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Nasdaq Inc Announces Delisting of Multiple Securities

Last updated: September 24, 2025
Taurigo

On September 24, 2025, the Nasdaq Stock Market released a press announcement detailing the delisting of several securities from its platform. The decision stems from various factors, including trading suspensions that were enacted prior to the announcement.

1. Summary of Delistings

The following companies have had their securities delisted from Nasdaq:

  1. Digital Brands Group, Inc.
  • Warrants: Suspended on December 18, 2024; no trading since.
  1. Lipella Pharmaceuticals Inc.
  • Common Stock: Suspended on June 20, 2025; no trading since.
  1. ZyVersa Therapeutics, Inc.
  • Common Stock: Suspended on July 17, 2025; no trading since.
  1. Crown LNG Holdings Limited
  • Ordinary Shares and Warrants: Suspended on July 17, 2025; no trading since.
  1. Brainstorm Cell Therapeutics Inc.
  • Common Stock: Suspended on July 18, 2025; no trading since.
  1. Wag! Group Co.
  • Common Stock and Warrants: Suspended on July 30, 2025; no trading since.
  1. Ontrak, Inc.
  • Common Stock: Suspended on August 18, 2025; no trading since.
  1. TPI Composites, Inc.
  • Common Stock: Suspended on August 19, 2025; no trading since.
  1. Embrace Change Acquisition Corp.
  • Ordinary Shares, Units, Warrants, and Rights: Suspended on August 21, 2025; no trading since.
  1. ModivCare Inc.
  • Common Stock: Suspended on August 28, 2025; no trading since.

2. Implications of Delisting

The delisting of these companies signifies a noteworthy shift in their operational viability within the public market. Securities are often delisted for reasons such as failure to meet financial benchmarks, regulatory compliance issues, or prolonged periods without trading activity.

The suspension periods preceding the delisting indicate that these companies faced challenges that hindered their ability to maintain market presence. Investors holding securities in these companies may now face significant losses, as delisting typically limits the options available for trading and can lead to decreased interest from potential buyers.

3. Nasdaq’s Delisting Policy

Nasdaq operates under a set of rules governing the delisting of securities, outlined in the Nasdaq Rule 5800 Series. These rules are designed to ensure that companies listed on the exchange maintain certain standards of financial performance and regulatory compliance. Companies that fail to adhere to these standards may find themselves subject to suspension and eventual delisting.

4. Conclusion

The announcement by Nasdaq on September 24, 2025, marks a crucial moment for the companies involved as they navigate the challenges posed by the delisting of their securities. The financial community will be closely monitoring the future actions these companies may take in response to their new status. For more detailed information about Nasdaq and its regulations, stakeholders are encouraged to visit the Nasdaq website.

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