Nasdaq Sets Delisting of 3 E Network Shares Unless It Requests Hearing by November 3
Key Facts
3 E Network Technology Group received a letter from Nasdaq staff on October 27, 2026, stating that its Class A ordinary shares had been slated for delisting unless the company requested a hearing by the deadline, according to a statement published on October 30. The letter does not mean the delisting is final; suspension of trading and filing of a delisting form are stayed if the company timely requests a hearing. The company said it intends to appeal the determination to the panel by November 3, 2026. The deadline gives the company an opportunity to present its case before the panel rules. In the meantime, the stock continued trading on the Nasdaq Capital Market under the ticker MASK.
The determination was based on the stock’s closing bid price remaining below $1 for 30 consecutive business days, from September 15 to October 26, 2026, according to the company’s statement. The relevant Nasdaq standard requires the bid price to remain at or above the minimum of $1 per share. Exceeding the specified period is a direct regulatory basis for delisting proceedings. But the letter also cited a separate issue concerning the company’s eligibility for a new compliance period. The company’s position therefore does not depend solely on trying to lift the price above the required threshold; its previous reverse stock split also affects the options available to it under the rule.
The company said Nasdaq deemed it ineligible for any compliance period under the relevant rule after it carried out a 1-for-25 reverse stock split on March 16, 2026, within the previous 12 months. This follows the company’s return to compliance earlier in the year. In April, it said it had regained compliance after its closing bid price remained at $1 or above for 10 consecutive business days, from March 16 to April 2. The company had then canceled a hearing it had intended to request. The price subsequently fell below the minimum during the period ending October 26, according to the determination letter.
If the company requests a hearing by November 3, the suspension of trading and filing of Form 25-NSE will be stayed pending the panel’s decision, according to the company’s statement. That means the shares will continue trading while the appeal is considered, with the determination remaining in effect until the panel issues its decision. The company said a timely hearing request would halt the procedures related to suspension and filing during this period. MASK trading on the Nasdaq Capital Market will therefore continue while the case is under review. The next steps depend on submitting the request on time and the panel’s subsequent decision.
Alongside the appeal, the company said it is evaluating potential capital-market transactions, financing activities and additional share consolidations as part of its efforts to regain compliance. The statement did not specify the outcome of these options or when they might be implemented. 3 E Network describes itself as a provider of business-to-business information technology solutions and says its activities are divided across two main portfolios: data center operations and software development. This business reflects the company’s reliance on funding for its technology operations and infrastructure. In October, it said planned financing proceeds would be allocated to research and development, building computing infrastructure, supply-chain working capital, including preliminary work on an AI computing center in Mäntsälä, Finland.
MASK closed at $2.4 on October 30, 2026, according to EL7 data. The close came on the same day the company published its statement about the determination letter. The closing price alone does not change the basis for the violation, which concerns the closing bid price over 30 consecutive business days through October 26. Trading remaining open while the appeal is considered is also conditional on submitting a hearing request by the deadline. The next specified step is for the company to request a hearing by November 3, followed by the panel’s decision.