DEFI Technologies Misses Nasdaq $1 Deadline as Deft Faces Delisting Review

DeFi Technologies has failed to meet the Sept. 1 Nasdaq minimum-bid deadline after DEFT shares closed Aug. 31 at $0.6032, leaving the company unable to complete the required 10-business-day streak at or above $1. Nasdaq is now conducting an eligibility review, and the next formal outcome will be either a second 180-day compliance window or a written delisting determination. Deft Ends Initial Compliance Window Without a $1 Closing Streak The missed deadline follows a March 5 notification from Nasdaq that DEFT had closed below $1 for 30 consecutive business days as of March 4. That notification triggered an initial 180-calendar-day compliance period that expired Sept. 1. According to the daily trading record through Aug. 31, every August close for DEFT was below $1. Because Nasdaq evaluates compliance using consecutive closing prices, DEFT entered the final day of the cure period without an active qualifying streak. Even if the stock had traded above $1 during the Sept. 1 session, a single session could not produce the required 10 consecutive business days of closes at or above the threshold before the deadline. The Aug. 31 close was approximately 40% below the $1 minimum bid price. DeFi Technologies’ March filing also disclosed that Nasdaq staff can require generally up to 20 consecutive business days before confirming compliance. Nasdaq Rule / Deadline Date or Trigger Point How DEFT Is Affected Initial deficiency notification March 4 trigger; March 5 notification DEFT had closed below $1 for 30 consecutive business days First 180-day compliance period Ended Sept. 1 DEFT closed Aug. 31 at $0.6032, missing the 10-day $1 streak Minimum bid compliance test 10 consecutive business days at or above $1 No active qualifying streak existed at the deadline Eligibility review After Sept. 1 deadline Nasdaq will choose between a second cure period or delisting review Possible delisting determination Final Nasdaq decision A written delisting outcome remains a formal possibility Nasdaq’s Eligibility Review: Two Possible Outcomes DeFi Technologies has reached the point where Nasdaq staff must formally determine whether the company can cure the deficiency. The company’s consolidation option remains unused, and DEFT could still qualify for another 180-day extension if it meets the exchange’s listing conditions. Key facts from the compliance timeline: Minimum bid threshold: $1.00 per share Required streak: 10 consecutive business days closing at or above $1 Aug. 31 closing price: $0.6032 Approximate shortfall: about 40% below the $1 threshold Initial cure period: 180 calendar days ending Sept. 1 Possible extension: another 180-calendar-day period at Nasdaq’s discretion Nasdaq can grant a second 180-calendar-day period if DeFi Technologies satisfies the continued-listing requirement for the market value of publicly held shares and all other applicable initial standards for the Nasdaq Capital Market, apart from the bid-price rule. The company must also notify Nasdaq in writing that it intends to cure the deficiency during the additional period. DEFT’s Status Remains Unresolved Until Nasdaq Rules No formal delisting determination has been made, and DEFT has not received a final removal notice. The immediate situation is that DEFT is under an eligibility review driven by its prolonged sub-$1 trading history. The company’s Aug. 31 close at $0.6032 means the final day of the first cure period began with no qualifying streak in place. DeFi Technologies would have needed multiple prior closes above $1 to satisfy the exchange’s consecutive-session requirement. Nasdaq’s compliance process allows for a second period only if DeFi Technologies submits the required written notification of intent to cure and continues to meet the applicable listing standards other than the bid-price rule. If those conditions are not met, Nasdaq could issue a written delisting determination, which would mark the next formal step in the review process. Why Did Deft Miss the Nasdaq $1 Deadline? DEFT missed the deadline because shares closed Aug. 31 at $0.6032, about 40% below the $1 minimum bid. Nasdaq requires 10 consecutive business days of closing prices at or above $1, and DEFT did not build that streak before the Sept. 1 expiration. Will Deft Be Delisted from Nasdaq? Not automatically. Nasdaq has not issued a written delisting determination. DEFT is currently in an eligibility review, and Nasdaq may instead grant a second 180-calendar-day compliance period if DeFi Technologies meets the other applicable listing requirements and notifies Nasdaq in writing of its intent to cure the deficiency. How Long Is the Second Nasdaq Compliance Period for Deft? If Nasdaq approves an extension, the second period would be 180 calendar days. During that time, DeFi Technologies must work toward satisfying the minimum bid price requirement while continuing to meet the Nasdaq Capital Market’s continued-listing standards apart from the bid-price rule. What Did Nasdaq Tell DEFI Technologies About the Deficiency? Nasdaq notified DeFi Technologies on March 5 that DEFT had closed below $1 for 30 consecutive business days as of March 4. That notice opened the initial 180-calendar-day cure period that expired Sept. 1. What Happens During Nasdaq’s Delisting Eligibility Review? Nasdaq will assess DEFT’s compliance history and determine whether DeFi Technologies meets the conditions for a second cure period. The formal alternatives are a second 180-day compliance window or a written delisting determination.