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TNL Mediagene (TNMG) hit with Nasdaq delisting move on low price and equity

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

TNL Mediagene reports that Nasdaq staff has determined its securities are subject to delisting from The Nasdaq Capital Market. Nasdaq cited two key issues: the company’s ordinary share closing bid price stayed below $1.00 for 30 consecutive business days from May 7, 2026 through June 18, 2026, and previously disclosed non-compliance with the $2,500,000 minimum stockholders’ equity requirement.

Because TNL Mediagene completed a reverse stock split within the prior year, it is not eligible for an additional compliance period under Listing Rule 5810(c)(3)(A)(iv). The company is already under a one-year Discretionary Panel Monitor and now plans to request a hearing before a Nasdaq Hearings Panel, which will temporarily stay any suspension and Form 25-NSE filing. Its shares will continue trading under “TNMG” while the appeal is pending, but there is no assurance the company will regain compliance or maintain its Nasdaq listing.

Positive

  • None.

Negative

  • Nasdaq delisting determination: Nasdaq staff has determined TNL Mediagene’s securities are subject to delisting from The Nasdaq Capital Market due to rule violations.
  • Bid-price non-compliance: The closing bid stayed below $1.00 for 30 consecutive business days, breaching Nasdaq Listing Rule 5550(a)(2).
  • Equity deficiency: The company also fails the $2,500,000 minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1), creating an additional, separate delisting basis.
  • No new compliance period: A recent reverse stock split makes the company ineligible for a new grace period, accelerating the delisting process and increasing listing risk.

Insights

Nasdaq delisting risk escalates as TNL Mediagene breaches bid price and equity rules.

TNL Mediagene now faces potential removal from The Nasdaq Capital Market after its share price stayed below $1.00 for 30 consecutive business days and stockholders’ equity fell below $2,500,000. These two failures trigger separate Nasdaq Capital Market listing violations.

Because the company already executed a reverse stock split within the past year, Nasdaq rules do not allow a new grace period, so staff moved directly to a delisting determination. The firm is also under a one-year Discretionary Panel Monitor, which heightens scrutiny of its ongoing compliance efforts.

TNL Mediagene intends to request a hearing, which keeps trading active under “TNMG” until the Panel decides. The outcome depends on the viability of its plan to restore bid price and stockholders’ equity, and the filing explicitly notes there is no assurance the Panel will permit continued listing.

Minimum bid price threshold $1.00 per share Nasdaq Listing Rule 5550(a)(2) requirement
Bid-price non-compliance period 30 consecutive business days From May 7, 2026 through June 18, 2026
Minimum stockholders’ equity requirement $2,500,000 Nasdaq Listing Rule 5550(b)(1) threshold
Discretionary Panel Monitor duration One year Under Listing Rule 5815(d)(4)(A)
Determination Letter date June 22, 2026 Nasdaq staff delisting determination
Hearings Panel monitor letter date January 20, 2026 Nasdaq Hearings Panel established monitoring
minimum bid price requirement regulatory
"the Company is therefore not in compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2)"
A minimum bid price requirement is a rule that a stock must trade above a set price for a specified period to stay listed on an exchange. It matters to investors because falling below that threshold can trigger warnings or removal from the exchange, which can cut liquidity, reduce visibility, and often lead to sharper declines in share value—think of it like a venue’s minimum dress code that, if not met, can bar a performer from the stage.
Nasdaq Listing Rule 5550(a)(2) regulatory
"below $1.00 per share for 30 consecutive business days... under Nasdaq Listing Rule 5550(a)(2)"
Nasdaq Listing Rule 5550(b)(1) regulatory
"non-compliance with the $2,500,000 minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1)"
Discretionary Panel Monitor regulatory
"subject to a Discretionary Panel Monitor for one year in accordance with Listing Rule 5815(d)(4)(A)"
A discretionary panel monitor is a compliance mechanism—either a small oversight group or a software tool—that reviews and checks trades made at a manager’s discretion to ensure they follow investment rules, risk limits and client instructions. For investors it matters because this watchdog helps prevent unauthorized or risky decisions, reduces the chance of loss or regulatory penalties, and protects trust much like a referee or speed governor keeps a game or machine within safe limits.
Form 25-NSE regulatory
"stay the suspension of the Company’s securities and the filing of a Form 25-NSE pending the Panel’s decision"
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.
forward-looking statements regulatory
"This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
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Learn about SEC filing dates

 

 

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 June 2026

 

Commission File Number 001-42424

 

TNL Mediagene

 

23-2 Maruyamacho   4F., No. 88, Yanchang Rd.
Shibuya-ku, Tokyo 150-0044   Xinyi District
Japan   Taipei City 110
+81-(0)3-5784-6742   Taiwan
    +866-2-6638-5108

(Address of principal executive offices)

 

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 ☐

 

 

 

 

 

  

EXPLANATORY NOTE

 

On June 22, 2026, TNL Mediagene, a Cayman Islands exempted company (the “Company”), received a staff determination letter (the “Determination Letter”) from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that its securities are subject to delisting from The Nasdaq Capital Market.

 

The Determination Letter states that the closing bid price of the Company’s ordinary shares has been below $1.00 per share for 30 consecutive business days, from May 7, 2026 through June 18, 2026, and the Company is therefore not in compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). Because the Company effected a reverse stock split during the prior one-year period, pursuant to Listing Rule 5810(c)(3)(A)(iv) the Company is not eligible for any compliance period and the Listing Qualifications Department is required to issue a staff delisting determination. The Company is also subject to a Discretionary Panel Monitor for one year in accordance with Listing Rule 5815(d)(4)(A), as established by the Nasdaq Hearings Panel’s letter dated January 20, 2026.

 

The Determination Letter further states that the Company’s previously notified non-compliance with the $2,500,000 minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1), as set forth in Staff’s notification dated May 6, 2026 and previously disclosed by the Company on Form 6-K, serves as an additional and separate basis for delisting.

 

The Company intends to timely request a hearing before a Nasdaq Hearings Panel (the “Panel”) to appeal the Determination Letter. The hearing request will automatically stay the suspension of the Company’s securities and the filing of a Form 25-NSE pending the Panel’s decision. At the hearing, the Company will present its plan to regain compliance with the applicable continued listing requirements.

 

The Determination Letter has no immediate effect on the listing of the Company’s ordinary shares on The Nasdaq Capital Market, which will continue to trade under the symbol “TNMG” pending the Panel’s decision. There can be no assurance that the Panel will grant the Company’s request for continued listing or that the Company will be able to regain compliance with the applicable Nasdaq listing requirements.

 

A copy of the press release issued by the Company on June 26, 2026 announcing the receipt of the Determination Letter is furnished as Exhibit 99.1 to this Report on Form 6-K and is incorporated by reference herein.

 

The information in this Report on Form 6-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

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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.

 

  TNL Mediagene.
     
Date: June 26, 2026 By: /s/ Motoko Imada
    Name: Motoko Imada
    Title: Chief Executive Officer

 

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EXHIBIT INDEX

 

Exhibit No.   Description of Exhibits
99.1   Press Release by TNL Mediagene dated June 26, 2026

 

3

 

Exhibit 99.1

 

TNL Mediagene Receives Nasdaq Delisting Determination and Plans to Request Hearing

 

TOKYO, JAPAN, JUNE 26, 2026TNL Mediagene (Nasdaq: TNMG) (the “Company”), a technology and digital media company providing AI-driven advertising, marketing technology, content commerce and data analytics solutions, and operating multi-language digital media brands across Asia, today announced that on June 22, 2026, the Company received a staff determination letter (the “Determination Letter”) from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that its securities are subject to delisting from The Nasdaq Capital Market.

 

The Determination Letter states that the closing bid price of the Company’s ordinary shares has been below $1.00 per share for 30 consecutive business days, from May 7, 2026 through June 18, 2026, and the Company is therefore not in compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). Because the Company effected a reverse stock split during the prior one-year period, pursuant to Listing Rule 5810(c)(3)(A)(iv) the Company is not eligible for any compliance period in connection with such non-compliance. The Company is also subject to a Discretionary Panel Monitor for a period of one year in accordance with Listing Rule 5815(d)(4)(A), as established by the Nasdaq Hearings Panel’s letter dated January 20, 2026 and previously disclosed by the Company.

 

The Determination Letter further states that the Company’s previously notified non-compliance with the $2,500,000 minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1), as set forth in Staff’s notification dated May 6, 2026 and previously disclosed by the Company on Form 6-K filed on May 12, 2026, serves as an additional and separate basis for delisting.

 

The Company intends to timely request a hearing before a Nasdaq Hearings Panel (the “Panel”) to appeal the Determination Letter. The hearing request will automatically stay the suspension of the Company’s securities and the filing of a Form 25-NSE pending the Panel’s decision. At the hearing, the Company will present its plan to regain compliance with the applicable continued listing requirements. The Determination Letter has no immediate effect on the listing of the Company’s ordinary shares on The Nasdaq Capital Market, which will continue to trade under the symbol “TNMG” pending the Panel’s decision. There can be no assurance that the Panel will grant the Company’s request for continued listing or that the Company will be able to regain compliance with the applicable Nasdaq listing requirements.

 

About TNL Mediagene

 

Headquartered in Tokyo, TNL Mediagene (Nasdaq: TNMG) is a technology and digital media company providing AI-driven advertising, marketing technology, content commerce and data analytics solutions, and operating multi-language digital media brands across Asia. Formed in May 2023 through the merger of Japan’s Mediagene Inc. and Taiwan’s The News Lens Co., Ltd., the Company combines advertising and marketing technology platforms with a portfolio of established digital media brands to deliver integrated solutions for the evolving digital landscape.

 

 

 

 

The Company’s technology offerings include AI-driven advertising, marketing and digital studio services, content commerce, and advanced data analytics capabilities. These solutions are supported by the Company’s well-established multi-language digital media brands in Japanese, Chinese, and English, spanning business, technology, lifestyle, and culture, which provide audience engagement and first-party data.

 

Known for its appeal to younger audiences, and high-quality content, TNL Mediagene has approximately 480 employees with offices in Japan and Taiwan.

 

https://www.tnlmediagene.com/

 

For further information, please contact:

 

Media: PR@tnlmediagene.com

 

Investors: IR@tnlmediagene.com

 

Cautionary Statement Regarding Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on beliefs and assumptions and on information currently available to TNL Mediagene. Forward-looking statements generally relate to future events or TNL Mediagene’s future financial or operating performance. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “aim,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements in this communication include, but are not limited to, statements regarding statements about TNL Mediagene’s future business plan and growth strategies, including any compliance plan, and statements by TNL Mediagene’s management. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for TNL Mediagene to predict these events or how they may affect TNL Mediagene. In addition, risks and uncertainties are described in TNL Mediagene’s filings with the Securities and Exchange Commission, including the risks and uncertainties set forth under the heading “Risk Factors” in TNL Mediagene’s FY2025 Annual Report on Form 20-F filed on April 30, 2026, as may be supplemented or amended by the TNL Mediagene’s Reports of a Foreign Private Issuer on Form 6-K. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. TNL Mediagene cannot assure you that the forward-looking statements in this communication will prove to be accurate. There may be additional risks that TNL Mediagene presently does not know or that TNL Mediagene currently does not believe are material that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by TNL Mediagene, its directors, officers or employees or any other person. Except as required by applicable law, TNL Mediagene does not have any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date of this communication. You should, therefore, not rely on these forward-looking statements as representing the views of TNL Mediagene as of any date subsequent to the date of this communication.

 

 

 

FAQ

Why is TNL Mediagene (TNMG) facing a potential Nasdaq delisting?

TNL Mediagene faces potential Nasdaq delisting because its ordinary share bid price stayed below $1.00 for 30 consecutive business days and its stockholders’ equity is below $2,500,000. These breaches violate Nasdaq Listing Rules 5550(a)(2) and 5550(b)(1), triggering a staff delisting determination.

What Nasdaq listing rules has TNL Mediagene (TNMG) violated?

The company is not in compliance with Nasdaq Listing Rule 5550(a)(2), requiring a minimum $1.00 bid price, and Rule 5550(b)(1), requiring at least $2,500,000 in stockholders’ equity. Nasdaq staff cites both deficiencies as separate bases for delisting from The Nasdaq Capital Market.

Will TNL Mediagene (TNMG) be immediately suspended from Nasdaq trading?

No, trading is not immediately suspended. TNL Mediagene plans to request a hearing before a Nasdaq Hearings Panel, which automatically stays any suspension and Form 25-NSE filing. Its ordinary shares will continue trading on The Nasdaq Capital Market under the symbol “TNMG” while the Panel reviews the case.

How does TNL Mediagene’s prior reverse stock split affect its Nasdaq compliance options?

Because TNL Mediagene executed a reverse stock split within the prior year, Nasdaq Listing Rule 5810(c)(3)(A)(iv) makes it ineligible for another compliance period related to the minimum bid price rule. As a result, staff proceeded directly to a delisting determination rather than granting additional time.

What steps is TNL Mediagene (TNMG) taking to address Nasdaq’s delisting determination?

The company intends to timely request a hearing before a Nasdaq Hearings Panel and present a plan to regain compliance with continued listing standards. The filing emphasizes there is no assurance the Panel will grant continued listing or that the company will successfully restore compliance.

What does the Discretionary Panel Monitor mean for TNL Mediagene (TNMG)?

TNL Mediagene is under a one-year Discretionary Panel Monitor established by a Nasdaq Hearings Panel letter dated January 20, 2026. This monitor subjects the company to heightened oversight regarding its adherence to Nasdaq listing requirements during the monitoring period.

Filing Exhibits & Attachments

1 document