Nasdaq Noncompliant Company List and SEC Rules

Detected March 14th, 2026

Summary

Nasdaq publishes a daily list of companies that are noncompliant with continued listing standards or pending delisting. This list aids brokers and dealers in complying with SEC Penny Stock Rules, specifically SEC Rule 3a51-1(g). Companies are added or removed daily based on compliance status and trading data.

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What changed

Nasdaq provides a daily updated list of companies that are either pending suspension or delisting, or have failed to meet continued listing requirements. This list also identifies companies that may not meet the requirements of SEC Rule 3a51-1(g) concerning penny stocks, serving as a tool for brokers and dealers to ensure compliance with SEC regulations.

While this notice primarily serves an informational purpose, regulated entities, particularly broker-dealers, should be aware of the criteria for inclusion on this list to ensure compliance with SEC Penny Stock Rules. Companies themselves should monitor their compliance with Nasdaq's continued listing standards to avoid appearing on this list and potential delisting.

What to do next

Review Nasdaq's Continuing Listing Guide and Listing Rules for compliance requirements.
Broker-dealers should monitor the Nasdaq noncompliant company list to ensure adherence to SEC Penny Stock Rules.

Source document (simplified)

Noncompliant Companies

Each trading day, Nasdaq publishes a list of Nasdaq issues that are pending suspension or delisting. An issue will appear on
this list the first trading day after the issuer provides Nasdaq with notification of its intent to voluntarily delist. An
issue will also appear on this list if it has been suspended for failure to meet continued listing requirements or due to
other events such as expiration, redemption, or acquisition of the security.

Issues will remain on this list until the first business day after the issue is delisted. An issue is delisted 10 calendar days from
the date the Form 25, Notification of Removal from Listing and/or Registration, is filed with the Securities and Exchange Commission.
These forms can be viewed by entering the company's name or the issue's symbol on the Commission’s web site. Each trading day, Nasdaq publishes a list of companies that are noncompliant with the continued listing standards. In most cases,
a company is added to the list five business days after Nasdaq notifies the company about its noncompliance and is removed from
the list one business day after Nasdaq determines that the company has regained compliance or no longer trades on Nasdaq.
A summary of Nasdaq’s continued listing standards are included in our Continuing Listing Guide.
The Listing Rules can be found here. Each trading day, Nasdaq publishes a list of Nasdaq Capital Market companies that we believe do not meet the requirements of
SEC Rule 3a51-1(g) or any of the other exclusions from being a penny stock contained in Rule 3a51-1. This list is maintained to
help brokers and dealers comply with the Securities and Exchange Commission’s Penny Stock Rules. Companies are added and removed
from the list each business day, based on a company’s most recent financial and trading data.

Investors seeking further information may view Nasdaq’s listing rules here. Download
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