Nasdaq Implements Accelerated Delisting for Securities Trading Below $0.10 for Ten Consecutive Trading Days
Introduction
On December 5, 2025, the Securities and Exchange Commission (SEC) approved Nasdaq’s proposal to amend its minimum bid price requirements for listed companies.[1] The amended rule establishes an expedited delisting process for securities whose closing bid price falls to $0.10 or below for ten consecutive trading days. This “Modified Low-Price Requirement” became effective on January 19, 2026, and represents a significant departure from Nasdaq’s traditional compliance framework by eliminating the standard grace periods typically afforded to companies facing bid price deficiencies.
Background
- Existing Minimum Bid Price Standards
Under Nasdaq’s continuing listing standards,[2] companies must maintain a minimum closing bid price of $1.00 per share. A deficiency arises when a security’s closing bid price remains below $1.00 for 30 consecutive trading days. Traditionally, upon receiving a deficiency notice, companies are granted a compliance period—typically 180 calendar days—to regain compliance by achieving a closing bid price of $1.00 or more for at least ten consecutive business days. Companies may also be eligible for an additional 180-day extension under certain circumstances.
Previously, under Nasdaq Rule 5810(c)(3)(A)(iii), if a company was already in a compliance period for the $1.00 bid price deficiency and its closing bid price fell to $0.10 or below for ten consecutive business days, Nasdaq would issue an immediate delisting determination under Nasdaq Rule 5810, thereby truncating any remaining compliance period. However, the company could still request a hearings panel review, and such a request would ordinarily stay the trading suspension pending the panel's written decision.
- Nasdaq’s Rationale and SEC Findings
Nasdaq has observed that securities trading at $0.10 or below typically reflect deep financial or operational distress. These circumstances are rarely temporary, and the underlying issues often signal broader compliance concerns beyond mere stock price volatility. Therefore, Nasdaq aims to enhance investor protection and maintain the integrity of its marketplace by accelerating the delisting process for such securities.
The SEC concurred with Nasdaq’s assessment, noting that exchange-listed securities trading at such depressed levels may have characteristics similar to penny stocks yet remain exempt from the penny stock rules, which provide enhanced investor protections against fraud and market manipulation. The SEC found that accelerating the delisting process for such securities is appropriate for investor protection and consistent with maintaining fair and orderly markets.
Summary of the Modified Low-Price Requirement
Under the Modified Low-Price Requirement, if a company’s security trades at or below $0.10 for ten consecutive trading days, Nasdaq will immediately issue a delisting determination under Listing Rule 5810. The security will be suspended from trading immediately, and the company becomes ineligible for any compliance period that would otherwise be available under Rule 5810(c)(3)(A). This applies regardless of whether the company is already operating within a compliance period for the standard $1.00 minimum bid price requirement.
Unlike typical delisting determinations, a company’s request for a hearings panel review will not automatically stay the trading suspension. This marks a departure from standard procedures and underscores the severity with which Nasdaq treats securities trading at such depressed levels.
While the trading of the company’s low-priced security remains suspended during the pendency of the hearings panel review process, pursuant to Rule 5815(c)(1)(A), the hearings panel will continue to have discretion, where it deems appropriate, to grant an exception for up to 180 days from the date of the staff delisting determination for the company to regain compliance with the Modified Low-Price Requirement. In addition, the company will continue to be able to appeal a hearings panel decision to the Nasdaq Listing Council. A company may regain compliance by maintaining a closing bid price of at least $1.00 for ten consecutive business days. Nasdaq retains discretion under Rule 5810(c)(3)(H) to extend the ten-day compliance period if warranted by the circumstances.
Implications for Listed Companies
The Modified Low-Price Requirement reflects Nasdaq’s commitment to protecting investors from securities exhibiting signs of severe distress. The rule change fundamentally alters the compliance landscape for companies experiencing stock price deterioration by eliminating traditional grace periods when securities trade at or below $0.10 for ten consecutive business days.
Nasdaq-listed companies should consider implementing enhanced monitoring systems to track closing bid prices daily, with escalation protocols when prices fall below $1.00. Companies should develop contingency plans well in advance, including maintaining current authorizations for reverse stock splits or other remedial measures to enable swift execution without delay. Early engagement with securities counsel and financial advisors is essential when bid prices begin declining toward critical levels, as the compressed timelines leaves little room for reactive responses.
Our Capital Markets + Securities group is closely monitoring developments in Nasdaq’s continued listing requirements and is available to assist clients with compliance planning, remedial strategies, and related corporate governance matters.
[1] See https://www.federalregister.gov/documents/2025/12/10/2025-22398/self-regulatory-organizations-the-nasdaq-stock-market-llc-notice-of-filing-of-amendment-no-1-and.
[2] See Nasdaq Rule 5810(c)(3)(A): https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series.
纳斯达克针对连续十个交易日股价低于0.10美元的股票实施加速退市程序
引言
2025年12月5日，美国证券交易委员会（SEC）批准了纳斯达克关于修改最低买入价要求的提案[1]。新规针对收盘买入价连续十个交易日低于0.10美元或以下的股票，设立了快速退市程序。这一“极低价退市新规”已于2026年1月19日生效，不同于纳斯达克以往的做法，新规取消了传统上给予买入价不达标公司的宽限期。
背景
(1) 现有最低买入价要求
根据纳斯达克持续上市标准[2]，上市公司股票必须维持每股至少1.00美元的收盘买入价。当股票的收盘买入价连续30个交易日低于1.00美元时，即被认定为不符合标准。通常情况下，公司在收到不合规通知后，会获得一个180个日历日的合规整改期，只要在此期间收盘买入价持续至少10个工作日达到1.00美元或以上，即可恢复合规。在特定情况下，公司还可能获得额外的180天延期。
在极低价退市新规通过之前，根据纳斯达克上市规则 5810(c)(3)(A)(iii)，如果一家公司正处于1.00美元买入价不合规的整改期间，股价又进一步连续10个工作日跌至0.10美元或以下，纳斯达克会立即根据纳斯达克上市规则 5810作出退市决定，剩余的整改期将被终止。不过，公司仍可申请听证小组复审，通常在听证小组作出书面决定之前，股票暂停交易的执行也会被延缓。
(2) 纳斯达克的考量和SEC的判断
纳斯达克注意到，股价跌至0.10美元或以下的公司往往面临严重的财务或运营困境。这种情况通常不是暂时的，背后往往存在这比股价波动更深层次的合规风险。因此，纳斯达克希望通过加快此类股票的退市流程，更好地保护投资者，维护市场秩序。
SEC认同纳斯达克的观点。SEC指出，在交易所上市但股价极度低迷的股票，其特征与低价股（penny stocks）类似，但却不受低价股规则的约束——而这些规则本是为了加强对欺诈和市场操纵的防范。SEC认为，加速此类股票的退市程序符合投资者保护的需要，也有利于维护公平有序的市场。
低价要求修订规则要点
根据极低价退市新规，如果公司股票连续十个交易日以0.10美元或以下价格交易，纳斯达克将立即根据上市规则5810作出退市决定。该股票将立即暂停交易，且公司将无法获得规则5810(c)(3)(A)原本规定的合规整改期。无论公司当时是否正处于1.00美元最低买入价的整改期内，这一规定都适用。
与常规退市决定不同，申请听证小组复审不会自动延缓股票暂停交易的执行。这一变化显示了纳斯达克对极低价股票的严格态度。
在听证小组复审期间，虽然公司的股票交易仍被暂停，但根据Rule 5815(c)(1)(A)，听证小组有权在其认为适当的情况下，给予公司最长180天的例外期限（自纳斯达克作出退市决定之日起算），让公司有机会重新符合极低价退市新规的要求。此外，公司仍可就听证小组的决定向纳斯达克上市委员会提起上诉。公司可以通过连续十个工作日维持至少1.00美元的收盘买入价来恢复合规。纳斯达克在特定情况下可根据上市规则5810(c)(3)(H) 酌情延长十天合规期。
对纳斯达克上市公司的影响
此次规则修订体现了纳斯达克加强保护投资者的决心，尤其是针对那些显示出严重困境迹象的股票。对于正在经历股价下跌的公司而言，新规则彻底改变了游戏规则：传统宽限期不复存在，一旦股价连续10个工作日触及0.10美元或以下，公司不再有缓冲余地。
纳斯达克上市公司应未雨绸缪，考虑建立更完善的监测机制，每日跟踪收盘买入报价，并在价格跌破1.0美元以下时启动相应的升级处理流程。公司应尽早制定应急预案，其中包括保持反向拆股或其他补救措施的现行授权处于有效状态，以便在需要时能够迅速实施而不致延误。由于时间窗口被大幅压缩，当买入价开始下行并逼近关键水平时，应尽早与证券法律顾问及财务顾问沟通，因为留给临时被动应对的空间非常有限。
本所资本市场与证券团队将密切关注纳斯达克持续上市要求的最新变化，可为客户提供合规方案设计、应对策略制定以及相关公司治理问题的专业法律服务。
