Yep. Let's say you're a reputable business with solid earnings and market cap, and a track record of following the rules and being able to meet listing standards. Which exchange(s) are you going to consider? The well-known, venerable NYSE or NASDAQ, or the Texas Freewheelin' Discount Bargain Barbecue Exchange?
Now, if you're a less than reputable business, with questionable earnings and a disregard for following the rules, and you are ineligible to be listed on the NYSE or NASDAQ, which exchange are you going to consider?
BSE, CHX, MS4X, NSX, PHLX and more? NYSE & NASDAQ aren't the only players in the US equities exchange market. NYSE & NASDAQ are merely the 2 largest players in a very large field. And that's _just_ equities. Get into commodities or options and other derivatives and there's even more.
Also, not being listed on NYSE or NASDAQ doesn't mean you're any less of a reputable company. There's some real shit listed on both.
Now, if you're a less than reputable business, with questionable earnings and a disregard for following the rules, and you are ineligible to be listed on the NYSE or NASDAQ, which exchange are you going to consider?