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US SEC Trading Suspension Halt Orders — September 25, 2026

USA Trading Suspensions

By Gunpowder Editorial ·

10 high priority 10 total filings analysed

Executive Summary

This intelligence stream reveals a concentrated wave of trading suspensions and delisting threats across US exchanges, primarily Nasdaq and NYSE, with 9 of 10 filings representing newly published distress signals.

The dominant theme is the failure to maintain minimum market capitalization and bid price requirements, with 5 companies (Silexion, Dyadic, SANUWAVE, Fusemachines, SilverBox Corp IV) facing delisting for breaching these thresholds. A secondary cluster involves financial reporting non-compliance (Netcapital) and sustained net losses eroding stockholders' equity (Southland Holdings, Calidi Biotherapeutics). Notably, two companies—Paramount Skydance Corp and Lumen Technologies—are voluntarily transferring listings to NYSE and Nasdaq, respectively, signaling strategic repositioning rather than distress. The aggregate picture shows a tightening regulatory environment where small-cap and micro-cap companies are particularly vulnerable, with compliance deadlines clustering between October 2026 and March 2028. Insider trading data and forward-looking statements are sparse across these filings, but the absence of insider buying in the face of existential delisting risk is itself a bearish signal. The most critical development is SilverBox Corp IV's immediate trading suspension and forced migration to OTC, representing a total loss of exchange liquidity for its shareholders.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: 8-K

Tracking the trend? Catch up on the prior US SEC Trading Suspension Halt Orders digest from September 24, 2026.

Investment Signals (10)

  • Paramount Skydance Corp ↓ (BULLISH)
    ▲

    Voluntary transfer from Nasdaq to NYSE on October 6, 2026, contingent on Warner Bros. Discovery merger closing; 470 million warrants to be distributed with exercise price between $12.00-$16.02, redeemable early if stock hits $30.00. This creates a high-conviction catalyst calendar for the merger

  • Lumen Technologies ↓ (BULLISH)
    ▲

    Voluntary delisting from NYSE to Nasdaq on October 6, 2026, maintaining same ticker (LUMN); CEO Kate Johnson framed as aligning with AI networking transformation. Insider activity not disclosed, but the move signals confidence in strategic pivot

  • SilverBox Corp IV ↓ (BEARISH)
    ▲

    Trading suspended on NYSE effective September 25, 2026, with OTC migration on September 28; no insider buying to support price. This is a total liquidity event—shares will trade on OTC with same ticker but at likely significant discount

  • Fusemachines Inc ↓ (BEARISH)
    ▲

    Failed to regain MVLS compliance within 180-day cure period (ended September 23, 2026); now faces immediate delisting hearing. No insider trading activity reported, suggesting management has abandoned hope of recovery

  • Silexion Therapeutics Corp ↓ (BEARISH)
    ▲

    Bid price below $1.00 for 30 consecutive days; hearings panel will decide listing fate. As an 'emerging growth company' with no extended transition period elected, the regulatory path is narrow

  • Dyadic International Inc ↓ (BEARISH)
    ▲

    Dual deficiency—bid price below $1.00 AND MVLS below $35 million; compliance deadline March 24, 2027. Company evaluating reverse stock split, which could artificially boost bid price but signals fundamental weakness

  • SANUWAVE Health, Inc ↓ (BEARISH)
    ▲

    MVLS below $50 million threshold; 180-day compliance period until March 22, 2027. Management considering transfer to Nasdaq Capital Market, a down-tier that would reduce institutional investor access

  • Netcapital Inc ↓ (BEARISH)
    ▲

    Delinquent 10-K and 10-Q filings; compliance plan due October 23, 2026. This is a governance failure, not a market cap issue, making it potentially easier to cure but still a red flag for internal controls

  • Southland Holdings, Inc ↓ (BEARISH)
    ▲

    Stockholders' deficit of $248.2 million with three consecutive years of net losses; compliance plan due October 23, 2026, with cure period until March 23, 2028. The magnitude of the deficit relative to any plausible turnaround makes delisting highly probable

  • Calidi Biotherapeutics, Inc ↓ (BEARISH)
    ▲

    Stockholders' equity of $3.1 million vs $4.0 million minimum; net losses in 3 of last 4 fiscal years. Stock trades with '.BC' noncompliance indicator, which will suppress institutional demand

Risk Flags (9)

  • SilverBox Corp IV/Immediate Liquidity Loss↓ [HIGH RISK]
    ▼

    Trading suspended on NYSE as of September 25, 2026; OTC trading begins September 28. Shareholders face total loss of exchange-traded liquidity with no cure period—the most severe outcome in this batch

  • Fusemachines Inc/Delisting Certainty↓ [HIGH RISK]
    ▼

    Failed to cure MVLS deficiency within 180 days (initial notice March 27, 2026); delisting hearing requested but no assurance of continued listing. The company had a full cure window and could not meet it

  • Southland Holdings/Structural Insolvency↓ [HIGH RISK]
    ▼

    Stockholders' deficit of -$248.2 million with three consecutive fiscal years of net losses. The cure period extends to March 2028, but the deficit magnitude suggests fundamental business failure

  • Silexion Therapeutics/Bid Price Trap↓ [MODERATE RISK]
    ▼

    Bid price below $1.00 for 30 consecutive days; as an emerging growth company with no extended transition period, the regulatory flexibility is minimal. No insider buying detected to support price

  • Dyadic International/Dual Deficiency↓ [MODERATE RISK]
    ▼

    Both bid price AND MVLS deficiencies simultaneously; reverse stock split under consideration but would not address MVLS issue. Compliance deadline March 24, 2027

  • Netcapital/Governance Failure↓ [MODERATE RISK]
    ▼

    Delinquent 10-K and 10-Q filings—a basic compliance requirement. While curable, the failure suggests weak internal controls and potential for further reporting lapses

  • Calidi Biotherapeutics/Equity Erosion↓ [MODERATE RISK]
    ▼

    Stockholders' equity of $3.1 million vs $4.0 million minimum, with net losses in 3 of 4 recent fiscal years. The '.BC' indicator will deter institutional investors and may accelerate equity decline

  • SANUWAVE Health/MVLS Uncertainty↓ [MODERATE RISK]
    ▼

    180-day compliance period until March 22, 2027, but management has no assurance of maintaining listing. Transfer to Nasdaq Capital Market would be a down-tier

  • Paramount Skydance Corp/Merger Contingency↓ [MODERATE RISK]
    ▼

    Warrant distribution of ~470 million shares contingent on Warner Bros. Discovery merger closing, which remains uncertain with no timing assurance. If merger fails, the NYSE transfer catalyst collapses

Opportunities (8)

  • Paramount Skydance Corp/Warrant Arbitrage↓ (OPPORTUNITY)
    ◆

    470 million warrants with exercise price $12.00-$16.02, expiring 10 years post-issuance; early redemption trigger at $30.00 for 20 of 30 consecutive trading days after 3rd anniversary. If WBD merger closes, warrants could trade at significant premium to intrinsic value

  • Lumen Technologies/AI Pivot Catalyst↓ (OPPORTUNITY)
    ◆

    Voluntary transfer to Nasdaq on October 6, 2026, maintaining LUMN ticker; CEO framing as enterprise AI networking play. The move could attract AI-focused investors and re-rate the stock

  • SilverBox Corp IV/OTC Discount Play↓ (OPPORTUNITY)
    ◆

    Trading moves to OTC on September 28, 2026, under same ticker. For distressed debt or special situation funds, OTC-traded securities often trade at deep discounts to intrinsic value—potential for distressed asset buyers

  • Dyadic International/Reverse Split Catalyst↓ (OPPORTUNITY)
    ◆

    Company evaluating reverse stock split to cure bid price deficiency. If executed, could trigger a short-term price adjustment and attract momentum traders, though fundamentals remain weak

  • SANUWAVE Health/Capital Market Down-tier↓ (OPPORTUNITY)
    ◆

    Transfer to Nasdaq Capital Market could reduce listing requirements and provide a more achievable compliance path. For investors willing to hold through transition, this could be a stabilization event

  • Netcapital/Compliance Cure Catalyst↓ (OPPORTUNITY)
    ◆

    Compliance plan due October 23, 2026; if accepted, exception until February 9, 2027. A clean filing could restore investor confidence quickly given the governance nature of the failure

  • Calidi Biotherapeutics/Cure Period Window↓ (OPPORTUNITY)
    ◆

    Compliance plan due October 21, 2026, with cure period until March 21, 2028. For biotech investors with long time horizons, the 18-month window provides time for equity build or strategic transaction

  • Southland Holdings/Deficiency Play↓ (OPPORTUNITY)
    ◆

    Stockholders' deficit of -$248.2 million is severe, but the cure period extends to March 2028. Distressed asset investors could acquire at deep discount if delisting triggers a sell-off

Sector Themes (6)

  • Nasdaq Bid Price Crackdown
    ◆

    2 companies (Silexion, Dyadic) received bid price deficiency notices under Rule 5550(a)(2) within the same week, suggesting Nasdaq is systematically enforcing the $1.00 minimum bid price rule. Both are micro-cap biotech/life sciences firms, indicating sector-specific vulnerability

  • MVLS Threshold Failures Cluster
    ◆

    3 companies (SANUWAVE, Dyadic, Fusemachines) failed to maintain minimum Market Value of Listed Securities, with thresholds ranging from $35M to $50M. Fusemachines exhausted its 180-day cure period, while Dyadic faces dual deficiencies—showing that MVLS compliance is becoming a systemic issue for small caps

  • Voluntary Listing Transfers as Strategic Moves
    ◆

    2 companies (Paramount Skydance, Lumen) are voluntarily transferring listings—one to NYSE and one to Nasdaq—within the same week (October 5-6, 2026). This contrasts sharply with the 7 involuntary delisting threats and signals that exchange choice is being used as a strategic tool for corporate repositioning

  • NYSE American Delisting Wave
    ◆

    3 companies (Southland Holdings, SilverBox Corp IV, Calidi Biotherapeutics) received NYSE delisting notices for failure to meet continued listing standards, with SilverBox already suspended. The common thread is sustained net losses eroding stockholders' equity, suggesting NYSE is tightening enforcement on financially distressed issuers

  • Governance Failures as Delisting Triggers
    ◆

    Netcapital's delinquent 10-K/10-Q filings represent a governance-based delisting risk distinct from market cap or equity deficiencies. This is the only filing in the batch where the root cause is administrative, not financial—suggesting that internal control weaknesses are being treated as seriously as financial distress

  • Insider Activity Absence as Signal
    ◆

    Across all 10 filings, there is zero reported insider buying, selling, or pledge activity. In a batch where 7 companies face existential delisting risk, the complete absence of insider support (or even insider selling to exit) is itself a bearish signal—management is either unable or unwilling to signal confidence

Watch List (8)

Filing Analyses (10)
Silexion Therapeutics Corp 8-K negative materiality 9/10

25-09-2026

Silexion Therapeutics Corp (SLXN/SLXNW) disclosed on September 25, 2026 that it received a Nasdaq Staff letter notifying the company that its ordinary share closing bid price has been below the $1.00 minimum for 30 consecutive business days, triggering a potential delisting review under Nasdaq Listing Rule 5550(a)(2). The Nasdaq hearings panel will consider the bid price deficiency in its decision on whether to allow Silexion to remain listed on the Nasdaq Capital Market. The letter has no immediate effect on trading of the ordinary shares (SLXN) or warrants (SLXNW), which continue to trade as usual pending the panel's decision.

  • · The company is classified as an 'emerging growth company' under SEC Rule 405 and Rule 12b-2.
  • · The company's principal executive offices are located in Ramat-Gan, Israel.
  • · The company has not elected to use the extended transition period for complying with new or revised financial accounting standards.
  • · The filing includes standard forward-looking statement disclaimers and risk factor references to the company's 2025 Form 10-K.
SANUWAVE Health, Inc. 8-K negative materiality 8/10

25-09-2026

SANUWAVE Health, Inc. received a Nasdaq notice on September 23, 2026, for failing to maintain the minimum Market Value of Listed Securities (MVLS) of $50,000,000, as its MVLS remained below this threshold for 30 consecutive business days. The company has a 180-day compliance period until March 22, 2027, to regain compliance, with no immediate impact on its Nasdaq Global Market listing. Management is evaluating options, including a potential transfer to the Nasdaq Capital Market, but there is no assurance of maintaining the listing.

  • · Compliance deadline is March 22, 2027, to regain MVLS of at least $50,000,000 for 10 consecutive business days.
  • · If compliance is not regained, the company will receive written notification that its securities are subject to delisting.
  • · The company may consider transferring its listing to The Nasdaq Capital Market if it meets the applicable continued listing requirements.
Paramount Skydance Corp 8-K mixed materiality 8/10

25-09-2026

Paramount Skydance Corp (PSKY) announced it will voluntarily transfer its stock listing from Nasdaq to the NYSE effective October 6, 2026, and set a record date of October 5, 2026 for a distribution of warrants to purchase Class B common stock. The warrant distribution—expected to be approximately 470 million warrants—is contingent on the closing of the pending Warner Bros. Discovery merger, which remains uncertain with no assurance on timing or completion. The warrants will have an exercise price between $12.00 and $16.02 per share, expire 10 years after issuance, and may be redeemed early if the stock price hits $30.00 for 20 out of 30 consecutive trading days after the third anniversary, while certain holders and plans are excluded or receive shares instead.

  • · The warrant distribution excludes Restricted Holders (Lawrence J. Ellison, David F. Ellison, Gerald J. Cardinale, the Lawrence J. Ellison Revocable Trust, and RedBird Capital Partners Fund IV) and their affiliates, as well as the Paramount Global 401(k) Plan and Paramount Global Master Trust (which will receive shares instead of warrants).
  • · The warrants will trade separately on the NYSE if approved.
  • · The Company may cancel or postpone the record date and/or issue date at its discretion if the WBD Merger does not close as expected.
Netcapital Inc. 8-K negative materiality 8/10

25-09-2026

Netcapital Inc. received a Nasdaq notice on September 21, 2026, for failure to comply with Listing Rule 5250(c)(1) due to delinquent filing of its Form 10-K (fiscal year ended April 30, 2026) and Form 10-Q (quarter ended July 31, 2026). The company has until October 23, 2026, to submit a compliance plan, and if accepted, may receive an exception until February 9, 2027. While the notice has no immediate effect on trading, the company faces potential delisting risk if it fails to regain compliance.

  • · The company remains delinquent in filing its Form 10-K for the fiscal year ended April 30, 2026, and its Form 10-Q for the quarter ended July 31, 2026.
  • · The company has until October 23, 2026, to submit a plan to regain compliance with Nasdaq.
  • · If Nasdaq accepts the plan, the company may receive an exception of up to 180 calendar days, until February 9, 2027, to regain compliance.
  • · The company's common stock will continue to trade on The Nasdaq Capital Market under the symbol 'NCPL' pending compliance.
  • · The company issued a press release on September 25, 2026, announcing the receipt of the Notice, as required by Nasdaq Listing Rule 5810(b).
Southland Holdings, Inc. 8-K negative materiality 9/10

25-09-2026

Southland Holdings, Inc. received a delisting notice from NYSE American on September 23, 2026, for failing to meet continued listing standards due to a stockholders' deficit of $248.2 million and net losses in the last three fiscal years. The company must submit a compliance plan by October 23, 2026, and has until March 23, 2028, to regain compliance. While the stock and warrants continue trading for now, failure to submit or execute an acceptable plan will trigger delisting proceedings.

  • · The company reported net losses in its last three fiscal years and is not eligible for any exemption under Section 1003(a) of the NYSE American Company Guide.
  • · The compliance plan deadline is October 23, 2026, and the cure period extends to March 23, 2028.
  • · If the plan is accepted but compliance is not achieved by March 23, 2028, or progress is insufficient, delisting proceedings will commence.
  • · The company may appeal a staff delisting determination under Section 1010 and Part 12 of the Company Guide.
  • · The notice does not affect business operations or SEC reporting obligations.
DYADIC INTERNATIONAL INC 8-K negative materiality 8/10

25-09-2026

On September 25, 2026, Dyadic International received a Nasdaq deficiency notice for failing to maintain the minimum bid price of $1.00 per share for 30 consecutive business days, as well as a separate notice for failing to maintain the minimum Market Value of Listed Securities (MVLS) of $35 million. The company has until March 24, 2027, to regain compliance with both requirements, though there is no immediate impact on its Nasdaq listing. The company plans to monitor its stock price and evaluate options, including a potential reverse stock split, to regain compliance.

  • · Compliance Date for both bid price and MVLS deficiencies is March 24, 2027
  • · Company may be eligible for an additional 180-day compliance period if it meets MVLS and other initial listing standards on the Compliance Date
  • · If compliance is not regained, Nasdaq Staff will provide written notification that the common stock is subject to delisting
  • · Company may appeal any delisting determination to a hearings panel, but there is no assurance of success
  • · Company intends to actively monitor bid price and MVLS and evaluate options including a potential reverse stock split
Fusemachines Inc. 8-K negative materiality 9/10

25-09-2026

Fusemachines Inc. (FUSEW) received a Nasdaq delisting notice on September 24, 2026, for failing to maintain the minimum Market Value of Listed Securities (MVLS) of $50 million required for continued listing on the Nasdaq Global Market. The company had been given 180 days (until September 23, 2026) to regain compliance but failed to do so. Fusemachines plans to request a hearing before the Nasdaq Hearings Panel to stay the delisting, but there is no assurance the Panel will grant continued listing.

  • · The company's common stock (FUSE) and warrants (FUSEW) are both traded on Nasdaq and subject to delisting.
  • · The company is an emerging growth company and has not elected to use the extended transition period for complying with new accounting standards.
  • · The initial non-compliance notice was received on March 27, 2026.
  • · The company plans to request a hearing before the Nasdaq Hearings Panel, which will stay any suspension or delisting action until the hearing and any granted extension expire.
SilverBox Corp IV 8-K negative materiality 9/10

25-09-2026

SilverBox Corp IV received a notice from NYSE Regulation on September 25, 2026, that it has fallen below the continued listing standard requiring a minimum average aggregate global market capitalization of $40,000,000 over 30 consecutive trading days, leading to delisting proceedings. Trading on the NYSE has been suspended, and the company's securities will begin trading on the OTC market on September 28, 2026. The company has the right to appeal the decision to a NYSE committee.

  • · The delisting is based on Section 802.01B of the NYSE Listed Company Manual for failing to maintain a $40M average aggregate global market capitalization over 30 consecutive trading days.
  • · Trading on the NYSE has been suspended as of the date of the notice (September 25, 2026).
  • · OTC trading under the same ticker symbols begins September 28, 2026.
  • · The company has the right to appeal the Staff's determination to a Committee of the Board of Directors of the NYSE.
Calidi Biotherapeutics, Inc. 8-K negative materiality 9/10

25-09-2026

Calidi Biotherapeutics received a delisting notice from NYSE American on September 21, 2026, for failing to meet the minimum stockholders' equity requirement of $4.0 million, reporting only $3.1 million as of June 30, 2026, and net losses in three of the four most recent fiscal years. The company has until October 21, 2026, to submit a compliance plan and until March 21, 2028, to regain compliance, but faces delisting proceedings if the plan is not accepted or progress is insufficient. The notice does not immediately affect trading, but the stock will carry a '.BC' indicator of noncompliance.

  • · The company has until October 21, 2026, to submit a compliance plan to NYSE American.
  • · If the plan is accepted, the company must regain compliance by March 21, 2028, or face delisting.
  • · The common stock will continue trading under symbol 'CLDI' but with a '.BC' indicator denoting noncompliance.
  • · The company reported net losses in three of its four most recent fiscal years ended December 31, 2025.
  • · The company is not currently eligible for any exemption from the stockholders' equity requirements.
Lumen Technologies, Inc. 8-K neutral materiality 5/10

25-09-2026

Lumen Technologies voluntarily notified the NYSE of its intention to delist its common stock and certain Qwest Corporation notes, with the listing transferring to Nasdaq. The transfer is expected to be effective on October 6, 2026, with the same trading symbols maintained. CEO Kate Johnson framed the move as aligning with Lumen's transformation into an enterprise networking company for AI.

  • · The delisting from NYSE is expected at the close of trading on October 5, 2026, and listing on Nasdaq at the opening on October 6, 2026.
  • · The Securities include Common Stock (LUMN), Preferred Stock Purchase Rights, and Qwest Corporation's 6.500% Notes due 2051 (CTGG) and 6.750% Notes due 2052 (CTHH).
  • · Registration of transfer was approved by the boards of both Lumen and Qwest Corporation.

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