Vestand Inc. Delisted by Nasdaq; Moves to OTC Pink

What Happened
Vestand Inc. announced that on July 23, 2026 it received a delisting decision from The Nasdaq Stock Market LLC informing the company that the Nasdaq Hearings Panel determined to delist its Class A common stock from the Nasdaq Capital Market, effective July 27, 2026. The company previously received a Staff Delisting Determination for failing to meet Nasdaq’s periodic reporting requirements (Rule 5250(c)(1)) and had been notified it remained non-compliant with the minimum $1.00 bid price requirement (Rule 5550(a)(2)). Vestand appealed and presented at a hearing on June 30, 2026, but the Panel cited the prolonged absence of public disclosure, a change in the company’s business, and concerns about experience and institutional stability in issuing the delisting decision. The shares began trading on the OTC Pink Limited Market under the symbol VSTD on July 27, 2026.

Key Details

• Delisting decision letter dated July 23, 2026; delisting effective July 27, 2026.
• Failures to file: Form 10-Q for period ended Sept. 30, 2025; Form 10-K for fiscal year ended Dec. 31, 2025; Form 10-Q for period ended Mar. 31, 2026 (Rule 5250(c)(1)).
• Minimum bid price deficiency under Nasdaq Rule 5550(a)(2) (required $1.00 per share) was also considered by the Panel.
• Company has 15 calendar days from the Decision to request review by the Nasdaq Listing and Hearing Review Council; Council may also self-initiate review within 45 days. Company is evaluating options and may or may not seek review.

Why It Matters
Delisting from Nasdaq removes the company from a national exchange and can materially affect share liquidity, price transparency, and investor access; Vestand’s shares are now trading on OTC Pink (VSTD), which typically has lower visibility and may be less attractive to institutional investors. The company retains the option to seek review of the Panel’s decision within the specified time frame, but there is no assurance a review will be requested or that the decision would be reversed. Retail investors should note the change in trading venue and monitor any further filings about a review request or steps the company takes to regain compliance.