Delisting of Securities from The Nasdaq Stock Market

Rhea-AI Summary

The Nasdaq Stock Market (NDAQ) has announced the delisting of securities from 18 different companies. These delistings affect various types of securities including common stocks, warrants, units, and rights. Notable companies being delisted include Canoo Inc., Akoustis Technologies, Biora Therapeutics, and ENGlobal Corporation. All affected securities were previously suspended from trading between June 2024 and January 2025, and have not traded on Nasdaq since their respective suspension dates. The largest wave of delistings occurred around January 23, 2025, when multiple companies were affected simultaneously.

Positive

• None.

Negative

• Mass delisting of 18 companies indicates potential market stress or increased regulatory scrutiny
• Multiple SPAC companies among those delisted, suggesting challenges in the SPAC market
• Removal of these securities reduces the overall market capitalization and trading volume on Nasdaq

Insights

Stock Exchange Regulatory Expert

Nasdaq formally delists 18 companies whose trading was already suspended, finalizing their removal from the exchange.

This announcement represents the formal completion of the delisting process for 18 companies whose securities had already been suspended from trading on Nasdaq for extended periods. All affected companies had their securities suspended between June 2024 and January 2025, with no trading activity occurring on Nasdaq since their respective suspension dates.

The companies being delisted span multiple sectors and include several special purpose acquisition companies (SPACs) such as IX Acquisition Corp, DUET Acquisition Corp, and Perception Capital Corp III. Also notable is the delisting of Canoo Inc., an electric vehicle manufacturer that had once attracted significant investor attention, and Akoustis Technologies, a RF filter technology company.

When companies are delisted, their shares typically move to over-the-counter (OTC) markets where trading continues with reduced liquidity, lower visibility, and fewer regulatory requirements. For investors, delisting generally signals serious underlying issues with a company's financial health, governance, or compliance capabilities.

The formal delisting follows Nasdaq's established procedures outlined in the Nasdaq Rule 5800 Series, which provides companies with various opportunities to regain compliance before final delisting. The fact that these companies remained suspended without returning to active trading indicates they either failed to address the compliance issues or chose not to pursue appeals through Nasdaq's hearings process.

For existing shareholders in these companies, the delisting crystallizes what was already an effective reality since the trading suspensions began, but formally closes the door on any potential return to Nasdaq without going through a completely new listing application process.

Delisting of Securities of Bruush Oral Care Inc., IX Acquisition Corp., BAIYU Holdings, Inc., DUET Acquisition Corp., ENGlobal Corporation, Perception Capital Corp. III, Biora Therapeutics, Inc., Akoustis Technologies, Inc., iLearningEngines, Inc., Welsbach Technology Metals Acquisition Corp., Cartica Acquisition Corp, CSLM Acquisition Corp., Broad Capital Acquisition Corp, Technology & Telecommunication Acquisition Corporation, Western Acquisition Ventures Corp., Papaya Growth Opportunity Corp. I, Canoo Inc., and CSLM Acquisition Corp., from The Nasdaq Stock Market

NEW YORK, May 23, 2025 (GLOBE NEWSWIRE) -- The Nasdaq Stock Market announced today that it will delist the common stock and warrants of Bruush Oral Care Inc. Bruush Oral Care Inc.’s securities were suspended on June 28, 2024 and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the Class A ordinary shares, units, and warrants of IX Acquisition Corp. IX Acquisition Corp.’s securities were suspended on October 15, 2024 and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock of BAIYU Holdings, Inc. BAIYU Holdings, Inc.’s stock was suspended on November 21, 2024 and has not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the Class A common stock, warrants, and units of DUET Acquisition Corp. DUET Acquisition Corp.’s securities were suspended on November 26, 2024 and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock of ENGlobal Corporation. ENGlobal Corporation’s stock was suspended on December 6, 2024 and has not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the Class A ordinary shares, units, and warrants of Perception Capital Corp III. Perception Capital Corp. III’s securities were suspended on December 9, 2024 and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock of Biora Therapeutics, Inc. Biora Therapeutics, Inc.’s stock was suspended on December 11, 2024 and has not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock of Akoustis Technologies, Inc. Akoustis Technologies, Inc.’s stock was suspended on December 18, 2024 and has not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the Class A common stock and warrants of iLearningEngines, Inc. iLearningEngines, Inc.’s securities were suspended on January 2, 2025 and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock, rights, and units of Welsbach Technology Metals Acquisition Corp. Welsbach Technology Metals Acquisition Corp.’s securities were suspended on January 7, 2025 and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the Class A ordinary shares, units, and warrants of Cartica Acquisition Corp. Cartica Acquisition Corp’s securities were suspended on January 13, 2025 and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the Class A ordinary shares, warrants, units, and rights of CSLM Acquisition Corp. CSLM Acquisition Corp.’s securities were suspended on January 22, 2025 and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the common stock, units, and rights of Broad Capital Acquisition Corp. Broad Capital Acquisition Corp’s securities were suspended on January 23, 2025 and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the Class A ordinary shares, units, and warrants of Technology & Telecommunication Acquisition Corporation. Technology & Telecommunication Acquisition Corporation’s securities were suspended on January 23, 2025 and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the units of Western Acquisition Ventures Corp. Western Acquisition Ventures Corp.’s security was suspended on January 23, 2025 and has not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the Class A common stock, units, and warrants of Papaya Growth Opportunity Corp I. Papaya Growth Opportunity Corp. I’s securities were suspended on January 23, 2025 and have not traded on Nasdaq since that time.

Nasdaq also announced today that it will delist the Class A common stock and warrants of Canoo Inc. Canoo Inc.’s securities were suspended on January 29, 2025 and have not traded on Nasdaq since that time.

For more information about The Nasdaq Stock Market, visit the Nasdaq Web site at http://www.nasdaq.com. Nasdaq’s rules governing the delisting of securities can be found in the Nasdaq Rule 5800 Series, available on the Nasdaq Web site: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series.

FAQ

How many companies were delisted from Nasdaq in the May 2023 announcement?

Nasdaq announced the delisting of securities from 18 different companies, including various types of securities such as common stocks, warrants, units, and rights.

What happens to shareholders when a stock is delisted from Nasdaq?

When a stock is delisted, shareholders still own their shares, but they can no longer trade them on Nasdaq. Trading may continue on over-the-counter (OTC) markets, though with potentially reduced liquidity and value.

Which notable companies were included in the Nasdaq delisting announcement?

Notable companies in the delisting announcement included Canoo Inc., Akoustis Technologies, Biora Therapeutics, and ENGlobal Corporation.

When were these companies suspended from trading before their delisting?

The companies were suspended from trading at different dates between June 2024 and January 2025, with the most recent suspension being Canoo Inc. on January 29, 2025.

What types of securities were affected by the Nasdaq delistings?

The delistings affected various types of securities including common stocks, Class A ordinary shares, warrants, units, and rights across the 18 companies.