Form 25
Also called: Form 25-NSE, notification of removal from listing, delisting form
The SEC form filed to remove a class of securities from listing on a national exchange; the delisting takes effect 10 days after filing.
Last verified
What it is
Form 25 notifies the SEC that a class of securities will be removed from listing and registration on a national securities exchange under Section 12(b) of the Exchange Act. It can be filed:
- by the exchange (on EDGAR as form type 25-NSE), when it delists a company for failing listing standards or because the security was redeemed, merged away or otherwise retired;
- by the issuer (form type 25), when the company voluntarily delists, for example to move to another exchange or to stop being listed. Before filing, the company must give the exchange written notice and publicly announce its intent, typically at least 10 days ahead.
Timing
Under Exchange Act Rule 12d2-2, the delisting becomes effective 10 days after the Form 25 is filed. Deregistration of the class under Section 12(b) generally follows 90 days after filing. Deregistration from Section 12(b) does not by itself end SEC reporting; a company that wants to stop filing reports usually also files a Form 15, if it qualifies.
Worked example
Hypothetical: Company X loses a Nasdaq hearings panel appeal over its bid price deficiency. Nasdaq suspends trading on June 2, and the stock begins quoting over the counter. Nasdaq files a Form 25-NSE on July 10. The delisting is effective July 20, and deregistration under Section 12(b) follows around October 8.
Why it matters
A Form 25 is the formal end of an exchange listing. Trading on the exchange has often already been suspended by the time it is filed, so the effective date is usually a paperwork milestone rather than the day trading changes. Form 25 filings also appear after ordinary events, such as a merger or the redemption of a preferred stock or note, so the reason matters.
How to spot it
Search EDGAR for form types 25 and 25-NSE, and read the company's 8-K under Item 3.01. See Form 25 and Form 15.
Related terms
Guides that use this term
Toxic financing · 6 min read
The Reverse Split Dilution Cycle: Split, Register, Convert, Repeat
How reverse splits, resale registrations and convertible financings can repeat in a cycle, with a timeline and a worked share-count example.
Toxic financing · 5 min read
How to Measure Post-Offering Price Performance Without Fooling Yourself
A descriptive method for measuring how a stock traded after past offerings, with event dates, windows, benchmarks, and sample size caveats.
Listing & compliance · 7 min read
Nasdaq Deficiency Notices: Bid Price, Equity and Late Filing Rules
How Nasdaq deficiency notices work, the $1 bid price rule and its 180-day periods, equity and late-filing standards, and the reverse split limits added in 2025.
Listing & compliance · 6 min read
Form 25 and Form 15: Delisting vs Deregistration
Form 25 removes a security from an exchange; Form 15 ends or suspends SEC reporting. How each works, who files, the timelines and how to read them.
Offerings & deals · 6 min read
Tender Offers: SC TO-T, SC TO-I, Schedule 14D-9 and Going-Private 13E-3
How tender offers are filed and timed, the difference between third-party and issuer offers, how proration works, and what a Schedule 13E-3 adds.
Corporate events · 7 min read
Bankruptcy Stages for Public Companies: Chapter 7 vs Chapter 11, DIP to Emergence
How Chapter 7 and Chapter 11 differ, the stages from petition to plan confirmation and emergence, what 8-K Item 1.03 covers, and why OTC symbols gain a Q.
Alerts & automation · 6 min read
The Signal8 Discord Channels and What Each One Claims
A grouped guide to Signal8's automated Discord alert channels, what event each posts, where the data comes from, and what each post does not claim.