Nasdaq to Suspend NextNRG Trading on Nov. 11 as Shares Expected to Move to OTC
Key Facts
A statement issued by investor NX Energy SPV LLC on Nov. 10 said Nasdaq would suspend trading in NextNRG shares at the open on Nov. 11, 2026, with trading expected to begin on OTC markets the same day. The statement said the delisting decision followed Nasdaq’s finding that the company had not demonstrated its ability to maintain compliance with the minimum bid price requirement. The announced timetable meant the suspension and move were expected at the time of the statement, not events that had already taken place. The panel linked its decision to the share price path after an earlier reverse split and to a financing plan that raised dilution concerns. The delisting, according to the statement, remained subject to any appeal.
The statement said Nasdaq panel members noted that the closing price stayed above 1 dollar for only five consecutive trading days after the 10-to-1 reverse split in September 2026, before falling below that level again. The minimum bid price standard was intended to test the company’s ability to maintain compliance, not merely meet it briefly. According to the investor’s statement, Nasdaq found that the price staying above the minimum for only five days did not demonstrate sustained compliance. That assessment placed the reverse split at the center of the panel’s stated rationale. The statement provided no additional figure for the required compliance period.
The panel, according to the statement, raised concerns about potential dilution resulting from the company’s plan to address its stockholders’ equity deficit. The statement said the plan relies on large issuances of preferred shares, convertible securities and capital. Nasdaq concluded that potential dilution and the related pressure from these securities could affect the price of the company’s securities. It also concluded that this could weaken the company’s ability to maintain the minimum bid price requirement after any further reverse split. Thus, according to the investor’s account, the delisting decision was tied to the panel’s assessment of the financing plan and its potential effect on sustained compliance.
In a parallel development, the statement said NextNRG was in talks with a third party to buy 3 turbines, each with a capacity of 5 megawatts, with an option to acquire up to 8 additional turbines at a later time. The parties propose that consideration for the three turbines would be 15,000 preferred shares with an aggregate par value of 15 million dollars, or 5 million dollars per turbine. The statement said any additional turbines would be purchased at the same price per unit. The proposal links asset expansion to the issuance of preferred shares, at a time when the panel has announced concerns about dilution tied to the company’s financing plan. But the talks do not mean a deal has been completed or the proposed securities issued.
The statement said any potential turbine purchase would require the signing of definitive documents, approval by the company’s board of directors and compliance with applicable law. It added that there was no assurance the talks would continue or reach final terms, leaving the proposal contingent on completion of those steps. On the listing track, the statement said the delisting would remain subject to any appeal, without specifying a timetable or possible outcome of the review. In a separate statement, the company said it intended to seek review of the panel’s decision by Nasdaq’s Listing and Hearing Review Council. It said, however, that the review request would not delay the trading suspension scheduled for the open on Nov. 11.
The background to the listing dispute dates to another notice the company received on Oct. 21, 2026, regarding failure to meet the 35 million dollar market value of listed securities standard or alternative standards. Nasdaq held a hearing on Oct. 22, temporarily staying delisting proceedings pending the panel’s decision, according to the company’s statement published via StockTitan. Earlier, the 1-for-10 reverse split took effect on Sept. 14, 2026, according to a Nasdaq notice. EL7’s records also cited a 7 million dollar debt-for-preferred-stock exchange in a Nov. 3 report, and an earlier amendment to preferred stock terms in October to support compliance. NXXT shares closed at 2.61 dollars on Nov. 9, according to EL7 data.