abrdn National Municipal Income Fund (NYSE: VFL) files to delist shares from NYSE American

Rhea-AI Filing Summary

abrdn National Municipal Income Fund is being removed from listing and registration on NYSE American LLC for its Common Shares of Beneficial Interest. NYSE American certifies it has complied with its own rules to strike this class of securities, and the fund has complied with exchange rules and SEC Rule 12d2-2(c) governing the voluntary withdrawal from listing and registration under Section 12(b) of the Securities Exchange Act of 1934.

Filing Explained

The July 13 filing reports removal of common shares from NYSE American, but does not establish that the removal is already effective.

The July 13, 2026 Form 25-NSE is a notification concerning removal of abrdn National Municipal Income Fund common shares from NYSE American. It states that the exchange complied with its rules to strike the class from listing and withdraw its exchange registration, and that the issuer complied with the requirements for voluntary withdrawal.

For existing common holders, the disclosed structural change is loss of the shares' NYSE American listing and exchange registration, but the filing is a removal notification and does not state in the provided text that the removal has already taken effect.

The filing does not provide an effective removal date or describe any change to the shares' ownership, quantity, or economic terms.

Key Figures

Commission File Number: 001-11664 Rule reference: 17 CFR 240.12d2-2(b) Rule reference: 17 CFR 240.12d2-2(c) +1 more

4 metrics

Commission File Number 001-11664 Exchange Act registration file number for the issuer

Rule reference 17 CFR 240.12d2-2(b) Rule cited for exchange action to strike securities from listing

Rule reference 17 CFR 240.12d2-2(c) Rule cited for issuer’s voluntary withdrawal from listing and registration

Issuer phone (215) 405-5700 Telephone number of the issuer’s principal executive offices

Key Terms

Form 25, Section 12(b) of the Securities Exchange Act of 1934, Common Shares of Beneficial Interest, 17 CFR 240.12d2-2(c), +1 more

5 terms

Form 25 regulatory

"FORM 25 NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION"

A Form 25 is an official filing with the U.S. Securities and Exchange Commission used to remove a company's stock or other security from a national exchange list. Investors should care because delisting often means less visibility, lower trading volume and wider price swings—similar to a product moving from a major supermarket to a small local market, which can make buying, selling and valuing the security more difficult.

Section 12(b) of the Securities Exchange Act of 1934 regulatory

"from LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT"

Common Shares of Beneficial Interest financial

"Common Shares of Beneficial Interest (Description of class of securities)"

Common Shares of Beneficial Interest are units that represent ownership in a company or organization, like owning a piece of a pie. They give investors voting rights and a chance to share in profits, making them important for those looking to invest and have a say in how the organization is run.

17 CFR 240.12d2-2(c) regulatory

"the requirements of 17 CFR 240.12d-2(c) governing the voluntary withdrawal"

withdrawal of the class of securities from listing and registration regulatory

"governing the voluntary withdrawal of the class of securities from listing and registration"

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FAQ

What does the Form 25 filing mean for abrdn National Municipal Income Fund (VFL)?

The filing states that abrdn National Municipal Income Fund is removing its Common Shares of Beneficial Interest from listing and registration on NYSE American LLC, following applicable exchange rules and SEC Rule 12d2-2.

Which securities of VFL are affected by the NYSE American delisting?

The action applies to the fund’s Common Shares of Beneficial Interest. NYSE American has taken steps to strike this class of securities from listing and registration in accordance with its rules and SEC regulations.

Is the VFL delisting from NYSE American voluntary?

Yes. The document states that the issuer has complied with exchange rules and 17 CFR 240.12d2-2(c), which governs the voluntary withdrawal of a class of securities from listing and registration on an exchange.

Who is the exchange involved in the VFL Form 25 delisting?

The exchange is NYSE American LLC. It certifies that it has reasonable grounds to believe it meets all requirements for filing Form 25 and has followed its rules to strike the securities from listing.

What legal provisions govern the VFL removal from listing and registration?

The removal is governed by Section 12(b) of the Securities Exchange Act of 1934 and related SEC rules, including 17 CFR 240.12d2-2(b) and 17 CFR 240.12d2-2(c), covering delisting and voluntary withdrawal procedures.

What is the role of NYSE American in the VFL Form 25 process?

NYSE American LLC certifies it has complied with its rules to strike the class of securities from listing and/or withdraw registration, and that it meets all requirements to file Form 25 under the Securities Exchange Act of 1934.

UNITED STATES

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 25

NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION
UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number

001-11664

Issuer:	abrdn National Municipal Income Fund
Exchange:	NYSE AMERICAN LLC

(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)

Address:	1900 MARKET STREET SUITE 200
	Philadelphia	PENNSYLVANIA	19103
Telephone number:					(215) 405-5700

(Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)

Common Shares of Beneficial Interest

(Description of class of securities)

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

17 CFR 240.12d2-2(a)(1)

17 CFR 240.12d2-2(a)(2)

17 CFR 240.12d2-2(a)(3)

17 CFR 240.12d2-2(a)(4)

Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange. ¹

Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

Pursuant to the requirements fo the Securities Exchange Act of 1934, NYSE AMERICAN LLC certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.

2026-07-13	By	Anthony Sozzi		Analyst, Market Watch
Date		Name		Title

¹ Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.