No-par stock

No-par stock is stock issued with no par or face value. In modern practice, par value is an antiquated concept and no-par stock is increasingly common.

In most jurisdictions, the par value of a stock is the lowest possible price at which a company could issue stock, and amounts equivalent to the aggregate par values of the stock were required to have special treatment as stated capital in accounting. No-par stocks often require the board of directors of a company to determine a stated value when issuing no-par stock to replace the par-determined capital amounts.