Smart Digital Group faces Nasdaq delisting after SEC trading suspension

Smart Digital Group Limited (Nasdaq: SDM) announced it received a delisting determination notice from Nasdaq on June 17, 2026, following a trading suspension imposed by the U.S. Securities and Exchange Commission on September 29, 2025.

Nasdaq cited its discretionary authority under Listing Rule IM-5101-4, which permits delisting when an SEC trading suspension indicates that a security may be susceptible to third-party price manipulation. Nasdaq stated that such conditions indicate insufficient liquidity to support fair and orderly markets.

Unless Smart Digital files an appeal with the Nasdaq Hearings Panel by 4:00 p.m. Eastern Time on June 24, 2026, trading in the company's securities will be suspended at the opening of business on June 26, 2026, and Nasdaq will file a Form 25-NSE with the SEC to complete the delisting process. If the company requests a hearing in time, the trading suspension will be stayed pending the panel's decision, though the existing trading halt will remain in place.

The company, based in Zhuhai, China, said it is consulting with legal counsel to evaluate its options, including a potential appeal. Smart Digital noted that Nasdaq has not alleged any wrongdoing by the company in connection with its investigation into recent trading activity. The company stated the delisting determination does not affect its operations or financial position.

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