SEC halts Smart Digital Group (NASDAQ: SDM) trading as Nasdaq seeks data

Rhea-AI Filing Summary

Smart Digital Group Limited reported that the U.S. Securities and Exchange Commission ordered a temporary suspension of trading in its securities. The suspension runs from 4:00 AM ET on September 29, 2025, through 11:59 PM ET on October 10, 2025. This means the company’s shares cannot be traded on U.S. markets during that period.

On September 30, 2025, the company also received an information request from Nasdaq asking for certain information and documents. Smart Digital Group states that it has not participated in any price manipulation activity and says it will fully cooperate with both the SEC and Nasdaq as they review the situation.

Positive

• None.

Negative

• SEC-ordered trading suspension of Smart Digital Group securities in U.S. markets from September 29, 2025, through October 10, 2025, signals elevated regulatory and liquidity risk.

Insights

Equity analyst

SEC trading suspension and Nasdaq inquiry create significant risk.

The SEC has ordered a suspension of trading in Smart Digital Group Limited securities from September 29, 2025 at 4:00 AM ET through October 10, 2025 at 11:59 PM ET. A trading halt of this kind is a serious event because it temporarily removes liquidity and price discovery for shareholders in U.S. markets.

Separately, on September 30, 2025, Nasdaq requested information and documents from the company. The company states it has not engaged in price manipulation activity and indicates it will fully cooperate with both regulators. Actual outcomes will depend on the results of the SEC and Nasdaq reviews and any follow-up actions they may choose to take.

For now, the key factual development is the fixed trading suspension window and the start of a regulatory information process. Future company and exchange communications will clarify whether trading resumes as scheduled and whether any additional listing or compliance issues emerge.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2025 

Commission File Number: 001-42625

Smart Digital Group Limited

150 Beach Road #2805/06 Gateway

West Singapore 189720

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒      Form 40-F ☐

Suspension of Trading

On September 26, 2025, Smart Digital Group Limited (the “Company”) received from the U.S. Securities and Exchange Commission (the “SEC”) an order suspending trading in the Company’s securities for the period from 4:00 AM ET on September 29, 2025, through 11:59 PM ET on October 10, 2025, which order is available at https://www.sec.gov/files/litigation/suspensions/2025/34-104112.pdf. On September 30, 2025, the Company received an information request from The Nasdaq Stock Market LLC (“Nasdaq”) for certain information and documents. The Company has not participated in any price manipulation activity and will fully cooperate with both the SEC and Nasdaq. 

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SIGNATURES

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, thereunto duly authorized.

	Smart Digital Group Limited
Date: October 8, 2025	By:	/s/ Yunting Chen
	Name:	Yunting Chen
	Title:	Chief Executive Officer (Principal Executive Officer)

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FAQ

What did the SEC do regarding Smart Digital Group (SDM) shares?

The U.S. Securities and Exchange Commission issued an order suspending trading in Smart Digital Group Limited securities from 4:00 AM ET on September 29, 2025, through 11:59 PM ET on October 10, 2025.

Why is Smart Digital Group (SDM) trading suspended and for how long?

Trading in Smart Digital Group securities was suspended by an SEC order covering the period from 4:00 AM ET on September 29, 2025, to 11:59 PM ET on October 10, 2025. The order itself is available through the SEC’s website; the company’s disclosure does not elaborate on the SEC’s reasoning.

What action did Nasdaq take related to Smart Digital Group (SDM)?

On September 30, 2025, Nasdaq sent Smart Digital Group an information request seeking certain information and documents from the company.

How has Smart Digital Group (SDM) responded to the SEC and Nasdaq actions?

The company states that it has not participated in any price manipulation activity and says it will fully cooperate with both the SEC and Nasdaq.

Does Smart Digital Group (SDM) acknowledge any price manipulation activity?

No. The company explicitly states that it has not participated in any price manipulation activity and indicates its intention to cooperate with regulators.

Where can investors read the SEC’s trading suspension order for Smart Digital Group?

The company notes that the SEC’s suspension order is available at the SEC’s website, at the link: https://www.sec.gov/files/litigation/suspensions/2025/34-104112.pdf.