PMAX — Nasdaq Delisting Risk Assessment
// On the 30-day clock — 22 consecutive business days below $5M · MVLS $1.69M · — · updated nightly from SEC EDGAR
Under SR-NASDAQ-2026-004, Nasdaq requires a $5 million Market Value of Listed Securities (MVLS) for continued listing. PMAX has been below that floor for 22 consecutive business days. After 30 days, Nasdaq Staff issues an immediate delisting determination with no cure period, and the pincer rule SR-NASDAQ-2025-065 restricts the reverse-split escape hatch. This page tracks PMAX's compliance status, not a buy or sell call.
| Status | On the 30-day clock — 22 consecutive business days below $5M |
| MVLS | $1.69M (floor $5.00M) |
| Consecutive days below $5M | 22 |
| Days to trigger | 8 business days |
| Exchange tier | — |
| Closing bid | $0.8633 |
| Shares outstanding | — (—, —) |
| 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) |
PMAX 30-business-day MVLS history
Trailing 30-business-day MVLS series for PMAX against the $5M floor. The dashed line is the continued-listing threshold; green dots mark reset events.
// No MVLS history yet for PMAX — the nightly cron accumulates a full 30-day window over the coming weeks. The status card above reflects the current snapshot.
PMAX reverse split history (last 2 years)
Reverse splits from SEC EDGAR 8-K Item 5.03 filings. A reverse split lifts MVLS mechanically (compresses share count, raises per-share price), but SR-NASDAQ-2025-065 caps repeat use. Where PMAX 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).
PMAX is on the 30-business-day MVLS clock AND already in the reverse-split trap (a prior split in the last 12 months or a cumulative 24-month ratio at/above 250:1). The two standard cures, a reverse split to lift per-share price and therefore MVLS, or a primary offering to add listed value, are both constricted: SR-NASDAQ-2025-065 limits a repeat split, and a dilutive raise at a sub-$5M valuation is economically punishing existing holders. The realistic paths narrow to a value-adding acquisition or merger, going-private, or acceptance of an OTC move. This is the bifurcation point: real-asset names with an acquirable business tend to fight via a deal; shell names with no underlying value tend to pump-then-OTC. Which side a company is on is situational, not guessable from the MVLS line alone.
// 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.
MVLS = consolidated closing bid × total outstanding listed shares.
Closing bid: Tapeboard quote chain (Schwab → Webull → Yahoo fallbacks).
Shares outstanding: SEC EDGAR companyfacts, — as of —.
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: 2026-09-06
Frequently asked questions about PMAX delisting risk
Why is PMAX on the Nasdaq delisting watchlist?
PMAX 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 22 consecutive business days; 8 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 PMAX stay below $5M before Nasdaq delists it?
Under SR-NASDAQ-2026-004, 30 consecutive business days below $5M MVLS triggers an immediate Staff Delisting Determination with no 180-day cure period. 22 of those 30 days have already elapsed; 8 remain if the trend continues. A single close at or above $5M resets the counter to zero, so a name oscillating around the line can survive without triggering.
Can PMAX reverse split to avoid the MVLS rule?
PMAX 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 PMAX if it is delisted?
If Nasdaq Staff issues a delisting determination, 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 PMAX analysis investment advice?
No. This page is a situational assessment of PMAX'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.