Nasdaq Listing Deficiencies And Delisting – Part 3

As 2022 and 2023 have continued to be extremely tough years for the capital markets many small cap companies find themselves failing to maintain the minimum continued listing requirements.  I’ve recently written about those continued listing requirements, see HERE, and Nasdaq’s proposed rule changes for reverse split notifications as companies struggle to maintain the $1.00 minimum bid price requirement, see HERE.

These blogs provide a perfect segue for a deep dive into the Nasdaq deficiency notice and delisting process.  In this first blog in the series, I provided an overview of deficiencies, deficiency notices, cure periods and compliance plans – see HERE.  In Part 2, I reviewed the hearing panel process – see HERE.  In this Part 3, I will review the appeals to the Nasdaq Listing and Hearing Review Council and delisting.  I note that the Nasdaq rules also contain administrative rules regarding the conduct of adjudicators and advisors and the adjudication process, which