Delisting of Securities of RiskOn International, Inc.; Graphjet Technology; Agile Therapeutics, Inc.; NextPlay Technologies, Inc.; Relativity Acquisition Corp.; iSun, Inc.; Ace Global Business Acquisition Limited; and Marpai, Inc. from The Nasdaq Stock Market
The Nasdaq Stock Market announced the delisting of several companies' securities due to prolonged suspension. On February 28, 2024, RiskOn International Inc.'s common stock was suspended, followed by Graphjet Technology's warrants on March 15, 2024, and Agile Therapeutics Inc.'s common stock on March 26, 2024. NextPlay Technologies Inc.'s common stock was suspended on April 15, 2024, Relativity Acquisition Corp.'s Class A common stock, units, and warrants on May 2, 2024, iSun Inc.'s common stock on May 23, 2024, Ace Global Business Acquisition 's ordinary shares, warrants, and units on May 24, 2024, and Marpai Inc.'s Class A common stock on May 29, 2024. These delistings are effective immediately. For detailed Nasdaq rules, visit their website.
- Nasdaq enforces strict compliance, maintaining market integrity.
- Delisting ensures only active, compliant companies trade on Nasdaq.
- Multiple companies delisted, affecting investor confidence.
- RiskOn International, Graphjet Technology, Agile Therapeutics, NextPlay Technologies, Relativity Acquisition, iSun, Ace Global Business Acquisition, and Marpai face potential liquidity issues.
- Investors in delisted companies may face difficulties in trading shares.
- Delisted companies may see reduced market visibility and investor interest.
Insights
The delisting of multiple companies from Nasdaq is a significant event with far-reaching implications. Delisting means these companies can no longer be traded on Nasdaq, which is one of the largest and most prestigious stock exchanges. For investors, this could mean decreased liquidity and difficulty in buying or selling shares.
When a stock is delisted, it often moves to over-the-counter (OTC) markets, which are generally less regulated and less liquid than major exchanges. This can lead to higher volatility and potentially lower share prices. For companies, delisting can signal financial instability or non-compliance with regulatory requirements, potentially eroding investor confidence.
Short-term, investors holding shares in these companies might face immediate losses, as the market typically reacts negatively to delisting news. Long-term, the companies might struggle to raise capital and attract institutional investors, which could hinder growth and operational stability.
In this particular case, the suspension dates indicate prolonged periods of inactivity, suggesting deeper issues within the companies. Investors should consider the reasons behind these suspensions, such as financial instability or failure to meet Nasdaq's listing standards and reevaluate their investment strategies accordingly.
Delisting from Nasdaq involves complex regulatory and compliance issues. Nasdaq's Rule 5800 Series outlines the criteria for delisting, which typically includes failure to meet minimum market capitalization, share price thresholds, or financial reporting requirements. The fact that these companies have been suspended for extended periods indicates potential non-compliance with these rules.
For investors, this raises concerns about transparency and corporate governance. Companies that fail to adhere to listing standards may also face legal challenges, including shareholder lawsuits. Investors should be aware of the legal risks associated with holding stock in delisted companies, especially if they suspect management wrongdoing or financial mismanagement.
Moreover, delisting can complicate investor recourse options. While Nasdaq provides a structured appeal process, companies rarely succeed in reversing delisting decisions. Investors should closely monitor any legal proceedings or filings related to these companies to better understand their risks and potential recovery options.
NEW YORK, May 31, 2024 (GLOBE NEWSWIRE) -- The Nasdaq Stock Market announced today that it will delist the common stock of RiskOn International, Inc. RiskOn International, Inc.’s securities were suspended on February 28, 2024, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the warrants of Graphjet Technology (f.k.a., Energem Corp.). Graphjet Technology’s warrants were suspended on March 15, 2024, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock of Agile Therapeutics, Inc. Agile Therapeutics, Inc.’s securities were suspended on March 26, 2024, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock of NextPlay Technologies, Inc. NextPlay Technologies, Inc.’s securities were suspended on May April 15, 2024, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the Class A common stock, units, and warrants of Relativity Acquisition Corp. Relativity Acquisition Corp.’s securities were suspended on May 2, 2024, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock of iSun, Inc. iSun, Inc.’s securities were suspended on May 23, 2024, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the ordinary shares, warrants, and units of Ace Global Business Acquisition Limited. Ace Global Business Acquisition Limited’s securities were suspended on May 24, 2024, and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the Class A common stock of Marpai, Inc. Marpai, Inc.’s securities were suspended on May 29, 2024, and have not traded on Nasdaq since that time.
For more information about The Nasdaq Stock Market, visit the Nasdaq Web site at http://www.nasdaq.com. Nasdaq’s rules governing the delisting of securities can be found in the Nasdaq Rule 5800 Series, available on the Nasdaq Web site: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series.
FAQ
Why did Nasdaq delist RiskOn International Inc.'s common stock?
When were Graphjet Technology's warrants suspended?
What caused Agile Therapeutics Inc. to be delisted?
Which securities of Relativity Acquisition Corp. were delisted?
What date were iSun Inc.'s securities suspended?
When did NextPlay Technologies Inc. stop trading on Nasdaq?
Why is Ace Global Business Acquisition being delisted?
When did Marpai Inc.'s Class A common stock get suspended?
