The company intends to challenge the decision by requesting a hearing by November 6. Under current regulations, this move triggers a 15-day stay on the suspension of its securities, allowing the stock to remain active on the Nasdaq throughout the review process. The market reaction reflected investor concern over the regulatory status of the entity, formerly known as OceanPal, which closed the regular session down 5.3% at $29.47 before deepening its losses to $27.03.
SVRN Shares Slide Following Nasdaq Delisting Notice
A sharp 8.3% drop in after-hours trading hit SVRN shares on Friday after the company received notice from the Nasdaq Listing Qualifications Department. The exchange determined the firm failed to meet the conditions of an exception previously granted regarding a delinquent 2025 Form 20-F annual filing.
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