Sleep Number (NASDAQ: SNBR) to be delisted from Nasdaq after Chapter 11
Rhea-AI Filing Summary
Sleep Number Corporation reported that Nasdaq has decided to delist its common stock following the company’s recent Chapter 11 bankruptcy filings. Nasdaq cited the Chapter 11 Cases, public interest concerns, questions about any residual equity value for common shareholders, and doubts about ongoing listing compliance.
Trading in Sleep Number’s common stock on the Nasdaq Global Select Market will be suspended at the start of business on June 23, 2026, after which Nasdaq plans to file Form 25-NSE to remove the listing. The company will not appeal this determination and does not expect the delisting to affect its business operations or the Chapter 11 proceedings. The stock may trade on over-the-counter markets, but the company gives no assurance that such trading or an efficient market will develop.
Positive
- None.
Negative
- Nasdaq delisting of common stock following Chapter 11 filings, with explicit concerns about residual equity value for common shareholders and the company’s ability to meet continued listing requirements.
Insights
Nasdaq delisting compounds Chapter 11 risk for Sleep Number shareholders.
Sleep Number’s common stock will be delisted from Nasdaq after its voluntary Chapter 11 filings. Nasdaq’s decision rests on the bankruptcy itself, related public-interest concerns, the uncertain residual equity for common holders, and doubts about ongoing listing-rule compliance.
Delisting removes access to the Nasdaq Global Select Market and shifts any future trading to over-the-counter venues, if a market develops. The company does not plan to appeal and states that operations and the Chapter 11 Cases are not expected to be affected, but common equity clearly sits in a higher‑risk position.
8-K Event Classification
Item 3.01 — Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
1 item
Item 3.01
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Securities
The company received a delisting notice or transferred its listing to a different exchange.
Key Figures
Nasdaq trading suspension date: June 23, 2026
Chapter 11 filing date: June 12, 2026
Nasdaq delisting notice date: June 16, 2026
3 metrics
Nasdaq trading suspension date
June 23, 2026
Date Nasdaq will suspend trading in Sleep Number common stock
Chapter 11 filing date
June 12, 2026
Date Sleep Number and subsidiaries filed voluntary Chapter 11 petitions
Nasdaq delisting notice date
June 16, 2026
Date Nasdaq notified Sleep Number of its delisting determination
Key Terms
Chapter 11 Cases, Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Form 25-NSE, over-the-counter markets, +1 more
5 terms
Chapter 11 Cases financial
"filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code"
Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1 regulatory
"pursuant to Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq has determined to delist"
Form 25-NSE regulatory
"Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission"
Form 25‑NSE is an official filing used to notify the stock exchange that a company’s securities are being removed from trading on that exchange, similar to handing in a key when a shop closes. Investors care because removal ends public trading on that venue, often cutting liquidity and making it harder to buy or sell shares, which can affect a stock’s price and how quickly investors can access cash or exit positions.
over-the-counter markets financial
"the Company’s common stock may be quoted on over-the-counter markets"
Over-the-counter markets are places where securities such as stocks, bonds, or derivatives are traded directly between buyers and sellers without using a centralized exchange; transactions are arranged through dealers, brokers, or electronic networks rather than on a listed marketplace. For investors this matters because OTC trades often involve smaller, less regulated, or harder-to-find instruments and can mean wider price swings, lower liquidity, and higher risk—think of a flea market comparison to a well-organized supermarket.
residual equity interest financial
"concerns regarding the residual equity interest of common stockholders"
FAQ
What did Sleep Number (SNBR) disclose in this 8-K filing?
Sleep Number disclosed that Nasdaq has decided to delist its common stock following the company’s Chapter 11 bankruptcy filings. Nasdaq cited public interest concerns, questions about residual equity value for shareholders, and doubts about continued listing compliance as reasons.
Why is Sleep Number (SNBR) being delisted from Nasdaq?
Nasdaq is delisting Sleep Number’s common stock because of the company’s Chapter 11 Cases, public interest concerns, questions over residual equity for common shareholders, and concerns about sustaining compliance with Nasdaq’s ongoing listing requirements.
When will Sleep Number’s (SNBR) stock stop trading on Nasdaq?
Trading in Sleep Number’s common stock on Nasdaq will be suspended at the beginning of business on June 23, 2026. After that, Nasdaq intends to file Form 25-NSE with the SEC to formally remove the listing from the Nasdaq Global Select Market.
Will Sleep Number (SNBR) appeal Nasdaq’s delisting decision?
Sleep Number does not intend to appeal Nasdaq’s decision to delist its common stock. The company stated it does not expect the delisting to affect its business operations or the ongoing Chapter 11 Cases in the United States Bankruptcy Court.
Does the Nasdaq delisting affect Sleep Number’s Chapter 11 Cases?
Sleep Number stated it does not expect the Nasdaq delisting to affect its business operations or the Chapter 11 Cases. The delisting mainly impacts where and how the common stock trades, not the underlying bankruptcy proceedings themselves.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 16, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
| (Commission File Number) | (IRS Employer Identification No.) | ||||
(Address of principal executive offices) (Zip Code)
(763 ) 551-7000
(Registrant’s telephone number, including area code)
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 | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. | ||||
As previously disclosed, on June 12, 2026, Sleep Number Corporation (the “Company”) and its subsidiaries filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York (the “Chapter 11 Cases”).
On June 16, 2026, the Company received a written notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, pursuant to Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq has determined to delist the Company’s common stock from Nasdaq. Nasdaq’s determination was based on the filing of the Chapter 11 Cases and associated public interest concerns raised thereby, concerns regarding the residual equity interest of common stockholders and concerns about the Company’s ability to sustain compliance with all requirements for continued listing on Nasdaq. Trading on Nasdaq of the Company's common stock will be suspended at the beginning of business on June 23, 2026. Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission to remove the Company's common stock from Nasdaq. The Company does not intend to appeal Nasdaq's determination.
The Company does not expect the delisting to affect business operations or the Chapter 11 Cases. After suspension from trading, the Company’s common stock may be quoted on over-the-counter markets, although the Company does not provide any assurance regarding whether the common stock will trade on such markets, whether broker-dealers will provide quotes for the common stock or whether an efficient market for the common stock will develop.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SLEEP NUMBER CORPORATION | ||||||||||||||
| (Registrant) | ||||||||||||||
| Dated: June 17, 2026 | By: | /s/ Samuel R. Hellfeld | ||||||||||||
| Name: | Samuel R. Hellfeld | |||||||||||||
| Title: | Executive Vice President, Chief Legal and Risk Officer | |||||||||||||