Captivision Inc. (NASDAQ:CAPT) said Monday that a Nasdaq Hearings Panel has decided to delist the company’s ordinary shares from The Nasdaq Global Market after it failed to meet a required compliance deadline.
The panel had previously instructed the company, in a decision issued December 31, 2025, to complete the audit of its 2024 financial statements and submit the corresponding Form 20-F annual report to the U.S. Securities and Exchange Commission. Captivision did not meet that filing deadline.
Following the delisting, the company’s shares will initially trade on the OTC Pink Limited market and later transition to the Expert Market under the ticker CAPTF, effective immediately. Securities traded on the OTC Expert Market often experience lower liquidity, reduced transparency and greater price volatility.
Captivision shares last closed at $0.39, down from $0.41 previously, and the stock has fallen about 59% over the past six months. The company currently has a market capitalization of roughly $12.71 million.
Captivision said it plans to complete the audit of its 2024 financial statements and submit the overdue Form 20-F filing to the SEC in order to resolve the compliance issue.
The company also noted that it has made significant progress toward completing its previously announced business combination with Montana Tunnels Mining Inc.. The proposed transaction would create a new gold mining entity named Montana Gold Inc..
Captivision added that it has begun restructuring its governance and management team to incorporate additional mining industry expertise as part of its strategic transition.
Separately, the company recently disclosed that an independent technical assessment confirmed the gold and precious metals resources at Montana Tunnels Mining. The study, conducted by Hard Rock Consulting, LLC, identified opportunities to increase production and potentially extend the mine’s operating life beyond its current 10-year estimate.
According to the company, the updated resource confirmation and potential extension of mine life are key elements supporting Captivision’s strategy to strengthen its presence in the mining sector.