NEXR — Nasdaq Delisting Risk Assessment
// Past the 30-day trigger — determination only if/when the SEC stay lifts · MVLS $953.3K · — · updated nightly (nasdaqlisted.txt universe · Webull MVLS · SEC EDGAR splits)
Under SR-NASDAQ-2026-004, Nasdaq requires a $5 million Market Value of Listed Securities (MVLS) for continued listing. NEXR has been below that floor for 32 consecutive business days. Under the rule as approved, 30 days triggers an immediate delisting determination with no cure period, and the pincer rule SR-NASDAQ-2025-065 restricts the reverse-split escape hatch.
The SEC approved SR-NASDAQ-2026-004 on 2026-07-22 (Rel. 34-105971), then STAYED the approval on 2026-07-29 under Rule 431(e) (Cemtrex; Small Public Company Coalition petitions). While stayed, Nasdaq cannot issue delisting determinations under this rule. NEXR's clock shows where it would stand if the rule were in force — a stress gauge, not an active regulatory process.
| Status | Past the 30-day trigger — determination only if/when the SEC stay lifts |
| MVLS | $953.3K (floor $5.00M) |
| Consecutive days below $5M | 32 |
| Days to trigger | -2 business days |
| Exchange tier | — |
| Closing bid | $1.71 |
| Shares outstanding | 250,727 (20-F, 2025-12-31) |
| Reverse split (last 12mo) | YES — reverse split in the prior 12 months (SR-NASDAQ-2025-065: a repeat split may not be approved as a cure) |
| Cumulative 2yr reverse ratio | 0:1 over 24 months (below the 250:1 auto-delist threshold) |
// DATA AS OF 2025-12-31 — shares outstanding is 263 days stale (last 20-F). MVLS uses this figure until the next 10-Q/10-K posts; flagged, not suppressed.
NEXR 30-business-day MVLS history
Trailing 30-business-day MVLS series for NEXR against the $5M floor. The dashed line is the continued-listing threshold; green dots mark reset events.
Green dots mark reset events — closes at or above $5M that zeroed the counter. A sawtooth (repeated resets without a sustained recovery) indicates MVLS manufactured back above the floor rather than organically sustained. Source: nasdaq_delisting_mvls_history, refreshed nightly.
NEXR reverse split history (last 2 years)
Reverse splits from SEC EDGAR 8-K Item 5.03 filings. Under the rule as approved, a reverse split lifts MVLS mechanically (compresses share count, raises per-share price), but SR-NASDAQ-2025-065 caps repeat use. Where NEXR stands on that pincer is shown in the status card.
// No reverse splits on file for this ticker in the last 2 years (SEC EDGAR full-text search returned no 8-K Item 5.03 reverse-split filings).
NEXR has crossed 30 consecutive business days below the $5M MVLS floor. Under the rule as approved that would trigger an immediate Staff delisting determination with no cure period — but the SEC stayed the rule on 2026-07-29 (Rule 431(e)), so NO determination can issue while the stay holds. If the stay lifts, the determination is immediate: there is no runway left to spend. That makes this name binary on the stay decision: a lift puts NEXR at the front of the determinations queue; a vacation of the rule sends it back to ordinary monitoring.
// This is a situational assessment, not a buy or sell recommendation. The delisting determination is Nasdaq Staff's call, not Tapeboard's. The watchlist flags structural risk, the 30-day clock is running, not an outcome.
Universe: Nasdaq's nightly nasdaqlisted.txt (common stock, non-ETF, non-test).
MVLS: Webull snapshot market value (price × listed shares) — the figure Nasdaq's rule measures.
Closing bid: Tapeboard quote chain (Schwab → Webull → Yahoo fallbacks).
Shares outstanding: SEC EDGAR companyfacts, 20-F as of 2025-12-31.
Reverse split history: SEC EDGAR full-text search (8-K Item 5.03), last 2 years.
30-day counter: computed nightly against the US business-day calendar (skip weekends/holidays).
Last updated: 2026-09-20
Frequently asked questions about NEXR delisting risk
Why is NEXR on the Nasdaq delisting watchlist?
NEXR is on the watchlist because its Market Value of Listed Securities (MVLS) is below the $5 million continued-listing floor Nasdaq requires under SR-NASDAQ-2026-004. It has closed below that floor for 32 consecutive business days; -2 business days of runway remain before a Staff determination would land if MVLS stays below the floor. The watchlist flags structural risk, not an outcome.
How many days can NEXR stay below $5M before Nasdaq delists it?
Under SR-NASDAQ-2026-004 as approved, 30 consecutive business days below $5M MVLS triggers an immediate Staff delisting determination with no cure period. That approval is currently STAYED by the SEC (Rule 431(e), 2026-07-29), so no determinations are being issued while the stay holds. 32 of those 30 days have already elapsed; -2 would remain if the trend continues and the stay lifts. A single close at or above $5M resets the counter to zero, so a name oscillating around the line can survive without triggering.
Can NEXR reverse split to avoid the MVLS rule?
NEXR has already executed a reverse split in the prior 12 months, so under SR-NASDAQ-2025-065 a repeat split faces heightened scrutiny and may not be approved as a cure. The standard reverse-split escape hatch is constricted; other compliance paths are a primary offering, a value-adding acquisition, or going-private.
What happens to NEXR if it is delisted?
If Nasdaq Staff issues a delisting determination (which requires the SEC's Rule 431(e) stay to lift — it currently holds), the stock is suspended from Nasdaq and typically moves to the OTC markets (OTCQX, OTCQB, or Pink) during any appeal. The appeal does not stay the suspension — trading resumes OTC while the appeal is heard. OTC trading carries wider spreads, lower liquidity, and reduced market-maker participation, which is why the MVLS rule exists as an investor-protection threshold.
Is this NEXR analysis investment advice?
No. This page is a situational assessment of NEXR's compliance status under Nasdaq's listing rules. It is not a buy or sell recommendation. The delisting determination is Nasdaq Staff's decision, not Tapeboard's. The watchlist flags structural risk so traders can price it; how to act on it is the reader's call.