FREMONT – October 29, 2026 -- Socket Mobile, Inc. (NASDAQ: SCKT) will voluntarily delist from The Nasdaq Capital Market on or about November 19, 2026, and move quotation of its common stock to the OTCID Market under the same ticker, SCKT.
Nasdaq equity shortfall preceded the board's decision
The company is below the $2.5 million minimum stockholders' equity requirement under Nasdaq Listing Rule 5550(b)(1). It had earlier submitted a compliance plan to Nasdaq Listing Qualifications. After weighing market conditions and compliance costs, the board concluded that the move to OTCID serves the interests of the company and its stockholders.
The board said the legal, accounting, compliance and listing fees of a Nasdaq listing are no longer an optimal use of corporate capital. Socket Mobile expects the move to cut administrative and regulatory overhead and free management time. It plans to redirect capital toward product development and operational execution.
Form 25 filing on November 9 starts a ten-day delisting clock
Socket Mobile delivered written notice of its intent to delist to Nasdaq on October 29, 2026, under Nasdaq Rule 5840(j) and Exchange Act Rule 12d2-2(c). The company plans to file Form 25 with the SEC on or about November 9, 2026.
Delisting is expected to take effect ten calendar days after that filing, on or about November 19. Regular Nasdaq trading is expected to end at the close on November 18. OTCID quotation is expected to start at the open on or about November 19.
OTC Markets Group Inc. has confirmed in writing that Socket Mobile has met the onboarding qualifications for OTCID quotation. The schedule remains subject to completion of applicable requirements and arrangements.
Socket Mobile will keep filing 10-K, 10-Q and 8-K reports with the SEC
The company said the move will not affect business operations, customer commitments or product delivery schedules. It intends to continue filing periodic reports, including Forms 10-K, 10-Q and 8-K, under Exchange Act rules.