CONX Corp. (OTCQX:CNXX), a company specializing in real estate operations and leasing, is set to be delisted from the Nasdaq stock market effective July 29, 2024, following a formal notification filed with the Securities and Exchange Commission (SEC) on July 19, 2024. The Nevada-based company, which has its principal executive offices in Littleton, CO, was informed by the Nasdaq Hearings Panel on May 2, 2024, that it did not meet the Nasdaq's continued listing requirement regarding the Market Value of Publicly Held Securities.
The initial suspension of trading on Nasdaq occurred on May 6, 2024, after the Panel's ruling. Subsequently, CONX Corp. decided not to appeal the Panel's decision and the Nasdaq Listing and Hearing Review Council did not review the matter further. As a result, the company's securities will be removed from the Nasdaq exchange by the end of July.
Since May 24, 2024, CONX Corp.'s Class A common stock and public warrants have been available for trading on the OTCQX Market, operated by OTC Markets Group Inc., under the ticker symbols "CNXX" for the common stock and "CNXXW" for the warrants. The transition to the OTCQX Market provides an alternative platform for the company's securities to be traded.
The delisting process is a significant event for the company and its shareholders, as it may affect the liquidity and marketability of the securities. CONX Corp.'s Chief Executive Officer, Kyle Jason Kiser, signed the SEC filing on July 24, 2024, confirming the details of the delisting. The information provided in this article is based on the company's latest SEC filing.
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