Nasdaq Moves to Delist Abpro, CIMG, MDJM and Davis Commodities After Suspensions

Nasdaq is moving to remove Abpro Holdings, CIMG Inc., MDJM LTD and Davis Commodities Limited from its market after their securities spent roughly six to seven months suspended from trading. The four issuers are part of a broader September 17 notice covering 17 issuers whose securities had already stopped trading on Nasdaq.

Abpro’s Class A common stock and warrants were suspended on February 23, CIMG’s common stock on March 6, MDJM’s Class A ordinary shares on March 20, and Davis Commodities’ Class A ordinary shares on March 25. Nasdaq said none of those securities has traded on its market since the respective suspension dates.

The September action is therefore not a fresh trading halt. It is the later stage of the exchange’s delisting process after earlier compliance disputes, hearings and appeals. Nasdaq’s Rule 5800 Series sets out how listing deficiencies can lead to staff determinations, hearings, Listing Council review and, once the exchange’s decision is final, removal from listing.

The four suspensions date back to February and March

Abpro was the first of the four to be suspended. In a February filing with the Securities and Exchange Commission, the company said a Nasdaq Hearings Panel had determined that it failed to satisfy a condition imposed in November 2025. That condition required Abpro to demonstrate compliance with Nasdaq’s minimum stockholders’ equity standard by February 16. The panel said the securities would be delisted and trading was suspended when the market opened on February 23.

Abpro appealed. In late May, the Nasdaq Listing and Hearing Review Council reaffirmed the panel’s decision, according to another company filing. The company’s securities have since been quoted over the counter rather than on Nasdaq. That distinction matters because a suspension can remove a security from exchange trading before the formal delisting process has been completed.

CIMG followed in early March. The company disclosed that a Nasdaq Hearings Panel had decided to delist its common stock after finding failures involving the minimum bid-price requirement, periodic financial reporting, the minimum equity standard and the annual-meeting requirement. Trading on Nasdaq was suspended at the open on March 6, and the stock subsequently became quoted in the over-the-counter market.

MDJM’s suspension was tied to a different trigger. The company said Nasdaq notified it on March 13 that its securities had posted a closing bid price of $0.10 or less for 10 consecutive business days. Under the applicable low-priced-stock provisions, MDJM’s request for a hearing did not prevent the suspension from taking effect on March 20. A Nasdaq Hearings Panel later denied the company’s request to reinstate the listing, the Listing Council affirmed that decision on July 28, and Nasdaq informed MDJM in August that its board had declined to call the matter for further review.

Davis Commodities faced a minimum-bid-price problem as well. The company said Nasdaq staff determined in March that it had failed to regain compliance with the exchange’s minimum bid-price rule within the permitted period. Its Class A ordinary shares were suspended on March 25. A Hearings Panel denied continued listing in April, and an August filing said the Nasdaq board declined to review the Listing Council’s July 28 decision, leaving the exchange’s internal process at its final stage.

Suspension and formal delisting are separate steps

For investors, the months between these suspensions and the September notice illustrate a feature of Nasdaq’s listing process that can be easy to miss. A security can stop trading on Nasdaq well before its listing is formally terminated. Nasdaq’s delisting rules provide for reviews at several levels, depending on the circumstances, and state that a final delisting determination is followed by a public notice and a Form 25 filing with the SEC.

Rule 5830 says Nasdaq’s decision becomes final after the available exchange review and appeal procedures and periods have expired. Nasdaq then issues a press release and posts notice of the final determination. The exchange must provide public notice at least 10 days before the delisting becomes effective, and the security is removed 10 days after the Form 25 is filed unless the SEC postpones the action.

That sequence helps explain why the September 17 announcement can arrive months after the last Nasdaq trade in the four securities. The practical market shift happened earlier, when the suspensions took effect. The current step concerns the formal status of the listings and the exchange’s process for removing them from Nasdaq.

The broader notice also shows that Nasdaq is processing a larger group of previously suspended securities at once. The announcement named 17 issuers in total, including companies whose suspensions occurred later in the spring and summer. Abpro, CIMG, MDJM and Davis Commodities stand out within that group because their suspensions reach back to February and March.

CIMG still has an SEC review proceeding pending

One of the four has an additional proceeding outside Nasdaq’s internal review structure. CIMG asked the SEC to review Nasdaq’s action after the Listing Council affirmed the delisting decision on May 26. The SEC opened Administrative Proceeding File No. 3-22649, and the matter remains listed among the Commission’s open litigated administrative proceedings.

The SEC proceeding adds a separate layer to CIMG’s case. CIMG filed its opening brief on August 24. Under the Commission’s briefing schedule, Nasdaq’s opposition brief is due September 23 and any reply from CIMG is due October 7. The SEC has not issued a merits decision in the proceeding.

For the other three companies, public filings show that Nasdaq’s internal review path had reached final or effectively final exchange decisions before the September notice. Abpro’s Listing Council appeal was rejected in May, while MDJM and Davis Commodities disclosed in August that Nasdaq’s board had declined further review of their Listing Council outcomes.

The September announcement does not restore trading on Nasdaq during the final paperwork stage. The securities had already been absent from Nasdaq trading for months, and the formal delisting process now determines when their exchange listings are struck. For CIMG, the next scheduled development is Nasdaq’s September 23 brief in the SEC review proceeding, followed by an October 7 deadline for any reply.