Kidpik Corp. Announces Intention to Delist Its Securities From Nasdaq and to Deregister Its Securities Under the Securities Exchange Act
KIDPIK Corp (OTC PINK:PIKM), an online clothing subscription box for kids, announced its Board of Directors' decision to voluntarily delist from Nasdaq and deregister its securities under the Exchange Act. This follows Nasdaq's December 20, 2024 notification of delisting due to violation of the minimum shareholders equity rule, which led to trading suspension on December 26, 2024.
The company's stock began trading on OTC Markets under symbol 'PIKM' on December 26, 2024. KIDPIK plans to file Form 25 with the SEC for voluntary delisting, which will become effective ten days after filing. Subsequently, the company intends to file Form 15 to deregister securities, which will immediately suspend obligations to file periodic reports (10-K, 10-Q, 8-K) with complete termination of reporting duties 90 days after Form 15 filing.
KIDPIK Corp (OTC PINK:PIKM), un servizio di abbonamento online per abbigliamento per bambini, ha annunciato la decisione del suo Consiglio di Amministrazione di dismettere volontariamente la quotazione su Nasdaq e di deregistrare i suoi titoli ai sensi dell'Exchange Act. Questa decisione segue la notifica di delisting da parte di Nasdaq del 20 dicembre 2024, dovuta alla violazione della regola sul patrimonio netto minimo degli azionisti, che ha portato alla sospensione delle contrattazioni il 26 dicembre 2024.
Il titolo della società ha iniziato a essere scambiato nei mercati OTC con il simbolo 'PIKM' il 26 dicembre 2024. KIDPIK prevede di presentare il modulo 25 all'SEC per il delisting volontario, che sarà efficace dieci giorni dopo la presentazione. Successivamente, la società intende presentare il modulo 15 per deregistrare i titoli, il che sospenderà immediatamente gli obblighi di presentare rapporti periodici (10-K, 10-Q, 8-K) con la completa cessazione dei doveri di reporting 90 giorni dopo la presentazione del modulo 15.
KIDPIK Corp (OTC PINK:PIKM), un servicio de suscripción de ropa en línea para niños, anunció la decisión de su Junta Directiva de eliminar voluntariamente su cotización en Nasdaq y deregistrar sus valores según la Ley de Bolsa. Esta decisión sigue a la notificación de Nasdaq del 20 de diciembre de 2024 sobre la eliminación debido a la violación de la regla de capitalización mínima de accionistas, lo que llevó a la suspensión de las negociaciones el 26 de diciembre de 2024.
Las acciones de la compañía comenzaron a cotizar en los Mercados OTC bajo el símbolo 'PIKM' el 26 de diciembre de 2024. KIDPIK planea presentar el formulario 25 ante la SEC para el delisting voluntario, que entrará en vigor diez días después de la presentación. Posteriormente, la compañía tiene la intención de presentar el formulario 15 para deregistrar los valores, lo que suspenderá inmediatamente las obligaciones de presentar informes periódicos (10-K, 10-Q, 8-K) con la completa terminación de los deberes de información 90 días después de la presentación del formulario 15.
KIDPIK Corp (OTC PINK:PIKM)은 아동을 위한 온라인 의류 구독 박스로, 이사회가 Nasdaq에서 자발적으로 상장 폐지하고 Exchange Act에 따라 증권을 등록 해제하기로 결정했다고 발표했습니다. 이는 2024년 12월 20일 Nasdaq의 최소 주주 지분 규칙 위반에 대한 상장 폐지 통지에 따른 것으로, 이로 인해 2024년 12월 26일 거래가 중단되었습니다.
회사의 주식은 2024년 12월 26일 'PIKM' 기호로 OTC 시장에서 거래를 시작했습니다. KIDPIK은 SEC에 자발적 상장 폐지를 위한 25호 양식을 제출할 계획이며, 이는 제출 후 10일이 지나면 유효합니다. 이후 회사는 증권 등록 해제를 위한 15호 양식을 제출할 계획이며, 이는 10-K, 10-Q, 8-K와 같은 정기 보고서를 제출해야 하는 의무를 즉시 중단시키고, 15호 양식 제출 후 90일 후에는 보고 의무가 완전히 종료됩니다.
KIDPIK Corp (OTC PINK:PIKM), un service d'abonnement de vêtements en ligne pour enfants, a annoncé la décision de son conseil d'administration de se retirer volontairement de la Nasdaq et de radier ses valeurs conformément à la loi sur les valeurs mobilières. Cela fait suite à la notification de la Nasdaq du 20 décembre 2024 concernant le retrait en raison d'une violation de la règle du capital minimum des actionnaires, entraînant une suspension des échanges le 26 décembre 2024.
Les actions de la société ont commencé à être négociées sur les marchés OTC sous le symbole 'PIKM' le 26 décembre 2024. KIDPIK prévoit de déposer le formulaire 25 auprès de la SEC pour un retrait volontaire, qui sera effectif dix jours après le dépôt. Par la suite, la société a l'intention de déposer le formulaire 15 pour radier ses valeurs, ce qui suspendra immédiatement les obligations de dépôt de rapports périodiques (10-K, 10-Q, 8-K) avec une terminaison complète des obligations de reporting 90 jours après le dépôt du formulaire 15.
KIDPIK Corp (OTC PINK:PIKM), ein Online-Abonnementdienst für Kinderbekleidung, gab die Entscheidung seines Vorstands bekannt, freiwillig von der Nasdaq abzulehnen und seine Wertpapiere gemäß dem Exchange Act deregistrieren. Dies folgt auf die Mitteilung von Nasdaq vom 20. Dezember 2024 über die Delistung aufgrund eines Verstoßes gegen die Regel für das Mindestkapital der Aktionäre, was zur Handelsaussetzung am 26. Dezember 2024 führte.
Die Aktien des Unternehmens begannen am 26. Dezember 2024 unter dem Symbol 'PIKM' an den OTC-Märkten zu handeln. KIDPIK plant, das Formular 25 bei der SEC für die freiwillige Delistung einzureichen, das zehn Tage nach der Einreichung wirksam wird. Anschließend beabsichtigt das Unternehmen, das Formular 15 zur Deregistrierung von Wertpapieren einzureichen, was sofortige Aussetzungen der Pflicht zur Einreichung regelmäßiger Berichte (10-K, 10-Q, 8-K) zur Folge hat, mit vollständiger Beendigung der Berichtspflichten 90 Tage nach Einreichung des Formulars 15.
- None.
- Delisting from Nasdaq due to minimum shareholders equity rule violation
- Downgrade to OTC Markets trading platform
- Loss of major exchange listing status
- Reduction in financial reporting transparency post-deregistration
Insights
The announcement of KIDPIK's voluntary delisting from Nasdaq and subsequent deregistration under the Exchange Act marks a critical turning point that significantly impacts investor interests. This development follows the company's December 2024 suspension from Nasdaq due to insufficient shareholders' equity, forcing their transition to the OTC Markets.
This strategic shift carries substantial implications for stakeholders:
- Reduced market visibility and liquidity as institutional investors often have mandates preventing investment in OTC-traded securities
- Diminished regulatory oversight post-Form 15 filing, as the company will no longer be required to file periodic reports (10-K, 10-Q, 8-K)
- Increased trading spreads and potential price volatility due to lower trading volumes
- access to capital markets for future funding needs
The transition from Nasdaq to OTC Markets typically results in a structural deterioration of trading conditions. With a market cap of approximately
NEW YORK, NY / ACCESS Newswire / February 6, 2025 / KIDPK Corp ("KIDPIK" or the "Company") (OTC PINK:PIKM), an online clothing subscription box for kids, informs its stockholders and the market in general that today its Board of Directors approved the commencement of the process to: (i) voluntarily delist its securities from the Nasdaq Stock Market LLC ("Nasdaq"); and (ii) deregister the Company's securitiesunder the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), after taking into account a number of considerations, including, but not limited to, the Nasdaq Suspension (as defined below).
The Company previously reported that, on December 20, 2024, Nasdaq notified the Company that the Nasdaq Hearings Panel made a determination to delist the Company's securities from Nasdaq because the Company was in violation of Nasdaq Listing Rule 5550(b)(1) due to the Exchange's minimum shareholders equity rule (the "Equity Rule"). As a result, trading of the Company's securities on Nasdaq was suspended on December 26, 2024 (the "Nasdaq Suspension"). Following the Nasdaq Suspension, the Company's common stock began trading under the symbols "PIKM", on the OTC Markets system effective on December 26, 2024.
As permitted under Nasdaq rules, the Company intends to file a Form 25 with the SEC to voluntarily delist its securities from Nasdaq, unless Nasdaq files the Form 25 prior to the filing of such form by the Company. Nasdaq rules require the Company to provide Nasdaq at least 10 days' notice of the Company's intention to withdraw its listing and the Company plans to notify Nasdaq accordingly. The delisting of the Company's securities from Nasdaq is expected to become effective ten days after the filing of the Form 25.
Once the delisting has become effective and the criteria for deregistration have been satisfied, the Company intends to file a Form 15 with the SEC to deregister the Company's securities under the Exchange Act. Upon filing the Form 15, the Company's obligation to file periodic and current reports with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, will be immediately suspended. The Company's duty to file any other reports required by the Exchange Act with the SEC will be terminated 90 days after the filing of Form 15.
The Company reserves its rights in all respects, for any reason, to delay or withdraw the aforementioned filings prior to their effectiveness and will issue any further announcement if required under the listing rules or other applicable laws and regulations.
About Kidpik Corp.
Founded in 2016, KIDPIK (OTC: PIKM) is an online clothing subscription box for kids, offering mix & match, expertly styled outfits that are curated based on each member's style preferences. KIDPIK delivers a surprise box monthly or seasonally, providing an effortless shopping experience for parents and a fun discovery for kids. Each seasonal collection is designed in-house by a team with decades of experience designing children's wear. KIDPIK combines the expertise of fashion stylists with proprietary data and technology to translate kids' unique style preferences into surprise boxes of curated outfits. We also sell our branded clothing and footwear through our e-commerce website, shop.kidpik.com. For more information, visit www.kidpik.com
Forward-Looking Statements
Certain statements included in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "may", "should", "would", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", "seem", "seek", "continue", "future", "will", "expect", "outlook" or other similar words, phrases or expressions. These forward-looking statements include statements regarding our industry, future events, estimated or anticipated future results and benefits, future opportunities for Kidpik, and other statements that are not historical facts. These statements are based on the current expectations of Kidpik management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties, and those discussed under the heading "Risk Factors" in our Annual Report and in subsequent filings with the U.S. Securities and Exchange Commission ("SEC"). In addition, forward-looking statements provide expectations, plans or forecasts of future events and views as of the date of this communication. Kidpik anticipates that subsequent events and developments will cause assessments to change. These forward-looking statements should not be relied upon as representing Kidpik's assessments as of any date subsequent to the date of this press release.
Media Inquiries:
Ezra Dabah
Investor@kidpik.com
SOURCE: KIDPK Corp.
View the original press release on ACCESS Newswire
FAQ
Why is PIKM stock being delisted from Nasdaq?
When did PIKM stock begin trading on OTC Markets?
What happens to PIKM shareholders after delisting?
Will PIKM continue filing financial reports with SEC after deregistration?
How long after Form 25 filing will PIKM's delisting become effective?
