SVRN Shares Fall on NASDAQ Delisting Determination

Dow Jones06:02

Shares of SVRN, formerly OceanPal, fell after the Nasdaq determined that its securities are subject to delisting.

Shares of SVRN fell 8.3% to $27.03 in after-hours trading on Friday. The stock was down 5.3% at $29.47 through Friday's market-close.

The company said it received a letter from the Nasdaq's Listing Qualifications Department that said the company didn't meet the terms of exception it was previously granted when it failed to file its annual 2025 Form 20-F report.

A hearing request in a filing delinquency matter holds the suspension of a company's securities for 15 days from the date of the request. The company plans to request a hearing by Nov. 6.

Shares of SVRN are expected to continue to trade on the Nasdaq at least through the 15-day stay period.

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