Captivision Announces Nasdaq Global Markets Delisting to OTC
Rhea-AI Summary
Captivision (Nasdaq: CAPT) received a Nasdaq Hearings Panel determination to delist its ordinary shares from the Nasdaq Global Market after missing the compliance deadline tied to its December 31, 2025 decision.
The company expects shares to begin trading on the OTC Pink limited tier, then the OTC Expert Market as CAPTF beginning April 9, 2026, and says it will complete audited 2024 financials and file a Form 20-F to regain compliance. Captivision also says it intends to complete a transformational business combination with Montana Tunnels Mining and form Montana Gold Inc., while evolving governance and management toward mining expertise.
Positive
- Company intends to complete audited 2024 financial statements and file Form 20-F
- Completed substantial due diligence on transformational combination with Montana Tunnels Mining
- Plan to create Montana Gold Inc. as a diversified gold mining growth company
- Governance and management evolution toward mining industry domain expertise
Negative
- Nasdaq determined to delist shares after missed compliance deadline
- Shares moving to OTC Pink then OTC Expert Market as symbol CAPTF on April 9, 2026
- Trading on OTC likely to reduce liquidity and transparency and increase volatility
- Company failed to meet extension to complete audit and file Form 20-F
News Market Reaction – CAPT
In the Apr 8 session, CAPT declined 84.33%, reflecting a significant negative market reaction. Argus tracked a trough of -93.2% from its starting point during tracking. Our momentum scanner triggered 59 alerts that day, indicating high trading interest and price volatility. Trading volume was exceptionally heavy at 122.0x the daily average, suggesting significant selling pressure.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 10 | Mining assessment | Positive | +23.2% | Independent assessment confirmed resources and extended projected mine life to 10 years. |
| Jan 07 | Nasdaq extensions | Positive | +11.3% | Nasdaq extensions to regain filing compliance and advance strategic Montana Gold acquisition. |
| Dec 30 | Consultant engagement | Positive | -4.2% | Engaged Hard Rock Consulting to validate reserves ahead of planned acquisition. |
| Dec 02 | Acquisition LOI | Positive | +12.4% | Announced LOI to acquire Montana Tunnels assets valued at $750M versus $50M for CAPT. |
| Nov 21 | Management change | Neutral | -2.8% | Strategic transformation and CFO resignation with CEO assuming interim CFO role. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent acquisition-related announcements often saw positive price reactions, though one event and a management change drew negative responses, indicating occasional divergences from otherwise constructive news.
Over the past several months, Captivision has focused on a strategic shift into U.S. gold mining via the planned acquisition of Montana Tunnels Mining Inc. and the creation of Montana Gold Inc. Notable LOIs and validation of reserves, including a valuation of $750 million for target assets versus Captivision’s $50 million, previously triggered multiple double‑digit percentage gains. However, some acquisition and management updates drew negative reactions. Against this backdrop, the Nasdaq delisting notice contrasts earlier plans to list the combined mining entity on Nasdaq.
Key Terms
nasdaq global market financial
otc pink financial
expert market financial
form 20-f regulatory
nasdaq hearings panel regulatory
periodic filing rule regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Company Affirms Plan to Regain Compliance and Complete Transformational Acquisition and Creation of Montana Gold Inc.
MIAMI, April 08, 2026 (GLOBE NEWSWIRE) -- Captivision Inc. (“Captivision” or the “Company”) (Nasdaq: CAPT), announced today that on April 7, 2026, the Company received a notice from the Nasdaq Hearings Panel (the “Panel”) that the Panel has determined to delist the ordinary shares of Captivision Inc. from The Nasdaq Global Market (“Nasdaq”) due to the Company’s failure to meet the deadline imposed in the Panel’s December 31, 2025 decision (the “Decision”). The Company had been granted an extension period by the end of which the Company was to complete the audit of its financial statements for the year ending 2024 and file the related Form 20-F Annual Report with the Securities and Exchange Commission to regain compliance with Nasdaq’s periodic filing rule.
The Company will remain publicly traded with its ordinary shares expected to trade initially on the OTC Pink Limited tier and then go into the Expert Market under the trading symbol “CAPTF,” commencing on April 9, 2026. Investors may experience reduced liquidity, less transparency and greater price volatility while the Company’s ordinary shares are traded on the OTC Expert Market.
The Company intends to complete its audited financial statements for the year ending 2024 and file its Form 20-F with the Securities and Exchange Commission to cure filing delinquency as previously announced. In addition, the Company has completed substantial due diligence and intends to complete the previously announced transformational business combination with Montana Tunnels Mining Inc. and the creation of Montana Gold Inc., a diversified gold mining growth company. The Company has commenced the evolution of its governance and management to reflect best-in-class mining industry domain expertise and experience.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies, or expectations for the Company’s respective businesses, as well as the proposed acquisition of Montana Tunnels Mining, Inc. and Company’s planned discontinuation of its legacy architectural media glass and LED businesses upon completion of the acquisition. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot assure you that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts, and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “believe”, “can”, “continue”, “expect”, “forecast”, “may”, “plan”, “project”, “should”, “will” or the negative of such terms, and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
The risks and uncertainties include, but are not limited to: (1) the ability to successfully negotiate definitive documents governing and consummate the acquisition of Montana Tunnels Mining, Inc.; (2) the ability to realize the benefits expected from the acquisition and the Company’s strategic direction; (3) following consummation of the acquisition, the ability to execute on the development plan for restarting mining; (4) the ability to raise capital (equity and debt) in the future sufficient to fund the requirements of its development plans; (5) the ability of its management to implement current plans, including with respect to the hiring and training of operating staff as well as to supplement senior management, and to respond to any unforeseen circumstances that require changes to those plans; (6) the occurrence of various risks including, but not limited to, the failure to delineate economically recoverable ore bodies, unfavorable geological conditions, unanticipated technical and operational difficulties encountered in extraction and production activities, mechanical failure of operating plant and equipment, unexpected shortages or increases in the price of consumables, spare parts and plant and equipment, cost overruns, and failure to obtain essential services from third parties, disruption of production and operations from risks and hazards which are beyond the Company’s control, including environmental hazards, industrial accidents, technical failures, labor disputes, and unusual or unexpected rock formations; (7) the failure of extract or and minerals consistent with resource and reserve estimates; (8) fluctuation in the market prices of gold plus silver, zinc, lead and copper and changes in world demand for such metals; (9) challenges in operating in an environmentally responsible manner and in accordance with all applicable laws, and in avoiding accidents or claims associated with past operations or other unforeseen events which may compromise its environmental performance with adverse financial implications; (10) competition from other mineral exploration and mining companies which may have greater financial and other resources, including downstream capabilities with which the Company cannot effectively compete; (11) the ability to complete its 2024 fiscal year end audit and file its Form 20-F Annual Report; (12) the impact of the delisting of its ordinary shares from Nasdaq and its ability to re-list its ordinary shares an U.S. securities exchange; (13) the future financial performance of the Company; (14) the ability of the Company to retain or recruit, or to effect changes required in, its officers, key employees, or directors; (15) the ability to effectively discontinue its legacy architectural media glass and LED businesses and resolve associated recourse liabilities; (16) the ability of the Company to comply with laws and regulations applicable to its business; and (17) other risks and uncertainties set forth under the section of the Company’s Annual Report on Form 20-F entitled “Risk Factors.”
These forward-looking statements are based on information available as of the date of this press release and the Company’s management team’s current expectations, forecasts, and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the control of the Company and its directors, officers, and affiliates. Accordingly, forward-looking statements should not be relied upon as representing the Company management team’s views as of any subsequent date. The Company does not undertake any obligation to update, add or to otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws.
Investor Contact:
Gateway Group
Ralf Esper
+1 949-574-3860
CAPT@gateway-grp.com
