...
  6. Dead Cat Bounce

    A temporary recovery from a prolonged decline or bear market, ...
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