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Next Technology Holding Inc. (NASDAQ:NXTT) disclosed Thursday that it received a notice from the Nasdaq Stock Market stating that the company may be subject to delisting. The notice, dated Monday, was issued after Nasdaq reviewed the company’s recent filings with the Securities and Exchange Commission.
According to the filing, Nasdaq cited the company’s annual report filed on March 27, 2025, which showed that Next Technology Holding had six employees, ended all operations in the People’s Republic of China in June 2024, and dissolved its PRC subsidiary, WeTrade Technology (Shanghai) Co., Ltd., in July 2024. Nasdaq also referenced quarterly reports filed on May 9, 2025, and August 8, 2025, indicating that the company has not generated any revenue in 2025.
Based on these filings, Nasdaq determined that Next Technology Holding no longer has an operating business and is considered a “public shell.” As a result, Nasdaq stated that the continued listing of its common stock on the Nasdaq Capital Market is not warranted under Listing Rule 5101.
The company said in the filing that it disagrees with Nasdaq’s assessment and plans to request a hearing before a Nasdaq Hearings Panel. The request for a hearing will temporarily stay any suspension or delisting action until the hearing and any extension period granted by the panel. Next Technology Holding noted that there is no assurance the appeal will be successful or that it will maintain compliance with all applicable listing requirements.
This information is based on a statement made in a press release and the company’s Form 8-K filing with the SEC.
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