Nasdaq Files Form 25 to Delist ONE Nuclear Energy Rights and Units

What happened

Nasdaq Stock Market LLC filed a Form 25 notification with the SEC on Sept. 23, 2026, to remove a class of securities belonging to ONE Nuclear Energy Inc. from listing and registration on the exchange. The filing identifies the affected class only as "Rights, Units."

The filing does not state a reason for the removal. It checks box 17 CFR 240.12d2-2(b), under which the exchange certifies it has followed its own rules to strike the class from listing and withdraw registration.

The company's shares moved sharply the same day. The stock closed at $4.46, down 59.01% from the previous close of $10.88, on volume of 10,534,000 shares — about 139 times its average volume of 75,749, according to the price data.

The company

ONE Nuclear Energy Inc. is listed in the filing under the SEC's electric services industry category, with principal offices at 195 US Hwy 50, Suite 207, Zephyr Cove, Nevada. The filing lists its commission file number as 001-42479.

What this means

A Form 25 is the document that removes a security from an exchange listing. Either the company or the exchange can file it with the SEC, and once it takes effect the security no longer trades on that exchange.

The distinction that matters here is what the form covers. The filing names only "Rights, Units" — not common stock. Warrants, rights and units are instruments often issued alongside a listing, typically giving holders the right to buy shares at a set price or bundling shares with those rights for a period. Because the company's common stock itself is not the class named, this filing does not by itself say the shares are being delisted.

Filers check a box to state the rule they relied on. The box checked here, 17 CFR 240.12d2-2(b), covers an exchange acting under its own listing rules. The form does not say which rule was triggered or why.

The filing does not explain the 59% drop in the share price, and no source provided here connects the two events. Volume at roughly 139 times the normal level means an unusually large number of shares changed hands, but the data alone does not identify who was trading or on what information.

What happens next

When a Form 25 is filed to strike a class from listing, the removal generally takes effect about 10 days after filing, though the timeline can vary. The filing does not state a specific effective date for this class.

Because the form is signed by Nasdaq's Tara Petta rather than by the company, this is an exchange-initiated filing under the checked provision, not the issuer's own voluntary withdrawal, which would be designated separately on the form.