Nasdaq delisting watchlist: 191 stocks on the MVLS clock

// live watchlist · MVLS $5M floor · 30-consecutive-business-day clock · reverse-split trap detection

Tapeboard tracks every Nasdaq-listed company at risk of delisting under SR-NASDAQ-2026-004, the $5M Market Value of Listed Securities floor with a 30-consecutive-business-day trigger, cross-referenced with the SR-NASDAQ-2025-065 reverse-split restrictions that block the standard cure. Refreshed nightly, zero upstream fan-out at read time.

268 tickers on the watchlist

The Nasdaq MVLS delisting rule, in plain English

Nasdaq's continued-listing standards are enforced through a specific mechanic. Rule SR-NASDAQ-2026-004 sets a minimum Market Value of Listed Securities (MVLS) of $5 million. MVLS is the consolidated closing bid price multiplied by the total outstanding listed shares, the same shares-outstanding figure companies report to the SEC on the cover of their 10-K/10-Q and to EDGAR in the companyfacts XBRL. When a company's MVLS closes below $5M, a 30-consecutive-business-day clock starts. If MVLS stays below the floor for 30 consecutive business days in a row, Nasdaq Staff issues a delisting determination notice and the ticker is given a limited window to cure (usually a reverse split or a value-restoring transaction) before suspension.

Two details matter for traders. First, the clock counts consecutive business days, not calendar days, a single close at or above $5M resets the counter to zero. That is why Tapeboard tracks consecutive_below_days and last_reset_date per ticker: a name oscillating around the line can reset repeatedly without ever triggering. Second, the reverse-split escape hatch is itself restricted. Under SR-NASDAQ-2025-065, a company that has already done a reverse split in the prior 12 months, or whose cumulative reverse-split ratio over 24 months exceeds 250-to-1, faces heightened scrutiny and may not get the split approved as a cure. That pincer, a low MVLS pushing toward delisting while the standard cure is itself restricted, is what the "reverse-split trap" flag on this watchlist is measuring.

A ticker on the clock is not guaranteed to delist. Companies cure by issuing shares, completing an acquisition that adds value, or executing a reverse split (when eligible). The clock is a regulatory deadline, not an outcome. Tapeboard tracks days-to-trigger so you can see how much runway a name has before the determination notice lands.

How Tapeboard builds this watchlist

Every night at 03:30 UTC (30 minutes after the fundamentals universe refresh, pre-US-market), the nasdaq-delisting-refresh cron runs a five-step pipeline:

1. Screener: pull all Nasdaq-listed common stocks with market cap below $10M from FMP. We cast a wider net than the $5M floor to catch names oscillating around the line that may close below it on any given day.
2. CIK resolution: resolve each ticker to its SEC EDGAR CIK via the company_tickers.json index.
3. Shares outstanding: pull EntityCommonStockSharesOutstanding / CommonStockSharesOutstanding from SEC EDGAR companyfacts (XBRL), with the as-of filing date and form (10-K, 10-Q, 8-K, proxy) recorded as provenance.
4. MVLS: compute closing bid × shares outstanding. Read yesterday's consecutive_below_days from D1, increment if MVLS < $5M, reset to 0 if ≥ $5M. Derive days_to_trigger = 30 − consecutive_below_days.
5. Reverse-split cross-reference: search EDGAR for 8-K Item 5.03 filings (material amendment to charter) in the prior 2 years, flag any in the last 12 months, and sum the cumulative ratio. Upsert the row into the nasdaq_delisting_watchlist D1 table.

Request time is zero upstream fan-out: the public /api/nasdaq-delisting/watchlist route reads straight from D1, so the page loads in milliseconds regardless of how many tickers are on the clock. The tradeoff is freshness, the data is one cycle old (last night's close), not real-time. That is the correct trade for a structural watchlist; intraday MVLS does not change the 30-day clock.

New to Nasdaq delisting risk? Start here.

Nasdaq is a stock exchange with continued-listing standards. A company that falls below those standards for long enough gets delisted, its shares removed from the Nasdaq board and pushed to the OTC markets, where liquidity drops and bid/ask spreads widen. The most common failure mode is the MVLS rule below. Here is what each column on this watchlist means:

A ticker on this watchlist is not guaranteed to delist. Companies cure by issuing shares, completing a value-adding acquisition, or executing a reverse split (when eligible). The clock is a regulatory deadline, not an outcome.

Nasdaq delisting watchlist FAQ