Nasdaq

On October 18, 2025, Nasdaq halted trading of Etoiles Capital Group Co., Ltd. (EFTY) pending further information from the company. This follows an earlier SEC suspension of EFTY trading from October 6-17, 2025. The last reported sale price was $15.02. Trading will remain halted until Etoiles Capital Group satisfies Nasdaq’s information request. The SEC previously suspended trading due to concerns about the accuracy of company information. Analysts are monitoring the situation, advising caution to investors.

Bitfarms (BITF) priced an upsized US$500M offering of 1.375% convertible senior notes due 2031, plus an initial purchaser option for US$88M. Closing is expected around October 21, 2025, contingent on standard conditions and TSX approval. The initial conversion rate is 145.6876 shares per US$1,000, ≈US$6.86 per share, a ~30% premium. Capped call transactions mitigate dilution, with an initial cap price of US$11.88 (~125% premium). Net proceeds will fund general corporate purposes and capped calls.

Nasdaq has halted trading of Smart Digital Group (SDM) due to a request for additional information. This follows a previous SEC suspension of SDM trading from September 29, 2025, to October 10, 2025. The last sale price was $1.85. The reasons for both the SEC suspension and Nasdaq halt are unclear, creating investor uncertainty. Trading will resume when Nasdaq deems the information provided by SDM sufficient. Analysts speculate on potential issues ranging from revenue recognition concerns to business model sustainability. Failure to respond adequately could lead to delisting.

Legence (LGN) successfully completed its IPO on September 12, 2025, offering 26 million Class A shares at $28 per share. Underwriters exercised part of their option, purchasing an additional 3.48 million shares. The IPO, led by Goldman Sachs and Jefferies, generated approximately $780.2 million in net proceeds. Legence plans to use these funds to repay term loan debt and for general corporate purposes, aiming for stable growth and long-term value creation.

Mount Logan Capital and 180 Degree Capital completed their all-stock merger, forming Mount Logan Capital Inc. (MLCI), which will trade on NASDAQ starting September 15, 2025. The deal, valued at US$122.7 million (US$9.43/share), results in Mount Logan shareholders owning 56.4% and 180 Degree Capital shareholders owning 43.6%. MLCI plans a US$15 million tender offer and up to US$10 million in repurchases over the next 24 months. The merger aims to create a stronger asset management platform with improved NASDAQ access.

Gemini, the crypto exchange founded by the Winklevoss twins, has received a $50M strategic investment from Nasdaq ahead of its IPO this week. Nasdaq aims to provide custodial services for financial institutions engaging with crypto, leveraging Gemini’s infrastructure. Gemini will become a key distribution partner for Nasdaq Calypso. This move follows Nasdaq’s SEC filing for tokenized stock trading, demonstrating a broader embrace of digital assets by traditional finance and aiming to maximize Gemini’s valuation. Gemini held over $21 billion in assets as of July.

GSR IV Acquisition Corp. (GSRF) has closed its $230 million IPO, including the full exercise of the over-allotment option. The offering consisted of 23 million units at $10.00 each. Each unit includes one Class A ordinary share and one-seventh of a right, convertible into shares upon a business combination. Units trade on Nasdaq under “GSRFU,” with shares and rights to follow under “GSRF” and “GSRFR.” Polaris Advisory Partners and The Benchmark Company were joint bookrunners; the latter acting as qualified independent underwriter. GSRF is a blank check company seeking a merger target.

High-Trend International Group (HTCO) announced Nasdaq has confirmed its compliance with the minimum bid price requirement. This follows a prior notification of non-compliance in June 2025, triggered by a share price dipping below $1.00. Nasdaq granted HTCO a grace period, and the company has now maintained a share price at or above $1.00 for ten consecutive business days (August 8-21, 2025), satisfying the listing rule. The company can now concentrate on its ocean technology operations. Forward-looking statements are included, subject to risks and uncertainties detailed in company filings.

XCF Global (SAFX) participates in the Nasdaq Opening Bell Ceremony to mark its public listing and highlight its mission to decarbonize the aviation industry. Led by CEO Mihir Dange, XCF aims to build renewable fuel production facilities, with its New Rise Reno facility as the flagship. The ceremony will be broadcast live, showcasing XCF’s position in the sustainable aviation fuel (SAF) market. XCF is dedicated to accelerating the aviation sector’s shift to net-zero emissions through SAF development and operation.

Crown Electrokinetics (CRKN) will voluntarily delist from the Nasdaq due to non-compliance with minimum bid price requirements, following a trading suspension on March 5, 2025. The company plans to file a Form 25 with the SEC. While Nasdaq planned to file the form, CRKN opted to initiate the delisting process. The move raises questions about the company’s financial health and future trajectory, potentially leading to restructuring or alternative funding avenues. Trading may continue on the OTC market.