Nasdaq files Form 25 to delist Kaival Brands common stock

What happened

Nasdaq Stock Market LLC filed a Form 25 with the Securities and Exchange Commission on Oct. 2, 2026 to strike Kaival Brands Innovations Group, Inc.'s common stock from listing and registration on the exchange, according to the filing.

The filing identifies the affected security as "Common Stock" and lists Kaival Brands' principal executive offices at 4460 Old Dixie Highway, Grant, Florida. The form was signed by Aravind Menon, identified as a Hearings Advisor at Nasdaq.

Kaival Brands shares closed at $0.03 on the day the filing was docketed, unchanged from the prior close, according to the price data reviewed. A stock trading at three cents a share is a sub-penny-priced equity, far below the $1 minimum bid a company typically must maintain to stay on Nasdaq.

The filing does not state why Nasdaq moved to delist the stock. No reason is given in the document text reviewed.

What Kaival Brands does

Kaival Brands Innovations Group is classified in the retail-nonstore retail sector, meaning it sells goods outside of traditional physical storefronts — the category that includes online sellers and distributors. The company is small and thinly covered by analysts, so readers arriving from a search should treat the ticker KAVL as a microcap name.

What this means

A Form 25 is the document that actually takes a security off an exchange. Either the company or the exchange can file it, and it is filed under Section 12(b) of the Securities Exchange Act of 1934, the provision that governs securities registered on a national exchange. Once it is effective, the stock stops trading on Nasdaq and stops being registered under that section.

The form offers the filer several rule citations — 17 CFR 240.12d2-2(a)(1) through (a)(4) — covering different grounds for delisting, plus (b) and (c) for exchange-initiated and voluntary withdrawals respectively. The metadata captured here shows the form type and filer but does not establish which specific ground was invoked, so the mechanical reason for this particular delisting cannot be stated from the sources available.

This is not the same as a Form 25 filed for maturing debt securities, which is routine housekeeping — a bond being repaid on schedule looks identical in the filing metadata to a company leaving the exchange. Here the security is common stock, so this filing means the shares themselves are being removed from Nasdaq.

What normally happens next: a Form 25 delisting becomes effective 10 days after filing unless the exchange or the SEC postpones it, and the issuer can apply to move the stock to the OTC Markets quotation system. Trading in a microcap on the OTC tier typically happens with thinner volume and wider spreads, but whether Kaival Brands intends to do that is not stated in this filing.

A note on the pace: the price data shows the stock already at $0.03 with zero percent change on the event date, which means the market had a depressed price before this filing appeared rather than reacting to it the same day.