Nasdaq Sets October 30 Delisting Date for Robot Consulting as Appeal Proceeds
Key Facts
Nasdaq set October 30, 2026, as the date to delist Robot Consulting’s securities unless the company appeals the decision to the Hearings Panel of the Listing Qualifications Department, according to an exchange notice published on October 21. The company has already filed an appeal on October 23, according to its disclosure, sending the case to panel review before the delisting takes effect. Filing an appeal does not mean trading will resume; the common shares remain suspended and unavailable for trading until the appeal is decided or Nasdaq lifts the suspension. The exchange said the securities may be eligible to trade over the counter after they are removed from Nasdaq. The current development therefore centers on the listing process and review of the delisting decision, while trading remains suspended.
The company said Nasdaq cited concerns about past trading activity and the possibility that third parties could manipulate its securities, relying on Rules 5101 and IM-5101-4. That is the basis the company gave for the Nasdaq staff’s decision, rather than a failure to meet continued listing requirements as stated in the earlier draft. Robot Consulting added that Nasdaq did not allege any wrongdoing by the company and had not notified it of any violation. The company said the delisting decision would not immediately affect its ongoing operations or financial position. The statement distinguishes concerns related to past trading activity from the decision’s direct impact on the company’s business, according to the company.
The trading suspension dates back to November 2025, when Nasdaq halted trading in the company’s common shares on November 6, following a temporary suspension imposed by the U.S. Securities and Exchange Commission. The SEC had ordered trading suspended from 4:00 a.m. Eastern Time on October 23, 2025, through 11:59 p.m. on November 5. The SEC linked the action to possible manipulation tied to recommendations posted by anonymous individuals on social media. The recommendations asked investors to buy, hold or sell the securities and send screenshots of their transactions; the SEC said they appeared designed to artificially increase the price and trading volume. This background explains why the stock has remained out of trading ahead of the current delisting notice, which came about a year after the suspension began.
Before trading was halted, Nasdaq had requested information and documents from the company on October 29, 2025, according to a Robot Consulting disclosure filed with the SEC. The company said it sent a written response and supporting documents on November 4. Two days later, Nasdaq announced the trading halt and requested additional information, according to the timeline provided by the company in its disclosure. The company also said in the same disclosure that its daily operations and customer services remained normal and uninterrupted. The company describes itself as providing Japanese platform services focused on human resources and legal technology solutions.
Nasdaq’s rules state that the Hearings Panel reviews a delisting decision at the company’s timely request and may grant an exception or affirm the delisting. Rule 5815 also provides that a review request filed within seven days stays implementation of the suspension, according to Nasdaq’s description of its notification procedures. Robot Consulting filed its appeal on October 23, according to its announcement, delaying Nasdaq’s submission of Form 25-NSE to the SEC until the panel reviews the case and reaches a decision. However, the company said the current trading suspension will continue until Nasdaq lifts it. The announced delisting date therefore remains October 30, while the next step depends on the panel’s review and Nasdaq’s subsequent actions.