Devvstream Corp. warned by Nasdaq over listing standards shortfall

Rhea-AI Filing Summary

Devvstream Corp. (DEVS) disclosed that it received a notice from the Nasdaq Listing Qualifications Department stating that the company no longer meets the Nasdaq Capital Market continued listing standards. Its net income from continuing operations fell below the minimum required under Nasdaq Listing Rule 5550(b)(3), and it also does not meet the alternative standards based on market value of listed securities or stockholders’ equity.

The company has until January 2, 2026 to submit a plan to Nasdaq explaining how it will regain compliance. If Nasdaq accepts the plan, it may grant up to 180 calendar days from the notice date for Devvstream to show it meets the standards. If Nasdaq does not accept the plan, or if compliance is not regained, the company’s common stock could be delisted, although Devvstream would have the right to appeal. The notice and current non-compliance do not immediately affect the listing or trading of DEVS, which continues on the Nasdaq Capital Market.

Positive

• None.

Negative

• Nasdaq listing deficiency and delisting risk: Devvstream no longer meets Nasdaq Capital Market continued listing standards for net income, market value, and stockholders’ equity, and could face delisting if it cannot execute an acceptable compliance plan and regain compliance within permitted timelines.

Insights

Equity markets and listing standards analyst

Nasdaq compliance failure introduces real delisting risk for DEVS.

Devvstream Corp. has been notified that it no longer meets Nasdaq Capital Market continued listing standards because its net income from continuing operations is below the minimum requirement and it also fails the market value and stockholders’ equity alternatives. This combination signals that the company currently does not qualify under any of the main financial criteria for this market tier.

Nasdaq has given the company until January 2, 2026 to submit a compliance plan. If Nasdaq accepts the plan, Devvstream can receive up to 180 calendar days from the date of the notice to demonstrate compliance, but there is no assurance that either the plan will be accepted or that the company will be able to meet the standards within that timeframe. If the plan is rejected or compliance is not evidenced, Nasdaq may move to delist the shares, although the company could appeal.

For now, the company’s common stock continues to trade on the Nasdaq Capital Market under the symbol DEVS, so the notification has no immediate trading impact. The key inflection points will be Nasdaq’s decision on the compliance plan and, if accepted, whether Devvstream can achieve the necessary financial metrics within the allowed extension period as described in the notice.

false000185448000018544802025-11-182025-11-18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or Section 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 18, 2025

DEVVSTREAM CORP.

(Exact name of registrant as specified in its charter)

Alberta, Canada	001-40977	86-2433757
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

2108 N St., Suite 4254 Sacramento, California		95816
(Address of principal executive offices)		(Zip Code)

(647) 689-6041

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common shares	DEVS	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On November 18, 2025, DevvStream Corp. (the “Company”) received a notification letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that its net income from continuing operations had fallen below the minimum requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(3) (the “Minimum Net Income Requirement”) and that the Company does not meet the alternatives of market value of listed securities or stockholders’ equity (collectively with the Minimum Net Income Requirement, the “Continued Listing Standards”). In accordance with Nasdaq Listing Rule 5810(c)(2)(C), the Company has until January 2, 2026, which is 45 calendar days from the date the Notice was received, to provide Nasdaq with a plan to regain compliance with the Continued Listing Standards (the “Compliance Plan”).

If Nasdaq accepts the Compliance Plan, Nasdaq may grant an extension of up to 180 calendar days from the date of the Notice for the Company to evidence compliance. If Nasdaq does not accept the Compliance Plan, then the Nasdaq staff will provide written notification to the Company that its common stock will be subject to delisting. The Company may appeal Nasdaq’s rejection of the Compliance Plan and any such determination to delist its securities, but there can be no assurance that any such appeal would be successful.  The Company intends to submit the Compliance Plan to Nasdaq within the required time period. There can be no assurance that Nasdaq will accept the Compliance Plan, that the Company will be successful in achieving its Compliance Plan, or that the Company will be able to regain or maintain compliance with the Continued Listing Standards.

Neither the Notice nor the Company’s non-compliance have an immediate effect on the listing or trading of the Company’s common stock, which will continue to trade on The Nasdaq Capital Market under the symbol “DEVS.”

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.		Description
104		Cover page Interactive Data File (embedded in the cover page formatted in Inline XBRL)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:  November 24, 2025
	DEVVSTREAM CORP.
	By:	/s/ David Goertz
	Name:	David Goertz
	Title:	Chief Financial Officer

FAQ

Why did Devvstream Corp. (DEVS) receive a Nasdaq notice?

Devvstream received a Nasdaq notice because its net income from continuing operations fell below the minimum required under Nasdaq Listing Rule 5550(b)(3), and it also does not meet the alternative standards based on market value of listed securities or stockholders’ equity.

What deadline does Devvstream have to respond to Nasdaq about its listing status?

Under Nasdaq Listing Rule 5810(c)(2)(C), Devvstream has until January 2, 2026 (45 calendar days from receiving the notice) to submit a Compliance Plan describing how it will regain compliance with the continued listing standards.

What happens if Nasdaq accepts Devvstream Corp.’s Compliance Plan?

If Nasdaq accepts the Compliance Plan, it may grant Devvstream an extension of up to 180 calendar days from the date of the notice to evidence that it once again meets the Nasdaq Capital Market continued listing standards.

Could Devvstream Corp. (DEVS) be delisted from the Nasdaq Capital Market?

Yes. If Nasdaq does not accept the Compliance Plan or if Devvstream fails to regain compliance within any extension period, Nasdaq staff may determine to delist the company’s common stock. Devvstream would have the right to appeal such a determination, but there is no assurance an appeal would succeed.

Does the Nasdaq notice immediately affect trading in Devvstream’s common shares?

No. The company states that neither the notice nor its current non-compliance has an immediate effect on the listing or trading of its common stock, which continues to trade on the Nasdaq Capital Market under the symbol DEVS.

What are the Nasdaq continued listing standards mentioned for Devvstream Corp.?

The continued listing standards referenced include the Minimum Net Income Requirement under Nasdaq Listing Rule 5550(b)(3) and alternative standards relating to market value of listed securities and stockholders’ equity, all of which Devvstream currently does not meet.