New York – October 31, 2026 -- SVRN, Inc. (NASDAQ: SVRN), formerly OceanPal Inc., received a Nasdaq delisting determination on October 30, 2026, after missing an October 27 deadline to file its Form 20-F annual report for 2025. The company plans to request a hearing on or before November 6, 2026.
Nasdaq cites Rule 5250(c)(1) after exception lapses
Nasdaq's Listing Qualifications Department said SVRN did not meet the terms of an exception its staff granted on August 24, 2026, which ran through October 27, 2026. The company first received a noncompliance notice on May 19, 2026, for not filing the 2025 Annual Report. Its securities are now subject to delisting under Nasdaq Listing Rule 5250(c)(1).
Hearing request triggers 15-day stay of suspension
Under Nasdaq rules, a hearing request in a filing delinquency matter stays suspension of the securities for 15 days from the date of the request, unless the Panel grants a further stay. SVRN will ask the Panel to extend that stay until the hearings process concludes. The company said there is no assurance the Panel will grant the extension or that SVRN will keep its listing.
Shares are expected to keep trading on The Nasdaq Capital Market under "SVRN" at least through the 15-day stay. If the Panel grants an extended stay, trading is expected to continue through its decision process.
SEC consultation on preferred stock and warrants holds up the filing
On October 29, 2026, SVRN submitted a pre-filing consultation to the SEC's Office of the Chief Accountant, under its Audit Committee's oversight. The consultation covers the classification of certain equity-linked instruments, including its Preferred Stock and certain outstanding warrants.
Apart from reclassifying the Series C and Series D Preferred Stock to temporary equity, the proposed 2025 accounting is consistent with the company's previously issued financial statements. SVRN expects to reflect that reclassification as a revision of prior-period amounts. An unfavorable outcome could force it to further revise or restate financial statements for prior reporting periods. The timing of the SEC response is outside the company's control.
SVRN intends to file the 2025 Annual Report as promptly as practicable after the consultation concludes, and within any period the Panel grants.
Interim report for six months to June 30 will miss December 31 deadline
SVRN expects to miss the December 31, 2026 deadline under Nasdaq Listing Rule 5250(c)(2) for furnishing interim financial information for the six months ended June 30, 2026. Completing that report depends on resolving the accounting treatment under consultation.
Company says validator and FastNEAR operations are unaffected
The filing delay does not affect operations, which continue across SVRN's validator and staking operations and its FastNEAR network infrastructure business.